Tesco plc is a global retailer with shops in several countries. It is the market leader of groceries in the UK. Tesco has diversified into various areas such as books, clothing, electronics, and financial services. It is listed on the London Stock Exchange and is part of the FTSE 100 Index.
British grocery chain Tesco was founded in 1919. It is the country's biggest supermarket, Europe's largest private employer, and the world's second-largest retailer after Walmart.
In 1924, the name 'Tesco' was born when Jack Cohen introduced the first own-brand product, Tesco Tea, which was named after the initials of TE Stockwell and Jack Cohen.
In 1929, the first Tesco store was opened, marking a significant milestone in the history of the company.
Tesco opened its first official store in 1930 in Barnett’s Burnt Oak under the leadership of founder Jack Cohen. This marked a significant milestone in the company's history.
The first Tesco shop was opened by Jack Cohen in September 1931 at 54 Watling Avenue, Burnt Oak, Edgware, Middlesex. This marked the beginning of Tesco's retail operations.
In 1934, Cohen established a food warehouse in North London to supply his consumer stores.
Jack Cohen purchased a plot of land at Angel Road, Edmonton, north London to construct a new headquarters and warehouse, which became the first modern food warehouse in the country. Innovative stock control methods were implemented, resulting in increased savings for customers.
During World War II, rationing was implemented in the United Kingdom to manage scarce resources. This had a significant impact on the availability and distribution of goods, including food items like those stocked in Tesco stores.
In 1946, Jack Cohen introduced the concept of self-service to Britain, revolutionizing the shopping experience.
Tesco was listed on the London Stock Exchange in 1947.
In 1948, Tesco Stores (Holdings) was floated on the stock exchange with a share price of 25 pence, marking a significant milestone in the company's history.
In 1956, Tesco opened its first self-service shop in St Albans and the first supermarket in Maldon, marking significant milestones in the company's retail strategy.
In 1957, Tesco acquired 70 Williamson's shops as part of its expansion strategy.
In 1959, Tesco purchased 200 Harrow Stores outlets to further expand its retail presence.
In 1960, Tesco acquired 212 Irwins shops as part of its growth through acquisitions.
In 1964, Tesco purchased 97 Charles Phillips shops to strengthen its retail network.
In 1968, Tesco acquired the Victor Value chain, which was later sold to Bejam in 1986.
In 1973, Tesco acquired the Victor Value chain, marking a significant expansion in their retail operations.
In 1974, Tesco began selling petrol at its Superstore and Extra locations. Over the years, Tesco expanded its fuel offerings to include biofuels and formed partnerships with companies like Greenergy for fuel development.
In 1977, Tesco entered the fuel market by introducing petrol stations at major sites, offering competitive prices to UK motorists.
Jack Cohen, the founder of Tesco, passed away in 1979.
The notable 1982 advert 'Checkout 82' featured a till with receipts displaying prices, accompanied by synthpop music and the catchy slogan 'Check it out, check it out'.
In May 1984, Mrs. Jane Snowball made the world's first recorded online shopping transaction from her home in Gateshead, England using Tesco's 'Videotex' technology. This marked the beginning of Tesco's online shopping service.
In 1985, Tesco began an aggressive expansion program of its stores and warehouses, along with incorporating more technology into its operations.
Starting in 1992, Tesco initiated a 'computers for schools scheme' where customers could donate vouchers to schools and hospitals in exchange for computers. By 2004, £92 million worth of equipment had been donated through this scheme.
Tesco Corporation was formed on December 1, 1993, through the amalgamation of Shelter Oil and Gas Ltd., Coexco Petroleum Inc., Forewest Industries Ltd., and Tesco Corporation.
Tesco launched in Hungary on November 23, 1994, after acquiring a local supermarket group. They opened their first hypermarket in Budapest in 1996 and currently operate more than 200 stores in Hungary.
In 1995, Tesco introduced its Internet shopping service, which has since remained active and profitable for the company, revolutionizing the way customers shop for groceries.
Tesco entered the Czech Republic in 1996 by acquiring Kmart's operations and converting them into Tesco stores. They currently have over 300 stores in the country.
In 1997, Tesco expanded its operations into Ireland, marking a significant milestone in the company's international growth strategy.
In 1998, Tesco entered Thailand and operated through a joint venture with Charoen Pokphand, named Tesco Lotus. The partnership was dissolved in 2003 when Charoen Pokphand sold its shares to Tesco.
In 1999, Tesco launched its South Korean operations under the name Homeplus and partnered with Samsung. Tesco held 94% of the shares in the venture, becoming the second largest retailer in South Korea.
In the early 2000s, Tesco was making significant strides towards becoming a dominant global player in the retail industry.
Since 2001, Tesco has significantly expanded its footprint across Britain by acquiring smaller companies deemed valuable, solidifying its position as a leading retail giant in the region.
In May 2002, Tesco opened its first hypermarket in Puchong, Selangor, marking its entry into the Malaysian market. Currently, Tesco Malaysia operates 49 stores and has a partnership with local conglomerate Sime Darby Berhad.
In June 2003, Tesco purchased the C Two-Network in Japan.
