Founding Origin

Jack Cohen, the founder of Tesco, started his business with a stall in London, England in 1919. In 1929, he officially opened a small store in Edgware, London and used the name Tesco for the first time. Thus, Tesco was born.

introduce

Tesco is currently the leading retailer in the UK and one of the world's top three retailers, with nearly 6,000 stores worldwide, 520,000 employees, and serves tens of thousands of customers around the world every week. In addition to the UK, Tesco also operates in 12 other countries, including the Republic of Ireland, Hungary, the Czech Republic, Slovakia, Poland and Turkey in Europe, China, Malaysia, South Korea, Thailand and India in Asia, and the United States. Tesco Group's business includes not only retail, but also involves finance, gas stations, telecommunications and medicine, and has gained a good international reputation. In addition, Tesco is also actively expanding its online retail business, which is currently popular with customers.

Brand Name

There is no difference between Tesco and Tesco. They are the same brand, both translated from Tesco. Tesco is the name from the Taiwan era.

Tesco is the largest retailer in the UK, with its headquarters in Welwyn Garden City, England. It has 6,000 stores worldwide and employs 520,000 people. In addition to doing business in the UK, Tesco also has businesses in other countries, not only in retail, but also in finance, gas stations, etc. It ranked 56th in the Fortune Magazine's 2009 list of the world's top 500 companies.

Company Operation

British TESCO companies are divided into five forms:

Tesco Extra is a large warehouse store of Tesco, where all the products sold in the supermarket can be bought. The first Tesco Extra opened in 1997, and by the 2004/05 fiscal year, there were 100 Tesco Extra stores in the UK. Generally speaking, the area of ​​a Tesco Extra store is about 6,300 square meters. In January 2006, a Tesco Extra Extra store was built in Slough, covering an area of ​​about 18,300 square meters, becoming the largest Tesco Extra store in the UK.

Tesco Superstores are Tesco's standard supermarket format, mainly selling food and a small amount of non-food items. It is Tesco's most common store and its main source of income.

Tesco Metro is a store format that is between the size of a standard Tesco store and a convenience store, and is generally located in the city center or on main streets.

Tesco Express is a small-scale store that mainly sells food and is widely distributed in busy urban areas or shopping districts. As of February 2006, there are more than 650 Tesco Express stores in the UK.

One Stop is the only store that does not use the name "TESCO" and is the smallest store. They are usually small retailers acquired by TESCO but are allowed to keep their original names.

develop

On April 17, 2013, Tesco announced its withdrawal from the US market and the sale of 199 Fresh & Easy stores in the United States.

On September 1, 2014, Dave Lewis (formerly from Unilever) took over as CEO.

Tesco sold its Blinkbox music streaming service to Guvera on 26 January 2015, and confirmed that it would shut down its Blinkbox Books service at the end of February 2015.

On January 29, 2017, Tesco announced that it would acquire Booker, the largest wholesaler in the UK, for 3.7 billion pounds (approximately 4.64 billion US dollars).

In April 2017, Tesco confirmed the sale of its in-store optician business to Vision Express.

On March 5, 2018, Tesco and Booker, the UK's largest wholesaler, said that Tesco had completed its 4 billion pound (5.51 billion US dollars) acquisition of Booker.

honor

TESCO ranked 56th in Fortune magazine's "2009 Global 500 Companies", and was ranked first in Fortune magazine's "Most Respected Local Company in the UK" and third in Fortune magazine's "Most Respected Food and Drug Stores in the World".

Layoffs

In January 2019, TESCO announced a formal layoff plan: the expected scale of layoffs is 9,000, which is less than the figure reported by the media; it is expected to close 90 stores and make major adjustments to the layout of the remaining stores, business hours will be shortened; and positions in the headquarters office will be streamlined.

Evacuation Area

In October 2005, Tesco, the world's fifth largest retailer and the largest retailer in the UK, will withdraw from the Taiwan market by exchanging assets with Carrefour, the world's second largest retailer.

In October 2011, following Carrefour's withdrawal from the Japanese market, Philip Clarke, CEO of British Tesco Group, one of the world's three largest retailers, announced that he was withdrawing from the Japanese market in order to increase returns on investment.

In September 2013, TESCO announced that it had agreed to sell its 150 loss-making Fresh & Easy stores in the United States to Yucaipa Companies, an investment company owned by American billionaire Ron Burkle, and would close the remaining 50 stores in the coming weeks, thus withdrawing from the US market.

China

The "Tesco" brand was originally a supermarket brand that the Taiwanese-owned Ting Hsin Group started operating in China in 1997. The brand name was "Hymall Tesco" (happy buy mall).

In July 2004, Tesco spent RMB 2.1 billion to acquire a 50% stake in Tesco Supermarket, a subsidiary of Ting Hsin Group, and renamed the supermarket "Tesco", officially entering the Chinese large-scale retail market.

In 2005, Tesco exchanged assets with Carrefour, transferring its six supermarkets and two processing centers in Taiwan to the latter and shifting its business focus to mainland China.

In December 2006, it spent another 180 million pounds to purchase 40% of the shares and changed the brand name to "TESCO Tesco".

The remaining 10% of the shares were purchased from Ting Hsin Group at the end of 2009.

In August 2013, Huachuang and Tesco jointly announced that the two parties had reached an agreement to integrate Tesco's mainland China business into Huachuang.

In 2014, Tesco, which was deeply involved in a financial fraud scandal, "sold" its business in mainland China to China Resources Vanguard, and its ten years of hard work in China came to an end. Since then, Tesco has lost ground along the way, withdrawing from the United States, South Korea, Japan and other markets, and its pre-tax profit has dropped sharply from 4 billion pounds to 145 million pounds.

In May 2014, Tesco and China Resources Enterprise Group completed an equity transaction for HK$22 billion. 135 "Tesco" supermarkets were then renamed "China Resources Vanguard", and its ten years of hard work in China also ended in this regrettable way.

In December 2006, Tesco announced that it would invest another 180 million pounds (about 2.8 billion yuan) to buy 40% of Tesco's shares from Ting Hsin Group. Ting Hsin Group still holds the remaining 10% of the shares.

References

• 1. TESCO Introduction: cnpp [reference date 2018-04-23T16:00:00.000Z]
• 2. What brand is Tesco? What is the difference between Tesco and Tesco? : Liren Fashion [reference date 2019-01-28T16:00:00.000Z]
• 3. Tesco announces withdrawal from Japanese market: Sohu [cited on 2011-10-08T16:00:00.000Z]
• 4. What is the reason for Tesco to lay off nearly 10,000 employees? Why did the century-old store Tesco lay off employees and how will it develop in the future? : Haixia.com [cited on 2019-01-24T16:00:00.000Z]
• 5. TESCO's complete withdrawal from the US market resulted in a loss of approximately US$1.8 billion: Sina Finance [cited on 2013-09-09T16:00:00.000Z]
• 6. British Tesco will withdraw from the Taiwan market and replace 5 stores with Carrefour: Lianshang Information [cited on 2015-09-28T16:00:00.000Z]