Tesco

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For other uses, see Tesco (disambiguation).
Tesco PLC

Type

Public limited company

Traded as

LSE: TSCO ISEQ: TCO

Industry

Retailing

Founded

1919; 96 years ago

Hackney, London, England

Founder

Jack Cohen

Headquarters

New Tesco House

Delamere Road
Cheshunt
Hertfordshire
EN8 9SL
England

Number of
locations

6,784 stores (As of March

2014) (see table below)

Area served

Worldwide

Key people

Products

Sir Richard
Broadbent
(Chairman)
Dave Lewis (Group
CEO)

Supermarket
Hypermarket

Superstore
Revenue

62.284 billion (2015)[1]

Operating
income

-5.792 billion (2015)[1]

Net income

-5.766 billion (2015)[1]

Total equity

7.071 billion (2015)[1]

Number of
employees

Subsidiaries

500,000 (2015)[2]
Tesco Stores Ltd.
Tesco Bank
Tesco Mobile
Tesco Ireland
Dobbies Garden Centres
Tesco Family Dining Ltd.
Giraffe Restaurants
Dunnhumby
Oakwood Distribution Ltd.

Website

www.tesco.com

Tesco PLC is a British multinational grocery and general merchandise retailer

headquartered in Cheshunt, Hertfordshire, England, United Kingdom.[3] It is the third
largest retailer in the world measured by profits [4][5] and second-largest retailer in
the world measured by revenues. It has stores in 12 countries across Asia and
Europe and is the grocery market leader in the UK (where it has a market share of
around 28.4%), Ireland, Hungary,[6] Malaysia, and Thailand.[7][8]
Tesco was founded in 1919 by Jack Cohen as a group of market stalls.[9] The Tesco
name first appeared in 1924, after Cohen purchased a shipment of tea from T. E.
Stockwell and combined those initials with the first two letters of his surname, [10]
and the first Tesco store opened in 1929 in Burnt Oak, Barnet. His business
expanded rapidly, and by 1939 he had over 100 Tesco stores across the country. [11]
Originally a UK-focused grocery retailer, since the early 1990s Tesco has increasingly
diversified geographically and into areas such as the retailing of books, clothing,
electronics, furniture, toys, petrol and software; financial services; telecoms and
internet services. The 1990s saw Tesco reposition itself, from its perception as a
downmarket "pile 'em high, sell 'em cheap" retailer, to one which appeals across a

wide social group, from its "Tesco Value" (launched 1993 [9]) to its "Tesco Finest"
ranges. This was successful, and saw the chain grow from 500 stores in the mid1990s to 2,500 stores fifteen years later. [12]
Tesco is listed on the London Stock Exchange and is a constituent of the FTSE 100
Index. It had a market capitalization of approximately 18.1 billion as of 22 April
2015, the 28th-largest of any company with a primary listing on the London Stock
Exchange.[13]
Contents
[hide]

1 History
o

1.1 Origins

1.2 Expansion

1.3 Diversification

1.4 Restructuring

2 Operations
o

2.1 Tesco Superstores

2.2 Tesco Metro

2.3 Tesco Express

2.4 Tesco Extra

2.5 One Stop

2.6 Tesco Homeplus

2.7 Internet retailing

2.8 Tesco Clubcard

2.9 Petrol stations

3 Subsidiaries
o

3.1 Tesco Bank

3.2 Telecoms

3.3 Tesco Tech Support

3.4 Dobbies Garden Centres

3.5 Harris + Hoole

3.6 Tesco Family Dining Ltd

4 International operations

5 Corporate affairs
o

5.1 Corporate strategy

5.2 Financial performance

5.3 Market share

5.4 Corporate social responsibility

6 Advertising

7 Criticism
o

7.1 Litigation

7.2 Price-fixing

7.3 Corporate tax structure

7.4 Opposition to expansion

7.5 Halal in UK stores

7.6 Horse meat found in burgers

7.7 Slavery in Thailand

7.8 Sale of goods from Israel

7.9 Mothballing of new stores

8 See also

9 References

10 Further reading

11 External links

History[edit]
Origins[edit]

Jack Cohen, the son of Jewish migrants from Poland, founded Tesco in 1919 when he
began to sell war-surplus groceries from a stall at Well Street Market, Hackney, in
the East End of London.[10] The Tesco brand first appeared in 1924. The name came
about after Jack Cohen bought a shipment of tea from Thomas Edward 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. [10] The first Tesco
store was opened in 1929 in Burnt Oak, Edgware, Middlesex. Tesco was floated on
the London Stock Exchange in 1947 as Tesco Stores (Holdings) Limited. [10] The first
self-service store opened in St Albans in 1956 (which remained operational until
2010 before relocating to a larger premises on the same street, with a period as a
Tesco Metro),[14] and the first supermarket in Maldon in 1956.[10] In 1961 Tesco
Leicester made an appearance in the Guinness Book of Records as the largest store
in Europe.[9]
Expansion[edit]
During the 1950s and the 1960s Tesco grew organically, and also through
acquisitions, until it owned more than 800 stores. The company purchased 70
Williamson's stores (1957), 200 Harrow Stores outlets (1959), 212 Irwins stores
(1960, beating Express Dairies' Premier Supermarkets to the deal), 97 Charles
Phillips stores (1964) and the Victor Value chain (1968) (sold to Bejam in 1986).[15]
Jack Cohen's business motto was "pile it high and sell it cheap", [16] to which he
added an internal motto of "YCDBSOYA" (You Can't Do Business Sitting On Your Arse)
which he used to motivate his sales force.[16]

A branch of Tesco built inside the Hoover Building in Perivale, London (now a listed
building)
In May 1987, Tesco completed its hostile takeover of the Hillards chain of 40
supermarkets in the North of England for 220 million.[17]
In 1994, the company took over the supermarket chain William Low, successfully
fighting off Sainsbury's for control of the Dundee-based firm, which operated 57
stores. This paved the way for Tesco to expand its presence in Scotland, which was
weaker than in England.

