Useful terms and expressions

• pre-tax profit – прибыль до вычета налогов

• own-brand product – товар, продаваемый под собственной торговой маркой розничной сети

• value brand – бюджетная торговая марка

• bargain – выгодная сделка; удачная покупка

• austerity – режим жесткой экономии

• to carry out inquiry (into smth) – провести расследование

• to pay off – окупиться

• to diversify – разнообразить, варьировать, диверсифицировать, вкладывать капитал в различные предприятия

• controversy – спор, дискуссия, полемика, разногласия

• to acquire – приобретать

acquisition – приобретение

mergers and acquisitions – слияния и поглощения

• to spot – обнаружить, определить, выявить

• wrangles – ожесточенные споры, прения

• clout – влияние, власть

• riot – мятеж , волнения, беспорядки

• lucrative – прибыльный, высокодоходный, выгодный

Exercise № 4

Explain or paraphrase the following:

• to make the news

• part of the fabric of daily life

• the business model "stack 'em high, sell 'em low"

• to negotiate bargains

• to come under scrutiny

• a game-changing move

• to cement one’s dominance

• an early adopter of Green Shield Stamps

• David and Goliath battle

• to have roots in smth

• to take one’s eye off the ball

• clone towns

• on the flip side

Exercise № 5

Do the following statements agree with the information given in the article?

TRUE

FALSE

NOT GIVEN

1. In 2013 Tesco was the UK grocery market leader.

2. Tesco is now doing business in its UK home turf only.

3. Tesco started life before World War I when Jack Cohen set up his flagship sea food store in the East End of London.

4. Jack Cohen used his personal savings as a primary source of funding for his first business.

5. The Tesco brand first appeared five years later in 1924 when Cohen bought a shipment of tea from a Mr T.E Stockwell.

6. Cohen based his business on a mass customization model.

7. Tesco was one of the first major retailers to understand the power of loyalty cards – not just in boosting sales through discounts but in using vast amounts of customer data to help tailor individual shopping experiences.

8. Tesco was at the forefront of online shopping, understanding the importance of home delivery in the internet age.

9. Tesco was a pioneer in differentiating own-label products with its Value range.

10. Tesco became the biggest supermarket chain in Great Britain in 1996.

11. Tesco today sticks to its initial specialization as a grocery store.

12. Farmers routinely accuse Tesco of pressing suppliers into driving down milk prices.

13. In the 1990s Tesco continued to tighten its grip on the UK with more store openings and an aggressive marketing campaign in an attempt to overtake competitors.

14. In a cutthroat environment and increasing competition for sites Tesco had to turn its sights on corner shops.

15. According to customers’ surveys Tesco supermarket chain has lost confidence in the United Kingdom.