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Food Retailing - Europe - November 2010

This report series covers the 19 leading economies of Western Europe. In total these countries account for around 98% of all European retail sales, excluding Russia. The remaining ten countries are either too small (eg Luxembourg) or are not sufficiently well developed to warrant detailed coverage (eg Romania and Bulgaria). More information on these smaller retail markets, Russia and Turkey can be obtained from the European Retail Handbook, 2010.

We have produced Major Profiles of 20 top food retailing groups in Europe.

`The focus of the report is the supermarkets and hypermarkets, because these are the dominant players in the sector.

The food sector was hit hard by the recession and recovery in 2010 has been muted. But as we come through to the recovery it faces several challenges – challenges which on the whole have been ignored by most.

  • What is the future for hard discounters in the recovery? What is the best way to counter competition from them?
  • Most markets are already mature. Should the major food retailers be looking abroad for development?
  • Should the retailers be offering an online service?

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Table of contents

  1. Market in Brief

    • Light at the end of some tunnels
      • Food retailers hard hit
        • Leading players
          • Rationalisation
            • Hard discounters
              • Expansion
              • Report Scope

                  • Technical notes
                    • Definitions
                      • Store definitions
                        • Financial definitions
                          • Currencies
                            • Figure 1: Exchange rates, € to other European currencies, 2004-08
                          • Country codes
                            • Figure 2: Country codes
                          • VAT
                            • Figure 3: Europe: Standard VAT rates, 2008
                        • European Summary and Outlook

                          • Spending on food
                            • Figure 4: Europe: Spending on food, drink and tobacco, by country, 2008-09
                            • Figure 5: Europe: Spending on food per capita, 2009
                          • Food retailers’ sales
                            • Figure 6: Europe: Sales by food retailers, 2008-09
                          • Note on sources
                            • Consumer research
                              • Where do consumers shop?
                                • Figure 7: Shops used regularly/occasionally, by country, 2009
                              • Why do consumers choose a supermarket?
                                  • Figure 8: Deciding factors in shopping for food, drink and household products, by country, 2009*
                                • Leading players
                                  • Figure 9: Europe: Leading food retailers, 2009
                                • Market shares
                                  • Figure 10: Europe: Leading retailers market shares, 2009
                                • Concentration
                                    • Figure 11: Europe: Share of top five food retailers, by country, 2009
                                  • Where next?
                                    • Struggling out of recession
                                      • Implications for the food retailers
                                      • Austria

                                          • Grocery market
                                            • Figure 12: Consumer spending on food, beverages and tobacco 2005-09
                                          • Food retailers’ sales and forecasts
                                            • Figure 13: Austria: Food retail sales, 2005-09
                                            • Figure 14: Austria: Food retail sales forecast, 2010-15
                                          • Leading food retailers
                                            • Figure 15: Austria Leading food retailers and market shares, 2009
                                        • Belgium

                                            • Grocery market
                                              • Figure 16: Belgium: Consumer spending on food, beverages and tobacco, 2005-09
                                            • Food retailers’ sales and forecasts
                                              • Figure 17: Belgium: Food retail sales, 2005-09
                                              • Figure 18: Belgium: Food retail sales forecast, 2010-15
                                            • Leading food retailers
                                              • Figure 19: Belgium: Leading food retailers and market shares, 2009/10
                                          • Czech Republic

                                              • Grocery market
                                                • Figure 20: Czech Republic: Consumer spending on food, beverages and tobacco 2005-09
                                              • Food retailers’ sales and forecasts
                                                • Figure 21: Czech Republic: Food retail sales, 2005-09
                                                • Figure 22: Czech Republic: Food retail sales forecast, 2010-15
                                              • Leading food retailers
                                                  • Figure 23: Czech Republic: Leading food retailers and market shares, 2009/10
                                              • Denmark

                                                  • Grocery market
                                                      • Figure 24: Denmark: Consumer spending on food, beverages & tobacco, 2005-09
                                                    • Food retailers’ sales and forecasts
                                                      • Figure 25: Denmark: Grocery retailers’ sales, 2005-09
                                                      • Figure 26: Denmark: Grocery retailers’ sales forecast, 2010-15
                                                    • Leading food retailers
                                                        • Figure 27: Denmark: Leading grocery retailers and market shares, 2009
                                                    • Finland

