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Tesco
is the UK's leading supermarket chain. The company
overtook arch-rival Sainsbury's to become Britain's biggest food
retailer in 1995, and has
continued to extend its lead ever since. In 1999, the group went one step further,
becoming the UK's most profitable retailer as well, after Marks & Spencer announced a dramatic
fall in net earnings. It has steadily improved on that position ever since,
setting a new record in 2008 as trading profits broke the
£3bn barrier
for the first time. Now, Tesco is looking to the international market
for further expansion, and entered the US for the first time in 2007. It is
expected to overtake Carrefour as
the world's #2 retail group by 2012. The platform for this astonishing
growth was established in the 1970s and 1980s when former managing director Ian MacLaurin
fought a long and drawn-out battle with the store's founding family to drag the
brand upmarket, before overseeing a range of innovative schemes during the
1990s.
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