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The purpose of this paper is to highlight the impact of macroeconomic forces on the business of Tesco. Tesco Plc is a multinational company operating in multiple continents namely North America, Asia, and Europe. This paper concentrates only on business of Tesco in the U.K. Major political forces shaping the economy; impact of recession; and the potential impact on the business are to be discussed in details. The sustainable practices followed by the company have also been highlighted.
Tesco Plc is a British retailing giant specializing in food business. Jack Cohen founded the Company in 1919 and it was named as Tesco in 1924. The company had started its business in 1929 with the opening of the first store in London. Tesco had continued its aggressive expansion in the U.K. and by 1960’s there were multiple stores in the country. With the onset of globalization in the 80’s the company had begun to diversify its business both geographically, and, in terms of its business portfolio (Tesco plc, 2014). Presently, the business of the company comprises selling of grocery, electronic items, clothing and furniture. It also includes providing financial, software and telecom services (Tesco plc, 2014). The company offers products that can be used by people of all age groups. Market share of Tesco in the U.K. is 28%. It has been observed that the market share of the company have declined from 31.7% in 2007 to 28.7% in 2014 (Wood, 2014). Theory of economics states that firms operating in the same market and offering same products by targeting similar base can be treated as competitors. The major competition for Tesco comes from ASDA, Sainsbury and Morrisons. The following pie chart shows the market share of Tesco as compared to its competitors.
After the global financial crisis it has been found that Tesco have been losing market share mainly to competitors like Waitrose, Aldi and Lidl that have a combined market share of 3.5%. The main reason that can be
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