                                                        • Grocery market
                                                          • Figure 28: Finland: Consumer spending on food, beverages & tobacco, 2005-09
                                                        • Food retailers’ sales and forecasts
                                                          • Figure 29: Finland: Grocery retailers’ sales, 2005-09
                                                          • Figure 30: Finland: Grocery retailers’ sales forecast, 2010-15
                                                        • Leading food retailers
                                                            • Figure 31: Finland: Leading grocery retailers and market shares, 2009
                                                        • France

                                                          • Market in brief
                                                            • Broader market environment
                                                              • Key points
                                                                • The economy
                                                                  • Implications for food retailers
                                                                    • Population
                                                                      • Implications for food retailers
                                                                        • Competitive context
                                                                          • Key points
                                                                              • Figure 32: France: Consumer spending on food and selected other goods, 2005-09
                                                                              • Figure 33: France: Consumer prices, selected categories, 2001-10
                                                                            • What consumers look for in a supermarket
                                                                              • Figure 34: Deciding factors in shopping for food, drink and household products, France, 2005-09
                                                                            • Where consumers shop
                                                                              • Figure 35: Shops used regularly/occasionally, France, 2008-09
                                                                            • Sector size and forecast
                                                                              • Key points
                                                                                • Economic outlook
                                                                                  • Retail sales
                                                                                    • Food retailers’ prospects
                                                                                      • Figure 36: France: Food retailers, retail sales, 2005-10
                                                                                      • Figure 37: France: Food retailers’ retail sales, 2010-15
                                                                                    • Enterprise data
                                                                                      • Figure 38: France: Food specialists, enterprise data, 2003-07
                                                                                    • Retail competitor analysis
                                                                                      • Consolidated sector
                                                                                        • Rejuvenating Carrefour
                                                                                          • Value the new battleground
                                                                                            • Hard discounting
                                                                                              • Online emergence
                                                                                                • Figure 39: France: Leading food retailers, 2009/10
                                                                                              • Market shares
                                                                                                • Figure 40: France: Food retailers’ market shares, 2009
                                                                                            • Germany

                                                                                              • Market in brief
                                                                                                • Broader market environment
                                                                                                  • The economy
                                                                                                    • Implications for food retailers
                                                                                                      • Population
                                                                                                        • Implications for food retailers
                                                                                                          • Competitive context
                                                                                                            • Key points
                                                                                                                • Figure 41: Germany: Consumer spending on food and selected other goods, 2005-09
                                                                                                                • Figure 42: Germany: Consumer price indices in selected categories, 2001-10
                                                                                                              • What consumers look for in a supermarket
                                                                                                                  • Figure 43: Deciding factors in shopping for food, drink and household products, Germany, 2005-09
                                                                                                                • Where consumers shop
                                                                                                                  • Figure 44: Shops used regularly/occasionally, Germany, 2008-09
                                                                                                                • Sector size and forecast
                                                                                                                  • Key points
                                                                                                                    • Economic outlook
                                                                                                                      • Retail sales
                                                                                                                        • Figure 45: Germany: Food retailers’ retail sales, 2005-10
                                                                                                                        • Figure 46: Germany: Food retailers’ retail sales, 2010-15
                                                                                                                      • Outlet and enterprise data
                                                                                                                        • Figure 47: Germany: Retail enterprises, 2004-07
                                                                                                                        • Figure 48: Germany: Retail outlets, 2005-07
                                                                                                                      • Retail competitor analysis
                                                                                                                        • Very consolidated
                                                                                                                          • With more to come
                                                                                                                            • A discounter’s world
                                                                                                                              • A new way?
                                                                                                                                • Online emergence
                                                                                                                                  • Figure 49: Germany: Leading food retailers, 2009/10
                                                                                                                                • Market shares
                                                                                                                                  • Figure 50: Germany: Food retailers’ market shares, 2009
                                                                                                                              • Greece

                                                                                                                                  • Grocery market
                                                                                                                                    • Figure 51: Greece: Consumer spending on food, beverages and tobacco, 2005-09
                                                                                                                                  • Food retailers’ sales and forecasts
                                                                                                                                    • Figure 52: Greece: Food retail sales, 2005-09
                                                                                                                                    • Figure 53: Greece: Food retail sales forecast, 2010-15
                                                                                                                                  • Leading food retailers
                                                                                                                                    • Figure 54: Greece: Leading food retailers and market shares, 2009/10
                                                                                                                                • Hungary

