Tesco launches discount store Jack's to take on Lidl and Aldi

Dave Lewis Tesco chief executive said that Jack’s would offer “the cheapest products in town”

Mr Lewis said today: "Jack Cohen championed value for customers and changed the face of British shopping".

Workers unveil the branding at Tesco's new discount supermarket Jack's, in Chatteris, Britain, September 19, 2018.

Faced with increased competition, Tesco's biggest United Kingdom rivals Sainsbury's and Walmart-owned Asda are looking to merge.

“Its fitting that today, we mark the beginning of Tescos celebration of 100 Years of Great Value by launching a new brand, and stores bearing his name: Jacks.

The first two Jack's stores are located in Chatteris and Immingham, both in eastern England, and media reports have said that up to 60 existing outlets could be converted.

"However, we also forecast very strong earnings per share growth out to full-year 2021", he pointed out, adding that the supermarket had scope for further deleveraging and "indeed we can not rule out that Tesco may follow where Morrisons' has led, in exploring recurring special dividends in time". "Great tasting food at the lowest possible prices with 8 out of 10 products grown, reared or made in Britain".

Tesco plc is fighting back against German discounters Lidl Stiftung & Co KG and Aldi with a new line of stores that are wooing budget-conscious shoppers with a patriotic pitch.

According to Kantar Worldpanel, in the 12 weeks ending 9 September 2018, Tesco has a 27.4% share of the United Kingdom grocery market.

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The flag-waving also lets Tesco contrast its United Kingdom roots with the German ownership of Lidl and Aldi, at a time when Brexit has heightened some Britons' awareness of nationality.

The concept will roll out over the next six months, with around 10-15 Jack's locations slated to be opened around the United Kingdom.

Sainsbury's and Walmart-owned Asda, meanwhile, are trying to improve their fortunes with a planned merger.

Up to 15 of the stores, named after Tesco founder Jack Cohen, will open over the next year.

Tesco has unveiled a new discount supermarket chain called Jack's to fend off rivals Aldi and Lidl. Sainsbury's joined up with Denmark's Dansk Supermarked in 2014 to bring the Netto discount brand back to Britain but closed its 16 stores two years later, blaming the difficulty and cost of growing at pace and scale.

Andy Brian, head of retail and partner in law firm Gordons, believes though that it won't be easy to "crack the discount market" even for a brand as big as Tesco.

Morrisons has a 10.2% share ahead of discounter Aldi with 7.6%.

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