Tesco introduced a loyalty card, branded 'Clubcard', in 1995 and later an Internet
shopping service. In 1996 the typeface of the logo was changed to the current
version with stripe reflections underneath, whilst the corporate font used for store
signage was changed from the familiar "typewriter" font that had been used since
the 1970s. The same year saw the introduction of overseas operations. [9] Terry
Leahy assumed the role of Chief Executive on 21 February 1997, the appointment
having been announced on 21 November 1995. [18][19]
On 21 March 1997 Tesco announced the purchase of the retail arm of Associated
British Foods, which consisted of the Quinnsworth, Stewarts and Crazy Prices chains
in the Ireland and Northern Ireland, plus associated businesses, for 640 million.[20]
The deal was approved by the European Commission on 6 May 1997. [21] This
acquisition gave it both a major presence in (and marked a return to) the Republic
of Ireland and a larger presence in Northern Ireland than Sainsbury's, which had
begun its move into Northern Ireland in 1995.
The company was the subject of a letter bomb campaign lasting five months from
August 2000 to February 2001 as a bomber calling himself "Sally" sent letter bombs
to Tesco customers and demanded Clubcards modified to withdraw money from
cash machines.[22]
Diversification[edit]

The first ever self-service Tesco store in St Albans, Hertfordshire which has since
relocated
In July 2001 Tesco became involved in internet grocery retailing in the USA when it
obtained a 35% stake in GroceryWorks.[23] In 2002 Tesco purchased 13 HIT
hypermarkets in Poland. It also made a major move into the UK convenience store
market with its purchase of T & S Stores, owner of 870 convenience stores in the
One Stop, Dillons and Day & Nite chains in the UK. [24]
In June 2003 Tesco purchased the C Two-Network in Japan. [25] It also acquired a
majority stake in Turkish supermarket chain Kipa.[26] In January 2004 Tesco acquired
Adminstore, owner of 45 Cullens, Europa, and Harts convenience stores, in and
around London.[27]

In Thailand, Tesco Lotus was a joint venture of the Charoen Pokphand Group and
Tesco, but facing criticism over the growth of hypermarkets CP Group sold its Tesco
Lotus shares in 2003. In late 2005 Tesco acquired the 21 remaining Safeway/BP
stores after Morrisons dissolved the Safeway/BP partnership.[28] In mid-2006 Tesco
purchased an 80% stake in Casino's Leader Price supermarkets in Poland, which
were then rebranded as small Tesco stores. [29]
On 9 February 2006, Tesco announced that it planned to move into the United
States by opening a chain of small format grocery stores in the Western states
(Arizona, California and Nevada) in 2007 named Fresh & Easy. [30] It had plans for
rapid growth after a pause in the second quarter of 2008, the opening program
recommenced and over 200 stores were opened in Arizona, California, and Nevada
by December 2012.
In 2010, Tesco started funding a small film studio intended to produce Tesco
exclusive direct-to- films. The first film was released on 6 September called Paris
Connections, based on a popular novel by Jackie Collins. [31][32]
Restructuring[edit]
Tesco confirmed in April 2013 that it was pulling out of the US market (Fresh & Easy
Stores), at a reported cost of 1.2 billion.[33] In September 2013, Tesco announced
they would sell the business to Ronald Burkle's Yucaipa Companies for an
undisclosed amount.[34] Tesco retained the Fresh & Easy brand in the UK - applying it
instead to certain convenience food products.
In September 2013, Tesco launched its first-ever tablet computer, a seven-inch
model called Hudl.[35] The Tesco Hudl 2 has since been released.
On 1 September 2014, Dave Lewis (previously of Unilever) took over as CEO. [36] In
January 2015, Lewis announced plans to close the company's head office in
Cheshunt in the near future, as well as 43 loss-making stores and the cancellation of
49 new large supermarkets which will not go ahead as originally intended. [37] The
store closures are expected to mean 2,000 staff are made redundant while a further
250m of cost-cutting measures are planned.[38] Tesco also confirmed the sale of its
Blinkbox on-demand video service and its fixed-line and broadband business to
TalkTalk.[39] Tesco sold the Blinkbox Music streaming service to Guvera on 26 January
2015,[40] and confirmed it would close its Blinkbox Books service by the end of
February 2015.[41]
In April 2015, Tesco announced a 6.38bn loss, the worst results in its history. [42]
Operations[edit]
Tesco Stores Ltd. is the subsidiary of Tesco PLC in the United Kingdom. Tesco's UK
operation is divided into six formats, differentiated by size and the range of
products sold.