                                                                                                                                    • Grocery market
                                                                                                                                        • Figure 55: Hungary: Consumer spending on Food, beverages & tobacco, 2005-09
                                                                                                                                      • Food retailers’ sales and forecasts
                                                                                                                                        • Figure 56: Hungary: Grocery retailers’ sales, 2005-09
                                                                                                                                        • Figure 57: Hungary: Grocery retailers’ sales forecast, 2010-15
                                                                                                                                      • Leading food retailers
                                                                                                                                        • Figure 58: Hungary: Leading grocery retailers and market shares, 2009
                                                                                                                                    • Italy

                                                                                                                                      • Market in brief
                                                                                                                                        • Broader market environment
                                                                                                                                          • Key points
                                                                                                                                            • The economy
                                                                                                                                                • Figure 59: Italy: Consumer confidence seasonally adjusted, Oct 2008-Oct 2010
                                                                                                                                              • Implications for food retailers
                                                                                                                                                • Population
                                                                                                                                                  • Figure 60: Italy: Population projections, by age group, 2010-30 (f)
                                                                                                                                                • Implications for food retailers
                                                                                                                                                  • Competitive context
                                                                                                                                                    • Key points
                                                                                                                                                        • Figure 61: Italy: Consumer expenditure on food, beverages and tobacco, 2005-09
                                                                                                                                                      • Food spending relatively robust
                                                                                                                                                          • Figure 62: Italy, Poland, Portugal, Republic of Ireland, UK, France: Consumer expenditure on food, beverages and tobacco as a percentage of total consumer expenditure, 2007-09
                                                                                                                                                        • Inflation eases – for now
                                                                                                                                                          • Figure 63: Italy: Consumer price inflation for selected categories, 2005-09
                                                                                                                                                        • Sector size and forecast
                                                                                                                                                          • Key points
                                                                                                                                                            • Italy’s gradual economic recovery
                                                                                                                                                              • Figure 64: Italy, France, Germany, Spain, UK: Forecast growth in GDP in constant prices, 2010-12
                                                                                                                                                            • Weak growth seen in food retail
                                                                                                                                                              • Figure 65: Italy: Retail sales, 2005-09 and 2010-15 (f)
                                                                                                                                                            • Food retailers’ prospects
                                                                                                                                                                • Figure 66: Italy: Food specialists’ retail sales as a percentage of all food retail sales, 2005-15 (f)
                                                                                                                                                              • Enterprise data
                                                                                                                                                                • Figure 67: Italy: Grocers’ outlet numbers by format, 2007-09
                                                                                                                                                                • Figure 68: Retail enterprises, 2003-07
                                                                                                                                                                • Figure 69: Retail employment, by sector, 2003-07
                                                                                                                                                              • Retail competitor analysis
                                                                                                                                                                • Key points
                                                                                                                                                                  • Domestic leadership
                                                                                                                                                                    • French retailers stagnate
                                                                                                                                                                      • Other international operators
                                                                                                                                                                        • Leading retailers
                                                                                                                                                                          • Figure 70: Italy: Leading food retailers, 2009/10
                                                                                                                                                                        • Market shares
                                                                                                                                                                          • Figure 71: Italy: Leading food retailers, market shares, 2009/10
                                                                                                                                                                          • Figure 72: Italy: Market share trends for selected food retailers, 2007-09
                                                                                                                                                                      • Netherlands

                                                                                                                                                                          • Grocery market
                                                                                                                                                                            • Figure 73: Netherlands: Consumer spending on Food, beverages & tobacco, 2005-09
                                                                                                                                                                          • Food retailers’ sales and forecasts
                                                                                                                                                                            • Figure 74: Netherlands: Grocery retailers’ sales, 2005-09
                                                                                                                                                                            • Figure 75: Netherlands: Grocery retailers’ sales forecast, 2010-15
                                                                                                                                                                          • Leading food retailers
                                                                                                                                                                              • Figure 76: Netherlands: Leading grocery retailers and market shares, 2009
                                                                                                                                                                          • Norway

