Management at Tesco :: Business Management Studies

care at TescoIntroduction1920sTesco was founded in 1924, when T.E. Stockwell, a partner in a firm oftea suppliers, and Sir Jack Cohen came together. Legend has it thatSir Jack Cohen apply his gratuity from his Army service in the FirstWorld warfare to start selling groceries in Londons East End markets in1919. The brandmark name of Tesco came from the initials of T.E. Stockwelland graduation two letters of Cohen. The first Tesco store was undecided in1929 in Burnt Oak, Edgware.1930sSelf-service supermarkets first capable in the USA in the 1930s, duringthe depression. They soon realized that by selling a wider variety andlarger volume of stock, and employing fewer staff, they could offer disgrace prices to the public. The Tesco business prospered and grew inthe years between the war.1940sIn 1947 Tesco Stores (Holdings) Ltd was floated on the Stock Exchange,with a share price of 25. The price at the spring of February2002 was around 2.42. Self-service stores came to Britain a fter theSecond World War, and Jack Cohen candid the first Tesco self-servicestore in St Albans in 1948.1950sIn 1956 the first Tesco self-service supermarket was opened in aconverted film in Maldon.1960sBy the early 1960s, Tesco had pay off a well-known(prenominal) name. As well asgroceries, the stores sold fresh food, clothing and house goods.The Tesco store, which opened in Leicester in 1961, had 16,500 squarefeet of selling space and went into the Guinness bulk of Records asthe largest store in Europe. During this period, Tesco introducedtrading stamps so that it could bring glower prices to its customers.Tesco introduced the concept of the superstore in 1967 when it openeda 90,000 square feet store in Westbury, Wiltshire. The superstorewas a new concept in retailing and the term was first used when Tescoopened its store in Crawley, West Sussex, in 1968.seventiesBy 1970, Tesco was a household name, its reputation built on providing grassroots groceries at very competitive p rices. But as people becomebetter off, they looked for more expensive luxury items. In the lateseventies the company decided to make its stores more attractive to awider persona of customers. Tesco introduced more superstores, whichsold a broader range of goods, and had wider aisles and betterlighting. In wizard year, in the late 1970s, the Tesco market shareincreased from 7% to 12% and, in 1979, its annual turnover reached 1billion for the first time. mid-eightiesDuring the 1980s, Tesco continued to build new superstores, openingits 100th in 1985. In 1987 it announced a 500 million programme to