Tesco to launch new chain of discount stores called Jack's to compete with Aldi and Lidl
Tesco is to launch its new discount store format called Jack's, taking on German discounters Aldi and Lidl.
The UK’s biggest retailer invited reporters to join chief executive Dave Lewis at its site in Chatteris, Cambridgeshire, on Wednesday.
It simply said it will be “sharing some exciting news” and did not give further detail, but earlier advertised for staff for a “new store format” in Chatteris.
It was reported in July that Tesco was close to launching a chain of discount stores in Britain called Jack’s, after Jack Cohen, who founded a business in 1919 that became Tesco.
The Chatteris store will be the first to open under the new brand.
Tesco is Britain’s grocery market leader with a share of 27.4%, while Aldi and Lidl have increased their combined share to 13.1%, according to the Kantar Worldpanel data.