One of these following facts about Tesco should probably give you much information about this retailer. Tesco is a British multinational grocery and general merchandise retailer headquartered in Cheshunt, Hertforshire, England, United Kingdom. After Walmart, it is the second-largest retailer in the world measured by profitsand second-largest retailer in the world measured by revenues. It has stores in 12 countries across Asia, Europe and North America and is the grocery market leader in the UK, Malaysia, the Republic of Ireland and Thailand. Furthermore, to get to know more about this retailer, here are some other facts about Tesco you might be interested in.
Facts about Tesco 1: Market Stalls
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,and the first Tesco store opened in 1929 in Burnt Oak, Middlesex.
Facts about Tesco 2: Stores
His business expanded rapidly, and by 1939 he had over 100 Tesco stores across the country.Originally a UK-focused grocery retailer, since the early 1990s Tesco has increasingly diversified geographically and into areas such as the retailing of books, clothing, electronics, furniture, petrol and software; financial services; telecoms and internet services; DVD rental; and music downloads.
Facts about Tesco 3: London Stock Exchange
Tesco is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalisation of approximately £24.4 billion as of 15 January 2012, the 15th-largest of any company with a primary listing on the London Stock Exchange.
Facts about Tesco 4: Letter Bomb Campaign
The company was the subject of a letter bomb campaign lasting five months from August 2000 to February 2001 as a bomber calling himself “Sally” sent letter bombs to Tesco customers and demanded Clubcards modified to withdraw money from cash machines.
Facts about Tesco 5: Esso
In 1997, Tesco and Esso, part Exxonmobil formed a business alliance that included several petrol filling stations on lease from Esso, with Tesco operating the attached stores under their Express format. In turn, Esso operates the forecourts and sells their fuel via the Tesco store. 200 Tesco/Esso sites now exist across the UK.
Facts about Tesco 6: Office of Fair Trading
In 2007, Tesco was placed under investigation by the UK Office of Fair Trading (OFT) for acting as part of a cartel of five supermarkets and a number of dairy companies to fix the price of milk, butter and cheese. In December 2007 Asda, Sainsburys and the former Safeway admitted that they acted covertly against the interests of consumers while publicly claiming that they were supporting 5,000 farmers recovering from the foot-and-mouth crisis. They were fined a total of £116 million.
Facts about Tesco 7: Year 2010 – Present
Tesco confirmed in April 2013 that it was pulling out of the US market (Fresh & Easy Stores), at a reported cost of £1.2 billion.In September 2013, Tesco announced they were transferring ownership and operations of more than 150 stores to supermarket owner Ron Burkle’s Yucaipa Companies group. Tesco retained the Fresh & Easy brand in the UK – applying it instead to certain convenience food products.
Facts about Tesco 8: Brands
Tesco operates a “good, better & best” policy for its products, encompassing several product categories such as food, beverage, home, clothing, Tesco Mobile and financial services.
Facts about Tesco 9: Tesco Supermarket
Tesco superstores are standard large supermarkets, stocking groceries and a much smaller range of non-food goods than Extra stores. The stores have always previously been branded as simply ‘Tesco’, but a new store in Liverpool was the first to use the format brand ‘Tesco Superstore’ above the door
Facts about Tesco 10: International Operations
Tesco’s international expansion strategy has responded to the need to be sensitive to local expectations in other countries by entering into joint ventures with local partners, such as Samsung Group in South Korea (Samsung-Tesco Home plus), and Charoen Pokphand in Thailand (Tesco Lotus), appointing a very high proportion of local personnel to management positions.
Hope you would find those Tesco facts really interesting, useful and helpful for your additional reading.