23rd Jul 2018 11:56
LONDON (Alliance News) - The UK's biggest supermarket chain by market share Tesco PLC is preparing to launch a new grocery chain to take on discount chains Aldi and Lidl, the Guardian newspaper reported Sunday.
The newspaper reported that Tesco is planning to open up to 60 discount stores as early as September and may name the chain Jack's after a division of Tesco recently attempted to register the name as a retail trademark.
The retailer has started advertising for staff for a new format with online job advertisement for some store sites stating that the new retail format will be operated separately from the core Tesco business, Guardian reported.
Shares in Tesco were trading 0.4% lower at 257.70 pence on Monday morning.
https://www.theguardian.com/business/2018/jul/22/tesco-discount-chain-could-launch-september-battle-aldi-lidl
Tesco was founded in 1919 by Jack Cohen as a group of market stalls.
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