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Tesco Essay

2868 words - 11 pages

Tesco - A reportTesco HistoryJack Cohen who oringaly owened and started the Tesco empirour, it was started 80 years ago on a market stall. He was the son of a Jewish sailor and often the war he started by buying 30 pounds worth of army surplus rations. He would reliable the cans and tins. The on his first day of selling this stock at the market he made a profit of one pound. After selling all of this he had made him self some money to work with. He used this money to buy goods under handily these were often goods, which other stores would not sell.Tesco as a name was formed when jack ha bought a large shipment of tea, in 1924. He then made the new labels for them using the first three letters from the name of the tea suppliers name "T.E.Stockwell" and then joined these will his own surname this then formed the name "TESCO". He liked this name so much it became the companies own.By 1939, his empire had groan and he had opened up one hundred stores. Jack then went to America for a holiday. Where he found the stores out there were all self-service, he thought this idea was great and could save him a lot of money in shop staff wages. He brought this idea back with him to England and set it up and found this method to be most successful and then introduced every shop to this. Jack then invited Critman his son in law to join his business. These pair often clashed over views as Critman was a businessman and Cohen was a market stall trader. Tesco then started their long running campaign to expand by buying up cheap chains of shop. He then owned 400 stores worldwide and had spent one million on this.He then also invited Lesley Port another son in law. Lesley soon stepped in to the roll and had many ideas of his own. He put forward an idea to create a non-food floor that would only sell items such as clothes and kitchen items. This was so successful that it promoted an idea to build a special designed "super market". The Tesco stores then started to reduce prices, this started other companies to take Tesco to court as they were in breach of the "retail price maintenance law"(this was were the suppliers set the prices and not the retailers this is to stop under cutting on price like Tesco are doing.) He was not charged and the law was abolish by just one vote.In 1959 Ian Malcolm joined the management as a trainee, he was the first person to join management who was not family. Then in 1960 a great promotion was introduced this promoted the sales to grow rapidly these were the "Green shield stamps" which you were given if you spent a certain amount of money these could then be traded in for products such as sowing machines.In 19970 Tesco was in trouble and had to call in a management consultant this was because of a hard taking over of "Victor Vaule." Because of this incident Critman decided he had no choice but to resign and steped down. After a succesful time the green sheid stamps wich cost the company 20 000 000 pounds they removed these from curcalation...

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