In October 2003, Tesco launched a UK telecoms division, comprising mobile and home phone services, to complement its existing Internet service provider business.
In 2005, Tesco's sales per square foot reached their lowest levels, and the situation worsened after accounting for inflation.
In 2006, Tesco pledged to contribute 1.87% of its pre-tax profits to charities and local community organizations, showcasing a strong commitment to corporate social responsibility.
In May 2007, it was reported that Tesco moved its online operations' head office to Switzerland to avoid charging value-added tax (VAT) on certain products. This move followed the closure of its operation in Jersey.
In November 2007, Tesco entered the United States grocery market by opening its Fresh & Easy chain of convenience stores on the West Coast, including Arizona, California, and Nevada.
Tesco announced the acquisition of Royal Bank of Scotland's 50% stake in Tesco Bank for £950 million, fully owning the financial services arm. This move marked a significant step towards diversifying the Tesco brand and expanding its presence in the financial sector.
In 2009, Tesco faced criticism for using the trademarked phrase 'Change for Good' by Unicef in its advertising, leading to concerns about capitalizing on charity campaigns for commercial purposes.
Despite being in a recession, Tesco achieved record profits for a British retailer in the year to February 2010, with underlying pre-tax profits increasing by 10.1% to £3.4 billion.
In April 2011, opposition to a Tesco Express shop in Bristol escalated into a violent clash between opponents and police, resulting in damage to the shopfront and seizure of petrol bombs. Critics argued the shop would harm small businesses and the area's character.
In June 2011, Tesco partnered with 2degrees Network to establish an online hub, aiming to reduce its supply chain carbon footprint by 30% by 2020.
A Greenpeace report in September 2011 revealed that Tesco stores in China were selling vegetables containing pesticides above legal limits, raising concerns about food safety and compliance.
In 2012, Tesco invested in a new coffee shop chain called Harris + Hoole. The chain was named after characters in Samuel Pepys' diary. Tesco later took full ownership of the business.
In January 2013, British media reported the discovery of horse meat in meat products sold by Tesco, including burgers. Prime Minister David Cameron condemned the incident, revealing that some products contained as much as 60% horse meat instead of beef.
In March 2013, Tesco acquired the restaurant chain Giraffe as part of its strategy to utilize excess space in its shops. The chain was later sold to Boparan Holdings.
In April 2013, Tesco Malaysia introduced the Grocery Home Shopping Service, allowing customers to order groceries online with no minimum purchase requirement. This service aimed to provide convenience to consumers in Malaysia.
In September 2013, Tesco agreed to sell over 150 Fresh & Easy stores that were established just seven years prior in the southern and western regions of the United States. The grocery chain described this action as 'an orderly and efficient exit from the US market.'
On August 16, 2014, a protester was arrested at a Tesco shop in Birmingham during a demonstration against the sale of goods from Israeli settlements. Protests often coincide with Israeli military actions in the region.
On October 23, 2014, Dave Lewis, the new CEO of Tesco, attended the company's interim results announcement in London. This event marked an important moment in Lewis's tenure as CEO.
On March 15, 2015, Tesco closed six Homeplus shops, and the remaining six were shut down on June 27, 2015. This decision was part of Tesco's strategy to focus more on groceries.
On 17 June 2016, Tesco sold Dobbies to a group of investors for £217 million. The company was acquired by Midlothian Capital Partners and Hattington Capital.
In April 2017, Tesco confirmed the sale of its in-shop opticians' business to Vision Express.
In June 2017, Tesco announced a cost-cutting initiative that would lead to a reduction of over 1,200 workers, including the closure of a call centre in Cardiff and significant job cuts in Welwyn Garden City and Hatfield.
In December 2017, Tesco Corporation was acquired by Nabors Industries.
Tesco completed the acquisition of the food wholesaler Booker in March 2018. Booker owns several brands like Budgens and Londis, operating under franchises.
A CNBC video archived on Ghostarchive and the Wayback Machine discusses the reasons behind Tesco's failure in the United States.
On November 21, 2020, a member of the Romanian diaspora in the UK reported a warning for shoplifters written in Romanian at a Tesco store. The Romanian Ministry of Foreign Affairs expressed disagreement with the discriminatory message.
In May 2021, undercover footage showed piglets being hammered to death or swung against a concrete floor at a Tesco supplier farm. This practice, known as piglet thumping, is common on UK farms.
In June 2021, protests took place outside Tesco Headquarters in Welwyn Garden City because of Tesco's involvement in deforestation and forest fires in Brazil. Tesco sources soy from Brazil for livestock feed, leading to environmental concerns.
In July 2021, The Independent reported that chickens were being left to die of thirst in overcrowded sheds by a Tesco supplier. Some birds resorted to cannibalism, and many suffered ammonia burns.
In January 2022, Tesco announced the closure of its Jack's stores, with some being shut down and others converted to Tesco Superstores. Jack's was launched in 2018.
According to Kantar Worldpanel, Tesco's share of the UK groceries market in the 12 weeks to 19 March 2023 was 26.9%, showing a slight decrease from the previous year.
In 2024, Tesco Business Solutions appointed a Data Protection Officer (DPO) to oversee data protection and privacy matters within the organization.