It's claimed that Jack’s will operate a low-cost business model that is designed to keep costs down and therefore prices low. "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," stated Tesco.
Jack’s will support Britain's food-producing communities, with 8 out of 10 food and drink products at Jack’s grown, reared or made in Britain. Stores will also stock a unique own brand range, also named Jack’s "as a mark of quality and value". In addition to the Jack’s brand, the chain will stock some familiar grocery brands and a range of general merchandise on a "when it’s gone, it’s gone” basis.
Tesco’s chief executive, Dave Lewis, said the chain would appeal to the “economically challenged that need a bargain and the affluent shopper that wants a bargain”.
He added: “We will be the cheapest in town. There are full-range, full-service supermarkets, and clearly people want that, but there is a gap in terms of people wanting smaller, simpler, quicker shops and local produce.”
The launch of the new chain is part of Tesco’s centenary celebrations which will see the business mark 100 years of business.
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, Cohen 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.
“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," said Lewis. “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 to 15 Jack’s stores in the UK. The first two stores will open on 20 September in Chatteris, Cambridgeshire and Immingham, Lincolnshire, on sites which make use of excess Tesco space. The stores to follow will include a mix of entirely new sites, adjacent to existing Tesco stores, and a small number of converted Tesco stores.
