Britain’s biggest retailer Tesco has finally unveiled its new store format, Jack’s, to take on rival discounters Aldi and Lidl, who together have a combined 13.1 per cent market share.
CEO Dave Lewis unveiled the new chain today, saying the discount stores would sell 2,600 products, including 1,800 Jack’s-branded items. “The intention is for us to be cheapest in town,” he added.
The first two Jack’s stores will open to shoppers on Thursday, with another 10-15 following in 2019.
The chain is named after Jack Cohen, who founded Tesco 99 years ago. He was nicknamed “Slasher Jack” for his “pile it high, sell it cheap” approach to retailing.