Tesco is to launch a new discount store format called Jack’s, taking on discounters Aldi and Lidl.
The launch of Jack’s is part of Tesco’s centenary celebrations which will see the business mark 100 years of delivering great value to British shoppers.
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In 1919, Tesco’s founder Jack Cohen started selling armed forces surplus stock from his market stall in Well Street, Hackney.
With nothing more than £30 demob money and an intuition for what customers needed, Jack built a business famed for making food available to everyone at a time when many families simply couldn’t afford the food sold in shops.
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In addition to the Jack’s brand, it will stock some familiar grocery brands and a range of general merchandise on a “When it’s Gone, It’s Gone” basis.
Jack’s will operate a low-cost business model that is designed to keep costs low and prices down. It’s a no fuss approach with a simplified range of products, no fancy fixtures or fittings, and no added extras, just good quality at low prices.
Dave Lewis, Tesco Group Chief Executive, said: “Jack Cohen championed value for customers and changed the face of British shopping. He’s an inspiration for all of us and that same spirit still drives Tesco now.
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“It’s fitting that today, we mark the beginning of Tesco’s celebration of 100 Years of Great Value by launching a new brand, and stores bearing his name: Jack’s. Great tasting food at the lowest possible prices with 8 out of 10 products grown, reared or made in Britain.”
Over the next six months Tesco will launch 10-15 Jack’s stores in the UK.
The stores to follow will include a mix of entirely new sites, sites adjacent to existing Tesco stores, and a small number of converted Tesco stores.