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what does tesco mean?

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  • Anonymous
    1 decade ago
    Favourite answer

    Tesco plc is a United Kingdom-based international supermarket chain. It is the largest British retailer, both by global sales and by domestic market share, and the fourth largest retailer in the world behind Wal-Mart of the United States, Carrefour of France, and The Home Depot of the United States.

    Originally specialising in food, it has moved into areas such as clothes, consumer electronics, consumer financial services, selling and renting DVDs,[1] compact discs and music downloads, internet service and consumer telecoms.

    Facts and figures

    Tesco's revenue for the 52 weeks to 25 February 2006 was £38.259 billion. In 2006 it adjusted the accounting date for its non-UK and Ireland operations, and including 60 weeks of non-UK and Ireland operations revenue was £39.454 billion. Group profit before tax was £2.210 billion for the 52 week period and £2.235 billion including 60 weeks of non-UK and Ireland turnover.

    According to TNS Superpanel Tesco's share of the UK grocery market in the 12 weeks to 18 June 2006 was 31.4%. Across all categories, over £1 in every £8 of UK retail sales is spent at Tesco. Tesco also operates overseas, and non-UK revenue for the year to 25 February 2006 was 24% of total revenue.

    History

    Formation

    First self service Tesco, St Albans, EnglandTesco started as a one-man business in London's East End. Tesco was founded by Jack Cohen, son of a Polish Jewish tailor. He sold groceries in the markets of the East End from 1919.

    The Tesco brand first appeared in 1924. The name derived after Jack Cohen bought a large shipment of tea from T.E. Stockwell (formerly Messrs Torring and Stockwell of Mincing Lane), he made new labels by using the first three letters of the supplier's name and the first two letters of his surname forming the word "TESCO". There is a wide mis-conception that the name is an abbreviation of the name of Jack Cohen's wife, Tessa Cohen, becoming TESCO - however this is wrong as Cohen was never married to a Tessa.

    The first Tesco store was opened in 1929 in Burnt Oak, Edgware, London.

    Post-war development

    The firm was floated on the London Stock Exchange on 23 December 1947.[2] The first Tesco self-service store opened in 1948 in St Albans and is still trading in 2006 as a Tesco Metro store.

    The first Tesco supermarket was opened in 1956 in a converted cinema in Maldon, Essex. It has been said that it began own-label canning at the former Goldhanger Fruit Farms factory, sited a few miles from Maldon in the village of Tolleshunt Major, despite Goldhanger being another nearby village. The factory has since been sold. It is now a transport depot, with several other business units on the site.

    Tesco's first "superstore" was opened in 1968 in Crawley, West Sussex. The group began selling petrol in 1974 and its annual turnover reached one billion pounds in 1979. Also In 1975 Tesco opened one of its first Hypermarkets in Irlam. The first Hypermarket under the "Extra" name opened in 1997.

    Incentives and price-cuts

    The founder, Jack Cohen, was an enthusiastic advocate of trading stamps as an inducement for shoppers to patronise his stores: he signed up to Green Shield Stamps in 1963, and became one of the company’s largest clients. [3] But Cohen was a fan of pile it high and sell it cheap, and in the mid-70s Tesco faced many cost problems associated with not properly integrating its purchased chains of stores. When the firm overstretched itself buying the Victor Value stores chain, management consultants were called in to sort out the mess. In 1977 Tesco launched Operation Checkout, an across the board price cutting campaign aimed at countering the threat from the new breed of discounters such as Kwik Save. A key decision was to abandon Green Shield stamps, thus saving some £20m a year and helping to finance price reductions. Other traders didn't like it and attempted to sue Tesco for breaching the retail price maintenance law, but Cohen wasn't charged and the law was eventually abolished. [4]

    Expansion

    In 1994, the company took over the Scottish supermarket chain William Low. Tesco successfully fought off Sainsbury's for control of the Dundee-based firm, which operated 57 stores north of the border, paving the way for Tesco to expand its weak presence in Scotland. To the present day, Tesco has based its Scottish headquarters at the former Wm. Low offices in Dundee. From small beginnings in Scotland - Inverness was recently branded as "Tescotown"[5][6], since an estimated 50p in every £1 is believed to be spent in the three Tesco stores within the city[7]. (Nationally, it is estimated that 1 in every £8 is the proportion spent) It introduced a loyalty card branded 'Clubcard' in 1995 and later an Internet shopping service. During the 1990s it expanded into Central Europe, Ireland and East Asia. In July 2001 it became involved in internet grocery retailing in the USA when it obtained a 35% stake in GroceryWorks. In October 2003 it launched a UK telecoms division, comprising of mobile and home phone services, to complement its existing internet service provider business. In August 2004, it also launched a broadband service.