                                                                                                                                                                              • Grocery market
                                                                                                                                                                                • Figure 77: Norway: Consumer spending on food, beverages & tobacco, 2005-09
                                                                                                                                                                              • Food retailers’ sales and forecasts
                                                                                                                                                                                • Figure 78: Norway: Grocery retailers’ sales, 2005-09
                                                                                                                                                                                • Figure 79: Norway: Grocery retailers’ sales forecast, 2010-15
                                                                                                                                                                              • Leading food retailers
                                                                                                                                                                                  • Figure 80: Norway: Leading grocery retailers and market shares, 2009
                                                                                                                                                                              • Poland

                                                                                                                                                                                  • Grocery market
                                                                                                                                                                                    • Figure 81: Poland: Consumer spending on food, beverages & tobacco, 2005-09
                                                                                                                                                                                  • Food retailers’ sales and forecasts
                                                                                                                                                                                    • Figure 82: Poland: Grocery retailers’ sales, 2005-09
                                                                                                                                                                                    • Figure 83: Poland: Grocery retailers’ sales forecast, 2010-15
                                                                                                                                                                                  • Leading food retailers
                                                                                                                                                                                      • Figure 84: Poland: Leading grocery retailers and market shares, 2009
                                                                                                                                                                                  • Portugal

                                                                                                                                                                                      • Grocery market
                                                                                                                                                                                          • Figure 85: Portugal: Consumer spending on food, beverages & tobacco, 2005-09
                                                                                                                                                                                        • Food retailers’ sales and forecasts
                                                                                                                                                                                          • Figure 86: Portugal: Grocery retailers’ sales, 2005-09
                                                                                                                                                                                          • Figure 87: Portugal: Grocery retailers’ sales forecast, 2010-15
                                                                                                                                                                                        • Leading food retailers
                                                                                                                                                                                            • Figure 88: Portugal: Leading grocery retailers and market shares, 2009
                                                                                                                                                                                        • Republic of Ireland

                                                                                                                                                                                            • Grocery market
                                                                                                                                                                                                • Figure 89: Republic of Ireland: Consumer spending on food, beverages and tobacco, 2005-09
                                                                                                                                                                                              • Food retailers’ sales and forecasts
                                                                                                                                                                                                • Figure 90: Republic of Ireland: Food retail sales, 2005-09
                                                                                                                                                                                                • Figure 91: Republic of Ireland: Food retail sales forecast, 2010-15
                                                                                                                                                                                              • Leading food retailers
                                                                                                                                                                                                • Figure 92: Republic of Ireland: Leading food retailers and market shares, 2009/10
                                                                                                                                                                                            • Spain

                                                                                                                                                                                              • Market in brief
                                                                                                                                                                                                • Broader market environment
                                                                                                                                                                                                  • The economy
                                                                                                                                                                                                    • Implications for food retailers
                                                                                                                                                                                                      • Population
                                                                                                                                                                                                        • Implications for food retailers
                                                                                                                                                                                                          • Competitive context
                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                              • Food and drink lags all consumer spend
                                                                                                                                                                                                                • Figure 93: Spain: Consumer spending, growth in main categories, 2004-09
                                                                                                                                                                                                              • Eating out loses ground
                                                                                                                                                                                                                  • Figure 94: Spain: Consumer spending on food and drink and other select categories, 2005-09
                                                                                                                                                                                                                • Food and drink prices fall in 2009 and 2010
                                                                                                                                                                                                                  • Figure 95: Spain: Food, drink and tobacco prices, 2002-09
                                                                                                                                                                                                                • What consumers look for in a supermarket
                                                                                                                                                                                                                  • Figure 96: Deciding factors in shopping for food, drink and household products, Spain, 2009
                                                                                                                                                                                                                  • Figure 97: Deciding factors in shopping for food, drink and household products, Spain, 2005-09
                                                                                                                                                                                                                • Where consumers shop
                                                                                                                                                                                                                  • Spanish consumers shop under several roofs
                                                                                                                                                                                                                    • Figure 98: Shops used regularly/occasionally, Spain, 2009
                                                                                                                                                                                                                  • Including food specialists
                                                                                                                                                                                                                    • Figure 99: Where consumers shop regularly, Spain, GB, Germany and France, 2009
                                                                                                                                                                                                                  • Particularly the over 35s
                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                        • Economic and consumer spending outlook
                                                                                                                                                                                                                          • Retail outlook and forecasts
                                                                                                                                                                                                                            • Figure 100: Spain: Food retail sales, 2005-15
                                                                                                                                                                                                                          • Recent trends in food retailing
                                                                                                                                                                                                                            • Outlet and enterprise data
                                                                                                                                                                                                                              • Figure 101: Enterprise and outlet numbers, 2009
                                                                                                                                                                                                                            • Hypermarkets
                                                                                                                                                                                                                              • Figure 102: Spain: Hypermarkets, 1973-2009
                                                                                                                                                                                                                            • Retail competitor analysis
                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                • Sector sales contract
                                                                                                                                                                                                                                  • A particularly difficult year again for hypermarkets…
                                                                                                                                                                                                                                    • …and Hipercor in particular
                                                                                                                                                                                                                                      • Mercadona gains market share
                                                                                                                                                                                                                                        • Carrefour loses ground…
                                                                                                                                                                                                                                          • … but starts to fight back in 2010
                                                                                                                                                                                                                                            • Eroski shopper numbers rise
                                                                                                                                                                                                                                              • Foreign players – mixed fortunes
                                                                                                                                                                                                                                                • Figure 103: Spain: Leading food retailers, 2009/10
                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                • Figure 104: Spain: Leading food retailers’ market shares, 2008 and 2009
                                                                                                                                                                                                                                            • Sweden