As of 16 April 2014, at the end of its 2013/14 financial year, Tesco's UK store
portfolio was as follows.[1]
Format

Total
Numb
area
er
(m)

Total
Mean
area (sq area
ft)
(m)

Tesco Extra

247

1,636,02 17,610,00
6,624
3
0

71,296

42.85%

Tesco
Superstores

482

1,310,86 14,110,00
2,761
2
0

29,274

34.33%

Tesco Metro

195

203,551 2,191,000 1,044

11,236

5.33%

Tesco Express

1,586

360,743 3,883,000 216

2,322

9.45%

125

One Stop

722

106,095 1,142,000 147

1,582

2.78%

83

Tesco Homeplus 12

48,588

4,049

43,583

1.27%

Dobbies

34

152,175 1,638,000 4,476

48,176

3.99%

Total

3,370

3,818,0 41,097,0
1,133
36
00

12,195

100%

224

523,000

Mean
Percenta +/area (sq ge
Stores
ft)
of space 2013/14

Tesco Superstores[edit]

Potters Bar Tesco

Tesco superstores are standard large supermarkets, stocking groceries and a much
smaller range of non-food goods than Extra stores. The stores have always
previously been branded as simply 'Tesco', but a new store in Liverpool was the first
to use the format brand 'Tesco Superstore' above the door. [43]
Tesco Metro[edit]
Tesco Metro stores are sized between Tesco superstores and Tesco Express stores,
with stores averaging 1,000 square metres (11,000 sq ft). They are mainly located

in city centres beside train stations, the inner city and on the high streets of towns.
The first Tesco Metro opened in Neston in 1980. Since then most Tesco branches
with a high street format, including those that opened before the Covent Garden
branch, have been rebranded from Tesco to Tesco Metro. The Tesco store in Carlisle
city centre was the final store to be rebranded.
Tesco Express[edit]

Tesco Express, Hilperton Road, Trowbridge, Wiltshire

Tesco Express stores are neighbourhood convenience stores averaging 200 square
metres (2,200 sq ft), stocking mainly food with an emphasis on higher-margin
products such as sweets, crisps, chocolate, biscuits, fizzy drinks and processed food
(due to small store size, and the necessity to maximize revenue per square foot)
alongside everyday essentials. They are found in busy city centre districts, small
shopping precincts in residential areas, small towns and villages and on Esso petrol
station forecourts. The 1,000th Tesco Express site opened in July 2009. Tesco have
now started building Tesco Express stores with only 'Assisted-Service' tills, in which
the customer scans all their own shopping and packs it, with the support of
supervising staff when required.
In 2010, it emerged that Tesco were operating Express pricing; i.e., charging more in
their Express branches than in their regular branches. A spokesperson said that this
was "because of the difference in costs of running the smaller stores". [44]
Tesco Extra[edit]

Tesco store at Kingston Park, Newcastle upon Tyne

Tesco Extra stores are larger, mainly out-of-town hypermarkets that stock nearly all
of Tesco's product ranges, although some are in the heart of town centres and innercity locations. The first Extra opened in 1997 in Pitsea. The largest store in England
by floor space is Tesco Extra in Walkden, with 17,230 square metres (185,500 sq ft)
of floorspace.[45] The largest in Scotland is the Silverburn store. The largest in Wales
is at Parc Fforestfach, Swansea, which is 10,400 square metres (112,000 sq ft)
constructed in 2003. The 200th Extra store was opened in October 2010 in Bishop
Auckland.
Other large stores include Bar Hill, Cleethorpes, Coventry, Newcastle upon Tyne,
Milton Keynes, Stockton-on-Tees, Slough and Watford are all in the 11,000 square
metres (120,000 sq ft) range. Newer stores are usually on two floors, with the
ground floor mainly for food and the first floor for clothing, electronics and
entertainment. Some stores that did not have the second floor have been converted
to this format in recent years. Most Tesco Extra stores have a caf and as of October
2009, all stores have a Tesco Tech Support Team.
In common with other towns, such as Warrington,[46] the recently opened St Helens
store, which at 13,000 m2 (140,000 sq ft) is one of the biggest in England, was
developed on the same site as the town's new rugby league stadium. [47]
One Stop[edit]

One Stop, Trowbridge, Wiltshire

One Stop, which includes some of the smallest stores (smaller than a Tesco
Express), is the only Tesco store format in the UK that does not include the word
Tesco in its name. The brand, along with the original stores, formed part of the T&S
Stores business but, unlike many that were converted to Tesco Express, these kept
their old name. Subsequently, other stores bought by Tesco have been converted to
the One Stop brand. Some have Tesco Personal Finance branded cash machines.
The business has attracted some controversy, as grocery prices in these shops,
often situated in less well-off areas, can be higher than nearby Tesco branded
stores, highlighted in The Times 22 March 2010: "Britains biggest supermarket uses
its chain of 639 One Stop convenience stores which many customers do not

