The supermarket said its aim was to ‘bring customers outstanding value’ with food and drink products sold ‘at the lowest possible prices’.
Tesco has today confirmed the unveiling of its flagship ‘Jack’s’.
The discount store is expected to rival that of Aldi and Lidl and better increase its market share.
The launch, unveiled at a store in Chatteris, Cambridgeshire, today (September 19), kicked off the retailers centenary year: ‘Celebrating 100 Years of Great Value’.
It stems on the back of Tesco’s founder Jack Cohen, who in 1919 built a business farmed for making food available to everyone at a time when many families could not afford the food sold in shops.
The store will stock an own-brand range, also named Jack’s as a mark of quality and value, with other familiar grocery brands marketed on a ‘When it’s gone, it’s gone’ basis.
Dave Lewis, Tesco Group chief executive, said: “Jack Cohen championed value for customers and changed the face of British shopping.
“He is an inspiration for all of us and that same spirit still drives Tesco now.
“It is fitting that today, we mark the beginning of Tesco’s celebration of 100 Years of Great Value by launching a new brand, and stores bearing his name: Jack’s.
“Great tasting food at the lowest possible prices with eight out of 10 products grown, reared or made in Britain.”
About 10 to 15 Jack’s stores will be launched within the next six months, with: sites which make use of excess Tesco space; entirely new sites or a small number of converted Tesco stores.
But retail expert Dr Gordon Fletcher of the University of Salford said the retailer’s emphasis on a UK product base could expose a challenge to ‘continuously compete at an unfamiliar price point on common household products’.
He said: “Aldi and Lidl both successfully compete in the retail sector by using a consistent layout in custom-built stores with a supply chain that sources items from suppliers across Europe.
“Jack’s will need to work hard to dent the success of Aldi and Lidl, and will also need to prove its value against the wider Tesco offering including its existing chain of One Stop convenience stores."