                                                                                                                                                                                                                                                • Grocery market
                                                                                                                                                                                                                                                  • Figure 105: Sweden: Consumer spending on food, beverages & tobacco, 2005-09
                                                                                                                                                                                                                                                • Food retailers’ sales and forecasts
                                                                                                                                                                                                                                                  • Figure 106: Sweden: Grocery retailers’ sales, 2005-09
                                                                                                                                                                                                                                                  • Figure 107: Sweden: Grocery retailers’ sales forecast, 2010-15
                                                                                                                                                                                                                                                • Leading food retailers
                                                                                                                                                                                                                                                    • Figure 108: Sweden: Leading grocery retailers and market shares, 2009
                                                                                                                                                                                                                                                • Switzerland

                                                                                                                                                                                                                                                    • Grocery market
                                                                                                                                                                                                                                                        • Figure 109: Switzerland: Consumer spending on food, beverages and tobacco, 2004-09
                                                                                                                                                                                                                                                      • Food retailers’ sales and forecasts
                                                                                                                                                                                                                                                        • Figure 110: Switzerland: Food retail sales, 2005-09
                                                                                                                                                                                                                                                        • Figure 111: Switzerland: Food retail sales forecast, 2010-15
                                                                                                                                                                                                                                                      • Leading food retailers
                                                                                                                                                                                                                                                          • Figure 112: Switzerland: Leading food retailers and market shares, 2009/10
                                                                                                                                                                                                                                                      • United Kingdom

