Tesco was founded by Jack Cohen in 1919 inLondonand his first day’s profit was 1 pound and sales were of 4 pounds only. During 1924 Jack sold the first own branded product which was Tesco Tea and it sold well. Jack opened the first store inNorth Londonin Burnt Oak. In 1932 Tesco became a Private Limited company. In 1934 the headquarters and warehouse was built inEdmontonand in 1947 the company went public by its first public offering of shares with a price of 25 pence only. In 1960 the store had 212 stores and in 1964 a total of 144 stores were added.
In 1961 Tesco was entered in the Guinness book of records for being the largest store in Europe. In 1968 with the store in Sussex Tesco introduced the word ‘super store.’ In 1979 Tesco made profits of £1 billion and in 1974 they opened up their petrol stations whereas in 1977 Tesco introduced the business world with the strategy of price cutting. In 1982 sales doubled to £2 billion. During the 1990’s Tesco entered many new markets worldwide going truly multinational. They opened up Tesco express being the first retailer to do so and they became the largest independent petrol retailer inEurope. The Tesco website was launched in 2000 and in 2001 they became the leading organic retailer. Tesco entered Asian markets during 2003-2005 and in 2009 they re-launched their club card offering an opportunity to customers to double up their vouchers.
Tesco’s values include creating value for customers in order to gain their lifetime loyalty. The organization has achieved this to a great extent. They have focused on employees by being employer of choice and they have strategized to satisfy customers to be the retailer of choice. Tesco aims to become the best international retailer providing food as well as non-food items (Powell, 1991).
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