‘Jack the slasher dead

Press, 2 April 1979, Page 12

‘Jack the slasher dead

By KEN COATES The man who founded the huge Tesco supermarket chain which bought out Mr Albert Gubay in Ireland, began his business life as a bar-row-boy in London’s East End. Sir Jack Cohen, who died recently, aged SO, started business in 1919 with §6O, his ’’demob” money, ‘

On his first day, selling N.A.A.F.I. surplus goods cut-price, he had a turnover of $8 and made a profit of $l. In 1927, he opened his first shop, and by the time World War II broke out, Tesco had 114 outlets. Last year, the former barrow-boy, now Sir Jack, opened a Tesco shop on the site in Hackney where he first stood his barrow. It was the firm’s six-hundreth. In 1946, he went to the United States, looked at a self-service shop and returned to pioneer the method in Britain. In the 19505, Sir Jack became known as “Jack the Slasher,” for the practical effects of his motto, “pile it high, sell it cheap.” Once, when a bargain lot of New Zealand surplus canned milk proved too thick, Sir Jack advertised it as, “Extra thick, extra creamy, Snowflake milk. Extra thick, extra value.” His son-in-law, (Mr L. Porter) now heads the firm as the chairman of directors. A price war is looming between Tesco and its rival, J. Sainsbury, which recently announced a discount price campaign. Stockbrokers expect Tesco to announce profits of - about S7SM for the year to the end of February, compared with SS6M last year. This year’s profits will depend on the success of the group in maintaining margins.