Tesco plc is a British – based international grocery and general merchandising retail chain. It is the largest British retailer by both global sales and domestic market share, and is the world’s third-largest retailer, behind Wal-Mart of the US and France’s Carrefour. The Tesco brand first appeared in 1924. The first Tesco store was opened in 1929 in London. Tesco floated on the London Stock Exchange in 1947. Its first self service store opened in 1947 and its first supermarket in 1956.
During the 1950s and the 1960s Tesco grew organically, but also through acquisitions until it owned more than 800 stores (most of this early growth was in and around the London area). In 1973 Jack Cohen resigned. The “pile it high sell it cheap” strategy of Cohen which had left the company “stagnating” and with a “bad image” was abandoned. In 1977 Tesco launched “Operation Checkout” which included price reductions and centralised buying for all stores. The result was a rise in market share of 4% in two months..
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