realise it owns to charge up to 14 per cent more for goods than it does in Tescobranded stores."
Tesco responded to the article stating "It is a separate business within the Tesco
Group, with its own supply chain and distribution network. One Stop stores offer a
different range to Express stores and its operating costs are different. One Stops
price strategy is to match to its nearest competitor, Costcutter, and is frequently
cheaper."[48] They can usually be found in smaller communities across the United
Kingdom.
Tesco Homeplus[edit]
Tesco Homeplus is not Tesco's first non-food only venture in the UK. Until the late
1990s/early 2000s there were several non-food Tesco stores around the country
including Scarborough and Yate. Although not in a warehouse style format, the
stores were located on high streets and shopping centres, they stocked similar
items to Homeplus stores. In both cases this was because another part of the
shopping centre had a Tesco Superstore that stocked food items only.
In May 2005 Tesco announced a trial non-food only format near Manchester and
Aberdeen,[49] and the first store opened in October 2005. The stores offer all of
Tesco's ranges except food in warehouse-style units in retail parks. Tesco is using
this format because only 20% of its customers have access to a Tesco Extra, and the
company is restricted in how many of its superstores it can convert into Extras and
how quickly it can do so. Large units for non-food retailing are much more readily
available.
As of 2014, there were 12 Homeplus stores in the United Kingdom, the newest store
opened in Chester in July 2009. In 2012 it was reported that Tesco was looking to
close the business to focus on groceries.[50] On 28 January 2015, Tesco confirmed it
would close 6 Homeplus stores on 15 March 2015, [38] with closure of the last
remaining stores announced on 12 May 2015. [51]
Internet retailing[edit]
Main article: Tesco.com
In the United Kingdom Tesco operates a homeshopping service through the
Tesco.com website.
In May 1984, in Gateshead, England, the world's first recorded online home
shopper, Mrs Jane Snowball, purchased groceries from her local Tesco store in the
world's first recorded online shopping transaction from the home.[52] Tesco has
operated on the internet since 1994 and was the first retailer in the world to offer a
robust home shopping service in 1996. Tesco.com was formally launched in 2000.
Grocery sales are available within delivery range of selected stores, goods being

hand-picked within each store, in contrast to the warehouse model followed by

Ocado.
As of November 2006, Tesco was the only food retailer to make online shopping
profitable.[53]
Tesco Clubcard[edit]
Main article: Tesco Clubcard
Tesco launched its customer loyalty scheme, the Tesco Clubcard, in 1995. It has
been cited as a pivotal development in Tesco's progress towards becoming the UK's
largest supermarket chain and one that fundamentally changed the country's
supermarket business.[54] Tesco itself was cited in a Wall Street Journal article[55] as
using the intelligence from the Clubcard to thwart Wal-Mart's initiatives in the UK.
Cardholders can collect one Clubcard point for every 1 (or one point for 1 in
Ireland and Slovakia or 1 point for 1z in Poland) they spend in a Tesco store, or at
Tesco.com, and 1 point per 2 on fuel (not in Slovakia). Customers can also collect
points by paying with a Tesco Credit Card, or by using Tesco Mobile, Tesco
Homephone, Tesco Broadband, selected Tesco Personal Finance products or through
Clubcard partners, E.ON and Avis. Each point equates to 1p in store when redeemed
or up to 3 times their value when used with clubcard deals (offers for holidays, day
trips, etc.) Clubcard points (UK & IE) can also be converted to Avios, and Virgin
Atlantic frequent flyer miles.[56] Cardholders receive points statements four times a
year, with their points converted into money-off vouchers, as well as other offer
coupons. These can be spent in-store, online or on various Clubcard deals.
Petrol stations[edit]

A 24-hour Tesco petrol station

Tesco first started selling petrol in 1974. Tesco sells 95, 97 and 99 RON (a fuel
developed by Greenergy of which Tesco is a shareholder) petrol from forecourts at
most superstore and Extra locations. Tesco have recently diversified into biofuels,
offering petrol-bioethanol and diesel-biodiesel blends instead of pure petrol and

diesel at their petrol stations, and now offering Greenergy 100% biodiesel at many
stores in the southeast of the United Kingdom.
In 1998, Tesco and Esso (part of Exxonmobil) formed a business alliance that
included several petrol filling stations on lease from Esso, with Tesco operating the
attached stores under their Express format. In turn, Esso operates the forecourts
and sells their fuel via the Tesco store.[57] As of 2013, there were 200 joint Tesco
Express/Esso sites in the UK.[58]
On 28 February 2007, motorists in South East England reported that their cars were
breaking down. This was due to petrol sold by Tesco and others being contaminated
with silicon.[59] Tesco faced criticism after claims that they had been alerted to the
problem as early as 12 February 2007. On 6 March 2007, Tesco offered to pay for
any damage caused by the faulty petrol, after printing full page apologies in many
national newspapers.[60]
Subsidiaries[edit]
Tesco Bank[edit]
Main article: Tesco Bank
In the United Kingdom Tesco offers financial services through Tesco Bank, formerly a
50:50 joint venture with The Royal Bank of Scotland. Products on offer include credit
cards, loans, mortgages, savings accounts and several types of insurance, including
car, home, life and travel. They are promoted by leaflets in Tesco's stores and
through its website. The business made a profit of 130 million for the 52 weeks to
24 February 2007, of which Tesco's share was 66 million. This move towards the
financial sector diversified the Tesco brand and provides opportunities for growth
outside of the retailing sector.
On 28 July 2008, Tesco announced that they would buy out the Royal Bank of
Scotland's 50% stake in the company for 950 million.[61] In October 2009, Tesco
Personal Finance was rebranded as Tesco Bank.
Telecoms[edit]
For more details on this topic, see Tesco Mobile.
Tesco operates a mobile phone business across the United Kingdom, Ireland,
Slovakia, Hungary and the Czech Republic. It first launched in the UK in 2003 as a
joint venture with O2 and operates as a mobile virtual network operator (MVNO)
using the network of O2 with the exception of Hungary where the network of
Vodafone Hungary is used. As a virtual operator, Tesco Mobile does not own or
operate its own network infrastructure. By January 2011 Tesco announced it had
over 2.5 million UK mobile customers.[62]

