Tesco Case

Tesco was founded by Jack Cohen since he first opened a market stall in the East end of London in 1919. It was named from the initials of TE Stockwell, a partner in the firm of tea suppliers and Co from Jack’s surname. In 1929, the first Tesco store was open in Burnt Oak, Edgware, London. Since then it has revolutionised the way people do shopping in usual grocery stores.

From a simple grocery store, it has now become a multi national giant. It’s the world’s third largest retailer after Walmart and Carrefore popular for its grocery, electronics, furniture, fuelling, IT services and solutions, merchandise.

To broaden the scope of the business to enable it to deliver strong sustainable long term growth, the organization is aimed at seven part strategy. They are

1. To grow the UK core.

2. To be an outstanding international retailer in stores and online.

3. To be as strong they sell as they are in food.

4. To grow retail services in all their present market.

5. To put their responsibilities to the communities they serve at the heart of what they do.

6. To be a creator of highly valued brands.

7. To build their team so that they create more value.

The company is one of UK’s leading food and grocery retailers. The company operates in Europe, the US and Asia with almost 5,380 stores. It is headquartered in Hertfordshire in the UK and employs about 492,714 people. The company recorded revenues of £67.6 billion during the financial year ended February 2011, an increase of 8.16% over 2010. The operating profit of the company was £3.8 billion in FY2011, an increase of 11.76% over 2010.