![]() ![]() Tesco introduced a loyalty card, branded ' Clubcard' in 1995, and later an Internet shopping service. This paved the way for Tesco to expand its presence in Scotland, in which its presence was weaker than in England. In 1994, the company took over the supermarket chain William Low after fighting off Sainsbury's for control of the Dundee-based firm, which operated 57 shops. In May 1987, Tesco completed its hostile takeover of the Hillards chain of 40 supermarkets in the North of England for £220 million. Jack Cohen's business motto was "pile it high and sell it cheap", to which he added an internal motto of "YCDBSOYA" (You Can't Do Business Sitting On Your Arse) which he used to motivate his sales force. The company purchased 70 Williamson's shops (1957), 200 Harrow Stores outlets (1959), 212 Irwins shops (1960), 97 Charles Phillips shops (1964) and the Victor Value chain (1968) (sold to Bejam in 1986). Tesco in Tiverton, Devon, showing the former logoĭuring the 1950s and 1960s, Tesco grew organically, and also through acquisitions, until it owned more than 800 shops. The first self-service shop opened in St Albans in 1956 (which remained operational until 2010 before relocating to larger premises on the same street, with a period as a Tesco Metro), and the first supermarket in Maldon in 1956. Tesco was floated on the London Stock Exchange in 1947 as Tesco Stores (Holdings) Limited. After experimenting with his first permanent indoor market stall at Tooting in November 1930, Jack Cohen opened the first Tesco shop in September 1931 at 54 Watling Street, Burnt Oak, Edgware, Middlesex. ![]() He made new labels using the initials of the supplier's name (TES), and the first two letters of his surname (CO), forming the word TESCO. The name came about after Jack Cohen bought a shipment of tea from Thomas Edward Stockwell. Jack Cohen, the son of Jewish migrants from Poland, founded Tesco in 1919 when he began to sell war-surplus groceries from a stall at Well Street Market, Hackney, in the East End of London. Tesco is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. In the 1990s, Tesco re-positioned itself from being a downmarket high-volume low-cost retailer, attempting to attract a range of social groups with its low-cost "Tesco Value" range (launched 1993 ) and premium "Tesco Finest" range. Since the 1960s, Tesco has diversified into areas such as the retailing of books, clothing, electronics, furniture, toys, petrol, software, financial services, telecoms and internet services. The company pulled out of the US in 2013, but as of 2018 continues to see growth elsewhere. Tesco has expanded globally since the early 1990s, with operations in 11 other countries in the world. It is the market leader of groceries in the UK (where it has a market share of around 28.4%). It has shops in Ireland, the United Kingdom, the Czech Republic, Hungary, and Slovakia. In 2011 it was the third-largest retailer in the world measured by gross revenues and the ninth-largest in the world measured by revenues. k oʊ/) is a British multinational groceries and general merchandise retailer headquartered in Welwyn Garden City, England.
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