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An In Depth Report Of The History Of Tesco Supermarkets And Possible Future Business Strategies They Could Use.

1417 words - 6 pages

Introduction.The purpose of this report is to review the growth of Tesco over the last 80 years. The history of Tesco will be briefly explored. Then, this will be related to the Tesco of today. The possible future strategic action the business could take to maintain its success and achieve growth will be outlined and conclusions will be drawn.The History of Tesco.Tesco supermarkets have been a complete success. When the first Tesco opened in 1929 it introduced a whole new method of shopping. It was custom at the time for a shop assistant to, in a way do your shopping for you. The customer would tell the shop assistant exactly what they wanted and they would find it, bag it and hand it to you.This method of shopping meant that the business could only deal with one customer at a time, unless they hired extra staff, which would reduce the profits. The founder of Tesco decided that instead of using shop assistants they could make a system where the customer would help himself or herself to whatever products they required then pay for it at the end of there shopping visit. This new method of shopping allowed the store to deal with many customers simultaneously.In 1947 the company was already a well-known public brand and had grown to many high street stores across the country, they were on the stock exchange valued at 25p per share. Due to its popularity it was able to take advantages of commercial economies of scale such as supplies purchased in bulk. However they could not complete with the prices of other supermarkets because the current trading standards restricted selling below a set price. To combat this problem Tesco developed other ways of keeping customers loyal to the brand, one of these methods was the use of stamps that could be exchanged for cash or goods, sort of like a voucher.In 1979 it was decided by the senior management at Tesco to relocate all the future construction of Tesco stores to the outskirts of town. These new stores would be much larger, have a wider variety of products and would boast a much more attractive interior. As an extra profit to the company these new stores would have petrol stations nearby encase any customers ran out of fuel when travelling to the store. These stores would also have a lot of parking spaces available to them.It was the boost to profits from these large stores plus the aid of petrol sales and the car parking tickets that allowed the business to beat its $1 billion turnover record.Due to its huge profits the company spent most of 1980 expanding it current stores and growing by constructing stores in new areas.In 1985 Tesco took advice on customer feedback and announced its healthy eating product line. Offering the nutritional information and advice on the majority of their branded food. By 1990 Tesco believed it was now strong enough to fiercely compete with other major supermarket franchises and passably overtake one in the near future. One of the main objectives of Tesco at the time was to find...

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