Additionally, Tesco operates Tesco Phone Shops within its Extra stores, and by
November 2009 had 100 shops trading within stores in the UK. It opened its first
Phone Shop in Slovakia in April 2010. Tesco operates mobile phone, home phone
and broadband businesses. These are available to residential consumers in several
countries and are sold via the Tesco website and through Tesco stores.
Tesco also operated a home telephone and broadband business. Its broadband
service launched in August 2004 to complement its existing internet service
provider business, providing an ADSL-based service delivered via BT phone lines.[63]
In January 2015, Tesco sold its home telephone and broadband business, together
with Blinkbox, to TalkTalk for around 5 million. Its customers are due to be
transferred to TalkTalk during 2015.[39]
Tesco Tech Support[edit]
Tesco acquired a small I.T. support company called The PC Guys in 2007, [64] and
were able to launch Tesco Tech Support in December 2008. [65] Teams of Advisors
were put into all Extra stores with the sole job role of answering technical questions
on Tesco's range of electrical products. They also are responsible for advising
customers on extended warranties, electrical returns and a range of finance options.
Through their Customer Service Centre located in Cardiff in the United Kingdom,
Tesco Tech Support provides UK and Ireland customers with technical support via
telephony system on the electrical products sold in their stores.
Dobbies Garden Centres[edit]

Dobbies Garden Centre in Lasswade

Main article: Dobbies Garden Centres
Tesco announced its intention to purchase Dobbies Garden Centres for
155.6 million on 8 June 2007. Dobbies operates 28 garden centres, half in Scotland
and half in England.[66] The deal was confirmed as successful by the board of
directors of Tesco on 17 August 2007 when the board announced that they had
received 53.1% of shares (or 5,410,457 shares), which confirmed conditions set out
in the offer made on 20 June 2007. Although the deal had been confirmed by Tesco
the offer remained open to Dobbies shareholders until 20 August 2007. [67] Tesco

raised its holding to 65% in September [68] and on 5 June 2008[69] Tesco announced
that it would be compulsorily acquiring Dobbies Garden Centres PLC. Dobbies
continues to trade under its own brand, from its own head office in Melville, near
Edinburgh.
Harris + Hoole[edit]
Main article: Harris + Hoole
In 2012, Tesco invested in a new coffee shop chain, named Harris + Hoole after
coffee-loving characters in Samuel Pepys' diary. Tesco own up to 49% of the
company, which is run by Nick, Andrew and Laura Tolley who own the majority of
shares.[70]
In August 2014, it was announced that six of the chain's outlets would be closed,
leaving 41 in operation.[71]
In April 2015, Ethical Consumer ranked Harris + Hoole the lowest in an assessment
of the social and environmental impacts of coffee shops. According to Ethical
Consumer the company did not provide information on any ethical, environmental
or supply chain policies, and used a direct trade model of sourcing from farmers
which did not give the same kind of price support as Fairtrade. In response Harris +
Hoole stated that their direct trade supplier sourced high quality coffee and aimed
to create sustainable livelihoods for small scale farmers. [72]
Tesco Family Dining Ltd[edit]
Main article: Giraffe Restaurants
Tesco purchased the restaurant and cafe chain Giraffe in 2013 for 48.6 million.[73] In
2014, it began to open restaurants within some of its stores.
Tesco Family Dining Ltd (TFDL) was set up in 2014 as part of a new department
called 'new food experience', including Core Cafes, Girraffe, Decks and Euphorium
bakeries. That year, Tesco reached an agreement to take the in-store cafes run by
Compass Group and Elior back under its own control as to improve its dining
offering.[74]
International operations[edit]
Main article: Tesco International operations
Tesco has expanded its operations outside the UK to 11 other countries in the world.
The company pulled out of the USA in 2013, but continues to see growth else where
Tesco's international expansion strategy has responded to the need to be sensitive
to local expectations in other countries by entering into joint ventures with local
partners, such Charoen Pokphand in Thailand to form Tesco Lotus, and by
appointing a very high proportion of local personnel to management positions. It

also makes small acquisitions as part of its strategy: for example, in its 2005/2006
financial year it made acquisitions in South Korea, one in Poland and one in Japan. [75]
Corporate affairs[edit]
Corporate strategy[edit]

New Tesco House, the Tesco head office, in Cheshunt, Hertfordshire

According to Citigroup retail analyst David McCarthy, "[Tesco has] pulled off a trick
that I'm not aware of any other retailer achieving. That is to appeal to all segments
of the market".[76] One plank of this strategy has been Tesco's use of its own-brand
products,[77] including the upmarket "Finest", mid-range Tesco brand and low-price
"Value" encompassing several product categories such as food, beverage, home,
clothing, Tesco Mobile and financial services.
Beginning in 1997 when Terry Leahy took over as CEO, Tesco began marketing itself
using the phrase "The Tesco Way" to describe the company's core purposes, values,
principles, and goals[78] This phrase became the standard marketing speak for Tesco
as it expanded domestically and internationally under Leahy's leadership, implying
a shift by the company to focus on people, both customers and employees. [79]
A core part of the Tesco expansion strategy[80] has been its innovative use of
technology.[81] It was one of the first to build self-service tills and use cameras to
reduce queues.[82]
Financial performance[edit]
All figures below are for the Tesco's financial years, which run for 52 or 53 week
periods to late February. Up to 27 February 2007 period end the numbers include
non-UK and Ireland results for the year ended on 31 December 2006 in the
accounting year. The figures in the table below include 52 weeks/12 months of
turnover for both sides of the business as this provides the best comparative.
52/3 weeks
ended

