Tesco

Tesco Logo

Tesco plc is a British multinational grocery and general merchandise retailer headquartered in Welwyn Garden City, Hertfordshire, England. It is the third-largest retailer in the world measured by gross revenues and the ninth-largest in the world measured by revenues. It has shops in seven countries across Asia and Europe and is the market leader of groceries in the UK (where it has a market share of around 28.4%), Ireland, Hungary, and Thailand.

History

Tesco was founded in 1919 by Jack Cohen as a group of market stalls. The Tesco name first appeared in 1924, after Cohen purchased a shipment of tea from T.E. Stockwell and combined those initials with the first two letters of his surname. The first Tesco store opened in 1931 in Burnt Oak, Barnet. His business expanded rapidly, and by 1939 he had over 100 Tesco stores across the country.

Operations

Tesco operates a variety of store formats, including large hypermarkets (Tesco Extra), small urban stores (Tesco Express), and convenience stores (One Stop). It also offers online shopping through its website.

UK Operations

Tesco is the market leader in the UK grocery market. It operates under multiple banners, including Tesco Extra, Tesco Superstores, Tesco Metro, and Tesco Express. The company also runs a loyalty program called Tesco Clubcard.

International Operations

Tesco has expanded internationally since the early 1990s, with operations in countries such as Ireland, Hungary, Thailand, and Malaysia. However, it has also exited markets that were not profitable, such as the United States, Japan, and South Korea.

Financial Services

Tesco also offers financial services through Tesco Bank, which provides a range of products including credit cards, loans, mortgages, and insurance.

Corporate Social Responsibility

Tesco is involved in various corporate social responsibility initiatives, including reducing food waste, promoting healthy eating, and supporting local communities. The company has also committed to becoming a zero-carbon business by 2050.

Criticisms and Controversies

Tesco has faced several criticisms and controversies over the years, including issues related to labor practices, supplier relationships, and environmental impact. One notable controversy was the 2014 accounting scandal, where Tesco overstated its profits by £263 million.

See Also

• List of supermarket chains in the United Kingdom
• Tesco Clubcard
• Tesco Bank
• Jack Cohen (businessman)
• Welwyn Garden City