Tesco is a well-known retail giant that has been operating in the Czech Republic since 1996. Its origins date back to 1919, at the beginning of the 20th century. The company deals in both food and non-food products. The company\’s products include electronics, toys, bedding, kitchen and garden products, automotive supplies, and drugstores. The company is also active in the operation of the Tesco Mobile telecommunications network and gas stations. Tesco currently operates competitively in the Czech market with other large chains such as Kaufland, Albert, and Lidl.
In addition to large stores, Tesco also operates small stores. The best known are tesco express, retail My, and tesco extra. These retailers also offer high quality food and non-food products at affordable prices. They are now present on the Czech market along with other major chains such as Kaufland, Albert, and Lidl
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Currently, the retail chain focuses on smaller stores, with a focus on small-batch purchases and primarily fresh produce opening in 2018. This is in response to changing consumer behavior, where shopping preferences are changing. Customers are shopping closer to home rather than traveling to large shopping centers. Tesco is one of the few large retailers with the option of delivering goods by courier after shopping online
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Tesco and its profits for the 2018/2019 fiscal year
During the retailer\’s tenure, Tesco\’s profits increased to 65.7 billion. Compared to the previous year, profits doubled. This result is due to a reduction in total inventory and improved economic efficiency.
Tesco is also one of the largest employers in the country. It employs approximately 10,000 people. However, this number is down about 4% from the previous year
Plans for 2020
The company plans to cut up to 1,000 jobs as part of its cost-cutting efforts. The implementation of this particular policy has doubled profits this year.