                                                                                                                                                                                                                                                        • Issues in the market
                                                                                                                                                                                                                                                          • Definitions
                                                                                                                                                                                                                                                            • Abbreviations
                                                                                                                                                                                                                                                              • Future opportunities
                                                                                                                                                                                                                                                                • Trend: Affection
                                                                                                                                                                                                                                                                  • Trend: Diversity Is All
                                                                                                                                                                                                                                                                    • Market in brief
                                                                                                                                                                                                                                                                      • The market
                                                                                                                                                                                                                                                                        • Figure 113: Food retailers’ sales forecast confidence range, 2011-15
                                                                                                                                                                                                                                                                      • “Retail is detail”
                                                                                                                                                                                                                                                                        • Tesco dominant
                                                                                                                                                                                                                                                                          • Formats
                                                                                                                                                                                                                                                                            • Self scanning – immediately popular
                                                                                                                                                                                                                                                                              • BOGOFs much more popular than EDLP
                                                                                                                                                                                                                                                                                • Macro economic outlook poor
                                                                                                                                                                                                                                                                                  • Online growing, but Morrisons standing aloof
                                                                                                                                                                                                                                                                                    • Spending on food has gained share of spending through the recession
                                                                                                                                                                                                                                                                                      • Building on the brand
                                                                                                                                                                                                                                                                                        • A concentrated sector
                                                                                                                                                                                                                                                                                          • Internal market environment
                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                              • Competitive environment
                                                                                                                                                                                                                                                                                                • What do consumers want?
                                                                                                                                                                                                                                                                                                  • Store formats
                                                                                                                                                                                                                                                                                                    • Primary shopping destinations
                                                                                                                                                                                                                                                                                                      • Car ownership
                                                                                                                                                                                                                                                                                                        • Secondary shopping destination
                                                                                                                                                                                                                                                                                                          • Hard discounters and Iceland
                                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                                              • Who shops online?
                                                                                                                                                                                                                                                                                                                • Figure 114: Internet users who buy food online, 2003-10
                                                                                                                                                                                                                                                                                                                • Figure 115: Profile of online food shoppers, Dec 2006, Sept 2010
                                                                                                                                                                                                                                                                                                                • Figure 116: UK: Internet access, 2001-10
                                                                                                                                                                                                                                                                                                              • Social needs
                                                                                                                                                                                                                                                                                                                • Major players
                                                                                                                                                                                                                                                                                                                  • Market size
                                                                                                                                                                                                                                                                                                                    • Figure 117: UK: Food retailers’ Online sales, 2009 and 2010
                                                                                                                                                                                                                                                                                                                    • Figure 118: Online sales as % all food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                  • Broader market environment
                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                      • The ageing population is bad news
                                                                                                                                                                                                                                                                                                                        • Figure 119: UK: Over 65s as % total UK population, 1991-2020
                                                                                                                                                                                                                                                                                                                      • Implications for retailers
                                                                                                                                                                                                                                                                                                                        • The economy
                                                                                                                                                                                                                                                                                                                          • Figure 120: UK: Quarterly GDP growth, 1989-2010 (Q2)
                                                                                                                                                                                                                                                                                                                        • Can the recovery continue?
                                                                                                                                                                                                                                                                                                                          • Implications for food retailers
                                                                                                                                                                                                                                                                                                                            • Competitive context
                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                • Food retailers – Key markets
                                                                                                                                                                                                                                                                                                                                  • Figure 121: UK: Consumer spending on selected major goods categories, 2005-10 (H1)
                                                                                                                                                                                                                                                                                                                                • Food – the basis for the success of the food retailers
                                                                                                                                                                                                                                                                                                                                  • Figure 122: Spending on food and drink as % all consumer spending, 2004-10 (H1)
                                                                                                                                                                                                                                                                                                                                • Inflation
                                                                                                                                                                                                                                                                                                                                  • Figure 123: Food inflation, 2004-10 (Sept)
                                                                                                                                                                                                                                                                                                                                • Product mix
                                                                                                                                                                                                                                                                                                                                  • Figure 124: UK: Food retailers, estimated product mix, 2009
