Jul 23, 2018

Tesco to launch new chain of discount stores

Tesco is set to launch a new chain of discount stores as early as September across the UK, in its latest effort to take on cut-price rivals Aldi and Lidl who have transformed the expectations of price-conscious consumers. The UK's biggest retailer has drawn up plans to open up to 30 stores in the autumn, planning to refit some existing stores to introduce the new format or reopen mothballed sites that Tesco still controls, according to a person with knowledge of the plans. The person said the new chain is expected to be called Jack's - thought to be a reference to Tesco's founder Jack Cohen - with a division of the company having recently attempted to register the name as a trademark. Speculation about an alternative supermarket chain has grown since job advertisements appeared for roles at the company that involved a "New retail format . . . operated separately from the core Tesco business". The Mail on Sunday and The Guardian were first to report on details of Tesco's upcoming discount chain.

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