Table 1 shows the historical timeline of Tesco. The first column shows the year when the events happened. The second column gives more details by revealing the developments which occurred in the business organization.
The development of Tesco can be divided into three distinct phases: formation; postwar development; and expansion. The first phase starts with the foundation of the company in 1919 and ends with formal opening of the first Tesco store in Burnt Oak, Edgware, London. Postwar development commences with the retailer's initial public offering (IPO). Rapid growth was witnessed as Tesco opens its first supermarket and superstore. The last phase features the rapid expansion of Tesco PLC both in new product areas and geographic region. Throughout this stage, the company utilized the new trends in global retailing to enhance its products and services.
As with any other business organization, the retailer is also exposed to the risks and challenges present in the current global business arena. It is irrefutable that environmental factors are pivotal in shaping the landscape where each organization operates. As Kotler puts it, organizations are now operating in a hypercompetitive business environment where there is a more intense rivalry among industry players and higher buyers' leverage. These factors become the main challenges and uncertainties within which each competitor like Tesco must tailor its strategy for.
With its expansion stage,