                                                                                                                                                                                                                                                                                                                                • Eating out
                                                                                                                                                                                                                                                                                                                                  • Figure 125: Spending on food relative to spending on eating out, 2004-09
                                                                                                                                                                                                                                                                                                                                • Who’s innovating
                                                                                                                                                                                                                                                                                                                                  • Asda – chosen by you
                                                                                                                                                                                                                                                                                                                                    • Home delivery – the drive through supermarket
                                                                                                                                                                                                                                                                                                                                      • Green issues – traceability
                                                                                                                                                                                                                                                                                                                                        • Tesco produces grocery shopping app for the iphone
                                                                                                                                                                                                                                                                                                                                          • Vending machines – an idea that won’t go away
                                                                                                                                                                                                                                                                                                                                            • Taking Local to the limit
                                                                                                                                                                                                                                                                                                                                              • Tesco and Clubcard
                                                                                                                                                                                                                                                                                                                                                • Strengths and weaknesses
                                                                                                                                                                                                                                                                                                                                                  • Strengths – Driving growth
                                                                                                                                                                                                                                                                                                                                                    • Weaknesses – reducing growth
                                                                                                                                                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                          • Uncertainty
                                                                                                                                                                                                                                                                                                                                                            • Implications for the food retailers
                                                                                                                                                                                                                                                                                                                                                              • How will they respond?
                                                                                                                                                                                                                                                                                                                                                                • Forecast
                                                                                                                                                                                                                                                                                                                                                                    • Figure 126: Food retailers’ sales, 2005-15
                                                                                                                                                                                                                                                                                                                                                                    • Figure 127: Food retailers’ sales forecast confidence range, 2011-15
                                                                                                                                                                                                                                                                                                                                                                    • Figure 128: Food retailers’ sales forecast, best and worst case data, 2005-15
                                                                                                                                                                                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                      • Figure 129: Food, drink and tobacco – estimated channels of distribution, 2009
                                                                                                                                                                                                                                                                                                                                                                    • Retailer competitive analysis
                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                        • Leading retailers
                                                                                                                                                                                                                                                                                                                                                                          • The Market leaders
                                                                                                                                                                                                                                                                                                                                                                            • Hard discounters and Iceland
                                                                                                                                                                                                                                                                                                                                                                              • Convenience stores
                                                                                                                                                                                                                                                                                                                                                                                • Figure 130: UK: Leading Food Retailers, 2009/10
                                                                                                                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                                                                                                                • Figure 131: Leading UK food retailers, estimated non-retail share of sales, 2009
                                                                                                                                                                                                                                                                                                                                                                                • Figure 132: Leading UK food retailers’ market shares, 2009
                                                                                                                                                                                                                                                                                                                                                                              • Retail advertising and promotion
                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 133: Food Retailers advertising spend, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 134: Advertising expenditure by retailers, Sep 2009-Aug 2010
                                                                                                                                                                                                                                                                                                                                                                                  • Brand elements
                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                      • Brand map
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 135: Attitudes towards and visitation of various food retail stores, August 2010
                                                                                                                                                                                                                                                                                                                                                                                        • Brand qualities of food retail stores
                                                                                                                                                                                                                                                                                                                                                                                          • Tesco leads in key attributes
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 136: Personalities of various food retail stores, August 2010
                                                                                                                                                                                                                                                                                                                                                                                          • Experience of food retail stores
                                                                                                                                                                                                                                                                                                                                                                                            • Big four most visited
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 137: Consumer visitation of various food retail stores
                                                                                                                                                                                                                                                                                                                                                                                            • Brand consideration for food retail stores
                                                                                                                                                                                                                                                                                                                                                                                              • M&S least considered
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 138: Consideration of various food retail stores, August 2010
                                                                                                                                                                                                                                                                                                                                                                                              • Brand satisfaction for food retail stores
                                                                                                                                                                                                                                                                                                                                                                                                • Premium brands most excellent
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 139: Satisfaction with various food retail stores, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                • Brand commitment to food retail stores
                                                                                                                                                                                                                                                                                                                                                                                                  • Tesco dominates in grocery sector
                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 140: Commitment to various food retail stores, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                  • Brand intentions for food retail stores
