After plenty of speculation over a new brand in the works, Tesco is reportedly on the verge of launching its discount chain called Jack’s next week.
Named after Tesco founder Jack Cohen, Jack’s will focus on cut-price products as a clear competitor to Aldi and Lidl.
The first new store will be unveiled by Tesco chief executive Dave Lewis in Chatteris, Cambridgeshire next Wednesday, where journalists have been invited to a mysterious event at its previously shelved site.
Such is the secrecy around the launch that it’s believed Tesco has made staff and suppliers sign a non-disclosure agreement, and has said little officially in terms of its plans.
The news comes after Tesco was seen advertising for workers at new format stores in Wandsworth, Lincolnshire and Cambridgeshire.
One of the job ads for Tesco’s new stores reads: “The new retail format will be operated separately from the core Tesco business and as such benefits offered will be different from those offered at Tesco.”
Speaking to the Guardian, Shore Capital analyst Clive Black said he expected the Jack’s chain to consist of 100 stores, including around 60 of Tesco’s Metro format supermarkets.
It is believed that Tesco Metros in St Helens and Edge Hill, Liverpool are among those likely to be converted to the Jack’s brand.