The Chatteris store enjoyed a successful first morning, right, with hundreds pouring through the doors at 10am to be greeted with champagne, bacon sandwiches and cupcakes.
Jack Cohen founded Tesco 99 years ago in 1919.
"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".
"I think prices are good, I think the whole package Tesco has put together for Jack's is really good and I think it will be a really good addition to the high street".
Tesco's no-fuss approach is also a strategic move by the United Kingdom retailer to keep those cost prices down, in an effort to compete with discount stores such as Aldi and Lidl.
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He added: "For context, there are already over 1,300 Aldi and Lidl stores across the country and the two have a combined market share of 13.1 percent, so Jack's is clearly playing a longer-term game".
Now the supermarket giant has responded to competitors like Aldi and Lidl, who manage to sell things even cheaper, by launching its own discount stores under the brand name, Jack's. "Great-tasting food at the lowest possible prices with 8 out of 10 products grown, reared or made in Britain".
Five of the new Jack's stores will be at locations Tesco has that are vacant or it's repurposing.
And he played down Jack's' financial significance to the group: "It's not a calculation that we're now doing", he said. The typical discount retailer has 7,500 SKUs (stock keeping units), compared to 30,000 for a traditional supermarket.
"It lets Tesco take the fight to the discounters on a level playing field - no need to dilute margins at core Tesco, just offer something different to the more value-conscious customers".
The Times reported that Bryan Roberts, insights director at TCC Global, had praised the look and feel of Jack's stores, while noting that a maximum of 15 stores by 2019 is much more modest than expected.