    Shopping trolley shelterIn addition to opening its own stores, Tesco has expanded by taking over other chains, including:

    Victor Value, England, 1968 (sold to Bejam in 1986)

    William Low, Scotland, 1994

    Quinnsworth, Stewarts and Crazy Prices stores, Republic of Ireland and Northern Ireland from Associated British Foods, 1997

    13 HIT hypermarkets in Poland, 2002

    T & S Stores, owner of the UK convenience store chains One Stop and Day & Nite, 2002

    C Two-Network in Japan, 2003[8]

    A majority stake in Turkish supermarket chain Kipa in 2003.

    Lotus in Thailand

    Hillards, North of England 1984

    21 remaining Safeway/BP stores in late 2005, after Morrisons (the new owners of Safeway plc, the British supermarket chain) dissolved the Safeway/BP partnership

    In mid 2006 Tesco became the owner of 80% of Casino's Leader Price supermarkets in Poland. They will be rebrended in to small Tesco stores (eighter under the sign of Tesco or introducing to Poland a new brand - probably Tesco Metro)

    In the late 1990s, the typeface of the logo was changed to the current one shown on the top of the page with stripe reflections underneath the typefaces as Tesco used them on their carrier bags.

    Corporate strategy

    Tesco's growth over the last two or three decades has involved a transformation of its strategy and image. Its initial success was based on the "Pile it high, sell it cheap" approach of the founder Jack Cohen. The disadvantage of this was that the stores had a poor image with middle-class customers. In the late 1970s Tesco's brand image was so negative that consultants advised the company to change the name of its stores. It did not accept this advice, yet by early 2005 it was the largest retailer in the United Kingdom, with a 29.0% share of the grocery market according to retail analysts TNS Superpanel, compared to the 16.8% share of ASDA and 15.6% share of third-placed Sainsbury's, which had been the market leader until it was overtaken by Tesco in 1995. Key reasons for this success include:

    An "inclusive offer". This phrase is used by Tesco to describe its aspiration to appeal to upper, medium and low income customers in the same stores. According to Citigroup retail analyst David McCarthy, "They've pulled off a trick that I'm not aware of any other retailer achieving. That is to appeal to all segments of the market"[9]. By contrast ASDA's marketing strategy is focused heavily on value for money, which can undermine its appeal to upmarket customers even though it actually sells a wide range of upmarket products. During its long term dominance of the supermarket sector Sainsbury's retained an image as a high-priced middle class supermarket which considered itself to have such a wide lead on quality that it did not need to compete on price, and was indifferent to attracting lower-income customers into its stores. This strategy has been abandoned since losing the number 1 spot to Tesco and particularly since the arrival of Justin King as CEO in 2004 who has established a new customer-focused strategy closer to that of Tesco.

    One plank of this inclusivity has been Tesco's use of its own-brand products, including the upmarket "Finest" and low-price "Value". The company has taken the lead in overcoming customer reluctance to purchasing own brands, which are generally considered to be more profitable for a supermarket as it retains a higher portion of the overall profit than it does for branded products.

    Customer focus: Sir Terry Leahy, chief executive since the mid 1990s, has taken the bold step of trying not to focus on the usual corporate mantra of "maximising shareholder value". The company's mission statement reads, "Our core purpose is, 'To create value for customers to earn their lifetime loyalty'. We deliver this through our values, 'No-one tries harder for customers', and 'Treat people how we like to be treated'". The underlying aim is of course to make higher profits, but there is a clear focus on customer service at the top level of the company.

    Diversification: The company has a four-pronged strategy:

    "Core UK business" - That is, grocery retailing in its home market. It has been innovative and energetic in finding ways to expand, such as making a large-scale move into the convenience-store sector, which the major supermarket chains have traditionally shunned.

