Tesco is clubbing together with French rival Carrefour to bulk buy own-label goods in an effort to cut costs. Will it succeed? Ben Judge reports.
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UK headquartered Tesco PLC is one of the world’s largest supermarket chains with outlets in 12 countries across Asia and Europe. As well as its physical outlets it offers internet shopping.
The company was founded in 1919 by Jack Cohen from a market stall in London’s East End. The name Tesco is based on that of his supplier of tea at the time, TE Stockwell.
Cohen’s motto was "pile it high and sell it cheap", earning him the nickname "Slasher". The company listed on the London Stock Exchange in 1947. Originally UK-focused, it began expanding overseas in the 1990s.
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Tesco incurred the wrath of shoppers when it announced changes to its Clubcard reward scheme, says Ruth Jackson. But that doesn’t mean you should drop the supermarket altogether.