Turnover
(m)

Profit before
tax (m)

Profit for
year (m)

Basic earnings per

share (p)

22 February

70,894

3,054

2,259

32.05

2014
23 February
2013

64,826

3,549

3,453

35.97

25 February
2012

64,539

3,985

2,814

34.98

26 February
2011

67,573

3,535

2,671

33.10

27 February
2010

62,537

3,176

2,336

31.66

28 February
2009

54,300

3,128

2,166

28.92

23 February
2008

47,298

2,803

2,130

26.95

24 February
2007

46,600

2,653

1,899

22.36

25 February
2006

38,300

2,210

1,576

19.70

26 February
2005

33,974

1,962

1,366

17.44

28 February
2004

30,814

1,600

1,100

15.05

22 February
2003

26,337

1,361

946

13.54

23 February
2002

23,653

1,201

830

12.05

24 February
2001

20,988

1,054

767

11.29

26 February
2000

18,796

933

674

10.07

27 February
1999

17,158

842

606

9.14

28 February
1998

16,452

760

532

8.12

Despite being in a recession, Tesco made record profits for a British retailer in the
year to February 2010, during which its underlying pre-tax profits increased by
10.1% to 3.4 billion. Tesco now plans to create 16,000 new jobs, of which 9,000 will
be in the UK.[83] In 2011 the retailer reported its poorest six-monthly UK sales figures
for 20 years, as a result of consumers' reduced non-food spending and a growth in
budget rivals.[84]
By 2014, Tesco appeared to have lost some of its appeal to customers. [85] The share
price lost 49 per cent of its value up to October as it struggled to fend off
competition from rivals Aldi and Lidl.[86] In October 2014, Tesco suspended 8
executives following its announcement the previous month that it had previously
overstated its profits by 250 million. The misreporting resulted in almost
2.2 billion being wiped off the value of the companys stock market value. The
suspended executives included former commercial director Kevin Grace and UK
managing director Chris Bush.[87][88] The profit overstatement was subsequently
revised upwards to 263 million following an investigation by the accountancy firm
Deloitte and it was clarified that the inflated profit figure was the result of Tesco
bringing forward rebates from suppliers. The Serious Fraud Office (SFO) confirmed
on 29 October 2014 that it was carrying out a criminal investigation into the
accounting irregularities but declined to give further details. [89]
Market share[edit]

UK market share
As of its 2006-year end Tesco was the fourth largest retailer in the world behind WalMart, Carrefour and Home Depot. Tesco moved ahead of Home Depot during 2007,
following the sale of Home Depot's professional supply division and a decline in the
value of the US dollar against the British pound. METRO was only just behind and
might move ahead again if the euro strengthens against the pound, but METRO's
sales include many billions of wholesale turnover, and its retail turnover is much
less than Tesco's.

According to Kantar Worldpanel, Tesco's share of the UK grocery market in the 12

weeks to 18 March 2012 was 30.2%, down from 30.6% in the 12 weeks to 18 March
2011.[90]
Supermarket

Market share
March 2012

+/- from
March 2011

Tesco

30.2%

0.4%

Asda

17.9%

0.6%

Sainsbury's

16.6%

0.0%

Morrisons

12.3%

0.0%

The Co-operative Food

6.9%

0.4%

In terms of the wider UK retail market, Tesco sales account for around one pound in
every ten spent in British shops.[91] In 2007 it was reported that its share was even
larger, with one pound in every seven spent going to Tesco. [92] In 2006, Inverness
was branded as "Tescotown",[93][94] because well over 50p in every 1 spent on food
is believed to be spent in its three Tesco stores. [95] By 2014 competition from other
retailers led to a fall in Tesco's market share to 28.7%; this was the lowest level in a
decade.[96]
Corporate social responsibility[edit]
Tesco has made a commitment to corporate social responsibility in the form of
contributions of 1.87% in 2006 of its pre-tax profits to charities/local community
organizations.[97] This compares favourably with Marks & Spencer's 1.51% but not
well with Sainsbury's 7.02%.[98] Will Hutton, in his role as chief executive of The Work
Foundation recently praised Tesco for leading the debate on corporate responsibility.
[99]
However Intelligent Giving has criticized the company for directing all "staff
giving" support to the company's Charity of the Year. [100]

Tesco in Evesham

In 1992, Tesco started a "computers for schools scheme", offering computers in

return for schools and hospitals getting vouchers from people who shopped at
Tesco. Until 2004, 92 million of equipment went to these organizations. The
scheme has been also implemented in Poland. [101]
Starting during the 200506 football season, the company now sponsors the Tesco
Cup, a football competition for young players throughout the UK.
In 2009 Tesco used the phrase, "Change for Good" as advertising, which is trade
marked by Unicef for charity usage but not for commercial or retail use, which
prompted the agency to say, "It is the first time in Unicefs history that a
commercial entity has purposely set out to capitalise on one of our campaigns and
subsequently damage an income stream which several of our programmes for
children are dependent on." They went on to call on the public "...who have
childrens welfare at heart, to consider carefully who they support when making
consumer choices."[102][103]
Tesco's own labels for personal care and household products are cruelty-free this
means they are not tested on animals. [104]
In June 2011, Tesco announced that it was working with 2degrees Network to create
an online hub as part of its target to reduce its supply chain carbon footprint by 30%
by 2020.[105]
In September 2011 a Greenpeace report revealed that Tesco supermarkets in China
were selling vegetables that contained illegal pesticides or at levels exceeding the
legal limit. A green vegetable sample from Tesco turned up methamidophos and
monocrotophos, the use of which has been prohibited in China since the beginning
of 2007.[106]
Advertising[edit]

