The name Tesco is derived from TES (from TE Stockwell, a tea supplier Jack Cohen used) and CO (Cohen).
In Tesco, Jack Cohen sell fish paste, golden syrup, tea, and other goods. For the first 70 years of its history Tesco focused almost exclusively on the United Kingdom grocery market. Sir Jack Cohen first store was opened in 1929.
The opening of the first store (90,000 square feet) in Great Britain, and the introduction of so-called trading stamps in the 1960s, could be called further milestone in the successful history of the company.
Trading stamps were stamps accumulated by customers upon purchased and once they had obtained a certain amount of the stamps, they could be traded in for cash or gifts.
By the 1960s, the company had established its self-service model and had developed a reputation as a value for money retailer, according to its fodder’s “pile it high and sell it cheap” motto.
The first venture overseas was the Republic of Ireland when Tesco acquired an existing retail chain in 1978 which it later divested in 1986.
By 1995, Tesco had become the number one UK supermarket and systematically overhauled its strategy to expand from its traditional UK base into new products, services and countries.
Tesco launched Clubcard, the loyalty programme on 13th February 1995. Tesco Clubcard fuelled the growth by identifying possible customers and communicating with them.
Tesco opened its own business in Taiwan in 2000, entered into a joint venture with Sime Darby in Malaysia in 202 and then acquired a chain in Japan in 2003.
By early 2008 Tesco had 2115 stores in the UK, 814 in Asa, 747 in Europe and 53 in the US.
History of Tesco
