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Tesco Plc. Name of Student University of Birmingham Retail Marketing (07 21436) Tutor Date of Submission Introduction and Background Tesco Plc is one of the largest retailers in the world, the leading supermarket retailer in the United Kingdom, the world’s largest on-line grocery retailer and the fourth largest retailer behind Wal-Mart, Carrefour and Home Depot (Morris, 2004, p.5).
The company’s gross turnover for the 2008/2009 full year was reported in February 2009 as ?59.4 billion. The retailer has over 4308 stores in 14 countries worldwide, over half a million employees and it was estimated in 2007 that over ?1 out of every ?7 of UK retail stores was spent in Tesco (Dennis and Perrey, 2011, p.52). Tesco PLC Established by Jack Cohen in London in 1919, it began as a stall in East London before gradually growing to include markets all over London. Cohen thereafter began wholesale trade and within five years, the first Tesco brand appeared, and, in 1929, the first Tesco store was opened. The key to Tesco’s growth over in the XX century lies in its change of image and strategy. Aaker and McLoughlin (2010, p.127) document that from the onset, Cohen’s approach was to sell it cheap a strategy that had caused the company to overstretch itself thereby having dwindling profitability. ...
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