Prunella Scales, as Dotty Turnbull arguing about Tesco prices

Tesco have used many television adverts over the years. In July 2007 a DVD
containing adverts from 19772007 was given to all members of staff. Early

advertising stressed cheap prices and how to keep "The cost of living in check." In
1977 an advert was made where a till showed the prices to many items such as
"baked beans 121/2p".
A notable 1980s advert was "Checkout 82," which was made in 1982, where a till
would have a receipt coming out of it with the prices on. This advert had synthpop
music as the backing and people singing "Check it out, check it out".
Adverts in the late '90s had Prunella Scales as Dotty Turnbull, arguing about Tesco
prices. In 2003, adverts showed items and shopping trolleys talking about Tesco.
Late 2000s adverts have included many celebrities and celebrity voice-overs such
as The Spice Girls and the voice of actors James Nesbitt and Jane Horrocks.[107]
Tesco's main advertising slogan is "Every little helps". Its advertisements in print
and on television mainly consist of product shots (or an appropriate image, such as
a car when advertising petrol) against a white background, with a price or
appropriate text (e.g., "Tesco Value") superimposed on a red circle. On television,
voiceovers are provided by recognisable actors and presenters, such as Barbara
Windsor, James Nesbitt, Jane Horrocks, Terry Wogan, Dawn French, Ray Winstone,
Neil Morrissey, Martin Clunes, David Jason, David Tennant, Richard Aitken and Kathy
Burke amongst others.
Tesco's in-store magazine is one of the largest-circulation magazines in the United
Kingdom, with a circulation of 1.9 million as of 2013.[108]
In November 2013, Tesco announced they would introduce face-scanning
technology developed by Amscreen at all of their 450 UK petrol stations to target
advertisements to individual customers.[109][110]
Criticism[edit]
Main article: Criticism of Tesco
Criticism of Tesco includes allegations of stifling competition due to its undeveloped
"land bank",[111] and breaching planning laws. [112]
Litigation[edit]
The Tesco supermarket chain is involved in litigation such as the Ward v Tesco
Stores Ltd and Tesco Supermarkets Ltd v Nattrass cases. Tesco have been criticized
for aggressively pursuing critics of the company in Thailand. Writer and former MP
Jit Siratranont faced up to two years in jail and a 16.4 million libel damages claim
for saying that Tesco was expanding aggressively at the expense of small local
retailers. Tesco served him with writs for criminal defamation and civil libel. The Thai
court dismissed the case, ruling that the criticism made by the defendant was 'in
good faith by way of fair comment on any person or thing subjected to public
criticism'.[113]

In November 2007, Tesco sued a Thai academic and a former minister for civil libel
and criminal defamation, insisting that the two pay 1.6 million and 16.4 million
plus two years' imprisonment respectively. They have been alleged to have
misstated that Tesco's Thai market amounts to 37% of its global revenues, amongst
criticism of Tesco's propensity to put small retailers out of business. [114]
In August 2013, Tesco was fined 300,000 after admitting that it misled customers
over the pricing of "half price" strawberries. [115]
Price-fixing[edit]
In 2007, Tesco was placed under investigation by the UK Office of Fair Trading (OFT)
for acting as part of a cartel of five supermarkets (Safeway, Tesco, Asda, Morrisons
and Sainsburys) and a number of dairy companies to fix the price of milk, butter
and cheese. In December 2007, Asda, Sainsburys and the former Safeway admitted
that they acted covertly against the interests of consumers while publicly claiming
that they were supporting 5,000 farmers recovering from the foot-and-mouth crisis.
They were fined a total of 116 million.[116]
Corporate tax structure[edit]
In May 2007, it was revealed that Tesco had moved the head office of its online
operations to Switzerland. This allows it to sell CDs, DVDs and electronic games
through its web site without charging VAT.[117] The operation had previously been run
from Jersey, but had been closed by authorities who feared damage to the island's
reputation.[117] In June 2008, the government announced that it was closing a tax
loophole being used by Tesco.[118] The scheme, identified by British magazine Private
Eye, utilizes offshore holding companies in Luxembourg and partnership
agreements to reduce corporation tax liability by up to 50 million a year.[118]
Another scheme previously identified by Private Eye involved depositing 1 billion in
a Swiss partnership, and then loaning out that money to overseas Tesco stores, so
that profit can be transferred indirectly through interest payments. This scheme is
still in operation and is estimated to be costing the UK exchequer up to 20 million
a year in corporation tax.[118] Tax expert Richard Murphy has provided an analysis of
this avoidance structure.[119]
Opposition to expansion[edit]

Tesco Express Harpenden

Tesco's expansion has not been without criticism and, in some cases, active
opposition.

