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About This File
History:
Jack Cohen founded Tesco in 1919 when he began to sell surplus groceries from a stall in the East End of London. The Tesco brand first appeared in 1924. The name came about after Jack Cohen bought a shipment of tea from T.E. Stockwell. He made new labels using the first three letters of the supplier's name (TES), and the first two letters of his surname (CO), forming the word "TESCO".
The first Tesco store was opened in 1929 in Burnt Oak, Edgware, Middlesex. Tesco floated on the London Stock Exchange in 1947 as Tesco Stores (Holdings) Limited.
The first self service store opened in St Albans in 1947 (still operational in 2007 as a Metro), and the first supermarket in Maldon in 1956.
During the 1950s and the 1960s Tesco grew organically, but also through acquisitions until it owned more than 800 stores.
The company purchased 70 Williamsons stores (1957), 200 Harrow Stores outlets (1959), 212 Irwins stores (1960), 97 Charles Phillips stores (1964) and the Victor Value chain (1968) (sold to Bejam in 1986).
Today:
Tesco plc is a British-based international grocery and general merchandising retail chain. It is the largest British retailer by both global sales and domestic market share, and is the world's third-largest retailer, behind Wal-Mart of the United States and Carrefour of France.
Tesco now controls just over 30% of the grocery market in the UK, approximate to the combined market share of its closest rivals, Asda and Sainsbury's.
In 2007, the supermarket chain announced over £2.55bn in profits.
Originally specialising in food, it has diversified into areas such as discount clothes, consumer electronics, consumer financial services, selling and renting DVDs,[3] compact discs and music downloads, Internet service, consumer telecoms, consumer health insurance, consumer dental plans and budget software.
It is now entering into the housing market, with a self-advertising website called Tesco Property Market.
Wikipedia
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