Tesco is a huge and successful retailer from the UK. Everyone around the world knows Tesco. Although Tesco is a UK retailer, its success is heard of in all corners of the globe. However, what is the real story about Tesco and its global growth? What makes Tesco a well-known conglomerate? This essay hopes to bring some understanding about Tesco and its global growth and the reasons behind the growth.
Tesco was founded in 1919 by Jack Cohen. He sold surplus groceries from a stall in the East End. Tesco Tea was first sold, in 1924, by Jack Cohen. The first Tesco store was opened in Burnt Oak, north London by John Cohen, in 1929. Over the years, after many successful ventures, the first supermarket was opened, in 1958, in Maldon, Essex. Two years later, in 1960, household goods and clothing was introduced into the supermarkets, and in that same year Tesco also acquired 212 branches of Irwin stores. Tesco grew to 500 stores in the 1990s and presently has more than 2,500 stores. Tesco is listed in the London Stock Exchange and is the 15th largest company as of 2012.
After much success in UK, Tesco decided to go one step further and entered the European market by opening a store in the Czech-Republic in 1996. This was just the beginning. Currently there are 80 outlets in the Czech Republic only. How did they do it? They did it by purchasing Kmart stores, in the country, and converting them into Tesco. Many stores were opened in countries, such as, Slovakia, Hungary and Poland and the Republic of Ireland. Tesco entered the Asian market in after and opened stores in India, Japan and Malaysia. However, it wasn’t till 2007 that Tesco entered the American market. They did this on the West Coast by opening of its very first chain of convenience stores by the name Fresh & Easy. Tesco’s US headquarters were established in California.
Starting and making a success out of a business out of home turf is no easy feat. Many retailers have tried and failed. However, Tesco did it. They made a success out of it. What is the secret of Tesco’s global growth and success? It is there vision and strategy. Tesco is a company that wishes to make a positive and lasting impression for their customers, colleagues and communities. Their core purpose is to make what matters better. Irrespective of the country it is in, the same values are practiced by the Tesco employees. That is to work hard to ensure that the customers are satisfied, to treat everyone equally and use their scale for good. This company has operations in Europe, Asia and North America. In every corner of the globe, Tesco ensures its customers of value and trust. This could be one of the reasons why Tesco has grown so successfully around the world.
Many people have tried to cause Tesco problems. They have not been without controversy and problems. However, it is a strong company that is still one of the largest retail stores in the world. It is still recognized around the world as a reputed retail store and it is still a company that contributes significantly to the global economy.