In March 2007, residents in Bournville, Birmingham fought to maintain the

historic alcohol free status of the area, in winning a court battle with Tesco, to
prevent it selling alcohol in its local outlet. No shops are permitted to sell
alcohol in the area and there are no pubs, bars or fast-food outlets in
Bournville.[120]

Plans for a large Tesco store in St Albans, Hertfordshire, attracted widespread

local opposition. This led to the formation of the "Stop St Albans Tesco
Group". In June 2008, St Albans Council refused planning permission for the
proposed store.[121]

In April 2011, longstanding opposition to a Tesco Express store in Cheltenham

Road, Stokes Croft, Bristol, evolved into a violent clash between opponents
and police. The recently opened storefront was heavily damaged, and police
reported the seizure of petrol bombs.[122] Opponents have suggested that the
store would damage small shops and harm the character of the area. [123]

In July 2013, plans to shut down a small parade of shops on Luton Road in
Harpenden, Hertfordshire were met by fierce opposition by local residents.
Locals feared that the opening of a new Tesco Express store would bring a
large increase in congestion on Luton Road and due to a lack of parking
spaces would mean customers would leave their cars on the side of the road
on Park Mount, which was already a very narrow and steep hill. Residents also
feared an increased the number of youths buying alcohol up until closing time
at 23:00. Other concerns were raised such as the noise and light pollution as
well as the introduction of a large corporate company to a town which often
supports small, independent businesses. The store eventually opened as
planned in the summer of 2014.

Halal in UK stores[edit]

As of August 2012, around 27 UK Tesco superstores have halal meat counters.[124]

The meat sold is advertised as "stun-free", which puts the meat sold in contradiction
of RSPCA standards on animal welfare.[125] The sale of such meat would be illegal in
the UK were it not for an exemption in the law granted to Jews and Muslims. [126]
Tesco has come under criticism for not selling stunned Halal in its stores and
because stores with Halal counters do not always have non-Halal fresh meat
counters as well - such as the Edgbaston store in Birmingham.
Horse meat found in burgers[edit]
Main article: 2013 meat adulteration scandal
In January 2013, the British media reported that horse meat had been found in
some meat products sold by Tesco, along with other retailers, particularly burgers.
David Cameron called this "unacceptable", with products showing 29.1% horse
meat in the "Value" range burger, which were supposed to be beef. [127][128] It was
later revealed in February 2013 that some of Tesco's Everyday Value Spaghetti
Bolognese contained 60% horse meat. [129] Tesco withdrew 26 of its products in
response, and announced that they were working with authorities and the supplier
to investigate the cause of the contamination. [130]
Slavery in Thailand[edit]
In 2014, The Guardian reported that Tesco is a client of Charoen Pokphand Foods.
Over 6 months The Guardian traced the whole chain from slave ships in Asian
waters to leading producers and retailers. [131]
Sale of goods from Israel[edit]
Tesco has been targeted by protesters complaining the supermarket chain sells
goods made in Israel, with most complaints being about products emanating from
Israeli settlements in the West Bank. Protests generally occur when Israeli military
operations are being carried out in the Gaza Strip or the West Bank. A protest at a
store in Birmingham on 16 August 2014 resulted in a protester being arrested. [132]
Mothballing of new stores[edit]
Tesco's financial crisis of 2014 [133] led to them reducing their capital expenditure on
new stores, which led to the boarding up of new unopened stores in Chatteris,
Cambridgeshire [134] and Immingham, Lincolnshire.[135] The controversial Chatteris
mothballing caused local criticism after the 22m project had re-routed a river and
built a controversial roundabout and underpass, whilst the much anticipated
Immingham development demolished a local shopping centre and closed several
local stores to enable its construction. The impending arrival of Tesco also
contributed to the Co-operative to close their store in the town [136] Tesco
announcing the indefinite delay in their store opening left the town of around
15,000 inhabitants without a supermarket for an indefinite period, this despite the

fact Tesco went ahead with the opening of stores in Little Lever,[137] Dunfermline [138]
and Rotherham [139] all of which have an existing supermarket within a couple of
miles of the new stores. With the indefinite delay in opening, Immingham is now
over 10 miles from the nearest supermarket in the nearest town of Grimsby (there
are closer supermarkets in Kingston upon Hull, but these require paying the toll on
the Humber Bridge). The supermarket famine for the town however, will end in
March 2015 as Aldi has announced they will build a store in the shadow of the
empty Tesco building, and with a direct dig at Tesco, have guaranteed it will open on
time, with no delays. Work commenced in November 2014. [140]
See also[edit]
Hertfordshire portal
Companies portal
Food portal

List of supermarket chains in the United Kingdom

Tesco Town

Tesco Venture Brands

Walmart

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Further reading[edit]

MacLaurin, Sir Ian (1999). Tiger by the Tail: A Life in Business from Tesco to
Test Cricket. London: Pan Books. ISBN 0-330-37371-4.

Simms, Andrew (2007). Tescopoly: How one shop came out on top and why it
matters. London: Constable. ISBN 1-84529-511-0.

Humby, Clive; Hunt, Terry; Phillips, Tim (2006). Scoring points: How Tesco
continues to win customer loyalty. London & Philadelphia: Kogan Page.
ISBN 978-0-7494-4752-6.

Nash, Bethany (2006). Fair-Trade and the growth of ethical consumerism

within the mainstream: an investigation into the Tesco consumer. Leeds:
University of Leeds. OCLC 75272130.

Leahy, Terry (2012). Management in 10 Words. London: Random House.

ISBN 1847940897.