    "Non-food business" - Many United Kingdom supermarket chains have attempted to diversify into other areas, but Tesco has been exceptionally successful. By late 2004 it was widely regarded as a major competitive threat to traditional high street chains in many sectors, from clothing to consumer electronics to health and beauty to media products. Tesco sells an expanding range of own-brand non-food products, including non-food Value and Finest ranges. It also has done quite well in non-food sales in Ireland. CDs are one of the best examples, with Tesco Ireland promising to sell all chart CDs (except compilations) for €14.95 compared with HMV Ireland or Golden Discs selling the same for around €20.

    "Retailing services" - Tesco has taken the lead in its sector in expanding into areas like personal finance (see below), telecoms (see below), and utilities. It usually enters into joint ventures with major players in these sectors, contributing its customer base and brand strength to the partnership. Other supermarkets in the United Kingdom have done some of the same things, but Tesco has generally implemented them more effectively, and thus made most profit.

    "International" - Tesco began to expand internationally in 1994, and in the year ending February 2005 its international operations accounted for just over 20% of sales, or about £7 billion (approximately $13 billion). It has focused mainly on developing markets with weak incumbent retailers in Central Europe and the Far East and now in 2006 they are going to branch out in the United States. The medium term aim is to have half of group sales outside the United Kingdom. Tesco rolls out successful UK initiatives in other countries. For example Tesco Personal Finance and Tesco Express convenience stores both operate in several markets.

  • Young
    Lv 4
    4 years ago

    1

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  • 1 decade ago

    The Tesco name first appeared in 192t, it was named after Jack Cohen (CO) who bought a large shipment of tea from T.E. Stockwell (TES) (formerly Messrs Torring and Stockwell of Mincing Lane), he made new labels by using the first three letters of the supplier's name and the first two letters of his surname forming the word "TESCO". There is a wide mis-conception that the name is an abbreviation of the name of Jack Cohen's wife, Tessa Cohen, becoming TESCO - however this is wrong as Cohen was never married to soemone called Tessa.

    The first Tesco store was opened in 1929 in Burnt Oak, Edgware, London.

    Otherwise tesco means 'better close down now' to a small shop keeper who runs a business in a place where Tesco plan to open.

    OR

    if you are a shoppper then it means Our choice is your choice is no choice - so there

  • mauzon
    Lv 4
    5 years ago

    When Was Tesco Founded

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    5 years ago

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  • Anonymous
    1 decade ago

    I believe that Jack Cohen, a barrow boy from the East End of London became insolvent. Under the law, he could not open up a new business in his own name, so he used the name of his wife, Tessa to create the new business venture.

    I did actually give most of this information over last week!

    I think that Jack Cohen was also a director of Fulham Football Club at the time - which gives me the interest - because I was born in Fulham.

    For further information, I know that Sainsbury's was opened by he who was to become Lord Sainsbury (from Toppesfield on the Essex/Suffolk boarder). I don't know of a Mr Waitrose - but ASDA apparently comes from Associated Dairies. And is there really a Mr Sommerfield?

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  • Anonymous
    5 years ago

    Tesco PLC is a British multinational grocery and general merchandise retailer headquartered in Cheshunt, Hertfordshire, England, United Kingdom.It is the third largest retailer in the world measured by profits and second-largest retailer in the world measured by revenues. It has stores in 12 countries across Asia and Europe and is the grocery market leader in the UK (where it has a market share of around 28.4%), Ireland, Hungary, Malaysia, and Thailand.

    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, Barnet. His business expanded rapidly, and by 1939 he had over 100 Tesco stores across the country.

    Originally a UK grocery retailer, since the early 1990s Tesco has diversified geographically and into areas such as the retailing of books, clothing, electronics, furniture, toys, petrol and software; financial services; telecoms and internet services. The 1990s saw Tesco reposition itself; it moved from being a down-market high-volume low-cost retailer, to one which appeals across many social groups, by offering products ranging from its "Tesco Value" items (launched 1993 to its "Tesco Finest" range. This broadening of its appeal was successful, and saw the chain grow from 500 stores in the mid-1990s to 2,500 stores fifteen years later.

    Tesco is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalization of approximately £18.1 billion as of 22 April 2015, the 28th-largest of any company with a primary listing on the London Stock Exchange.http://www.tellyourfeedback.com/www-tescoviews-com...

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