                                                                                                                                                                                                                                                                                                                                                                                                    • Tesco takes the lead, budget brands lack loyalty
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 141: Future visiting intentions for various food retail stores, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                    • Brand recommendation for food retail stores
                                                                                                                                                                                                                                                                                                                                                                                                      • Big names, low prices support big four
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 142: Recommendation of various food retail stores, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                      • ‘Budget brands’ – Iceland, Aldi, Lidl
                                                                                                                                                                                                                                                                                                                                                                                                        • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 143: Attitudes towards the Aldi, Lidl and Iceland stores, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                        • Morrisons and ASDA
                                                                                                                                                                                                                                                                                                                                                                                                          • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 144: Attitudes towards the Morrisons and ASDA stores, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                          • Premium and added-value – M&S, Waitrose, The Co-operative
                                                                                                                                                                                                                                                                                                                                                                                                            • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 145: Attitudes towards the Marks & Spencer, Waitrose and The Co-operative stores, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                            • The top two – Sainsbury’s and Tesco
                                                                                                                                                                                                                                                                                                                                                                                                              • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 146: Attitudes towards the Sainsbury’s and Tesco stores, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                              • What do consumers look for in a supermarket?
                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumers and the recession
                                                                                                                                                                                                                                                                                                                                                                                                                    • Bargain hunting
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 147: Bargain hunters, 2008-10
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 148: Hard discounters, 2008-10
                                                                                                                                                                                                                                                                                                                                                                                                                    • What consumers look for in a supermarket
                                                                                                                                                                                                                                                                                                                                                                                                                      • Mintel survey, May 2010
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 149: Factors considered for choice of a particular supermarket for main weekly shopping, May 2010
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 150: Key factors in choosing a supermarket by age and affluence, May 2010
                                                                                                                                                                                                                                                                                                                                                                                                                      • TGI survey, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 151: Deciding factors in shopping for food, drink and household products, GB, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                      • A more sophisticated approach
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 152: Key factors in choosing a supermarket, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                      • Who rates what?
                                                                                                                                                                                                                                                                                                                                                                                                                        • Best value
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 153: Ranking of best value, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                        • Lowest prices
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 154: Ranking of lowest prices, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                        • Product quality
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 155: Ranking of product quality, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                        • Convenience and range
                                                                                                                                                                                                                                                                                                                                                                                                                          • ‘Retail is detail’
                                                                                                                                                                                                                                                                                                                                                                                                                            • Loyalty cards
                                                                                                                                                                                                                                                                                                                                                                                                                              • Where do consumers shop by type of outlet?
                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 156: Shops used regularly/occasionally, GB, 2008-09
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Who shops where?
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 157: Usage of supermarkets for main shop, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 158: Primary shopping destinations, customer profile, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Secondary shopping destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 159: Secondary shopping destinations, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 160: UK food retailers: Profile of secondary shopping customers, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Customer loyalty – how many shops are used?
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 161: Numbers of outlets used for top-up shopping, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer attitudes towards self-scanning
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 162: Use of traditional staffed checkouts and self-scan checkouts, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 163: Profile of self-scanning users and non-users, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 164: Places used for main grocery shopping, by use of traditional staffed checkouts and self scan checkouts, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Attitudes to self-scanning
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 165: Attitudes towards self-scanning terminals, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Attitudes to self-scanning by retailer used
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 166: Attitudes towards self-scanning terminals, by places used for main grocery shopping, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Price promotions
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 167: Preference for price promotions, September, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Demographic analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – what do consumers look for in a supermarket?
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 168: Most popular factors considered for choice of a particular super market for main weekly shopping, by demographics, May 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 169: Next most popular factors considered for choice of a particular super market for main weekly shopping, by demographics, May 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – where consumers shop by type of outlet?
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 170: Shops used regularly/occasionally, by demographics, GB, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 171: Shops used regularly/occasionally, by demographics, GB, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – where consumers shop by retailer?
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 172: Where people do their primary shop, detailed demographics, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 173: Places used for main grocery shopping, by places used for top-up grocery shopping, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 174: Places used for top-up grocery shopping, by places used for main grocery shopping, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Places used for top up shopping – detailed demographics
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 175: Places used for top-up grocery shopping, by demographics, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 176: Places used for top-up grocery shopping, by demographics, September 2010 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – attitudes towards self-scanning
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 177: Use of traditional staffed checkouts and self scan checkouts, by demographics, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 178: Attitudes to self-scanning terminals, detailed demographics, September 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 179: Attitudes to self-scanning terminals, detailed demographics, September 2010 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 180: Attitudes to self-scanning terminals, detailed demographics, September 2010 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 181: Attitudes to self-scanning terminals, detailed demographics, September 2010 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 182: Attitudes towards self-scanning terminals, by places used for main grocery shopping, Sep 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ahold Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 183: Ahold (Netherlands): Sales as share of Dutch food retailers' sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Technical notes
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 184: Ahold Group: Retail division financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Interim results 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 185: Ahold Group: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail banners
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Aldi (Europe)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 186: Aldi (Europe): Sales as share of all food retailers' sales in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 187: Aldi (Germany): Sales as share of all food retailers' sales in Germany, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 188: Aldi: Sales as share of all food retailers' sales in various European countries, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 189: Aldi: Stores per million capita in selected European countries, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sales performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 190: Aldi: Germany’s contribution to Aldi European sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 191: Aldi (Europe): Group sales performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 192: Aldi (Europe): Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Asda Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 193: Asda Group Ltd: Sales as share of all food retailers’ sales in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Margins vs prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 194: Asda Group Ltd: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Smaller stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 195: Asda Group Ltd: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Promotions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Own brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Auchan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 196: Auchan: Sales as share of all food retailers’ sales in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 197: Auchan: Sales as share of all food retailers’ sales in France, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 198: Auchan: Sales as share of all food retailers’ sales in Spain, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Margins under pressure from deflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Russian market shows promise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wider format experimentation has dangers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 199: Auchan: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Results for the first half of 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 200: Auchan: Estimated European sales, by country, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 201: Auchan: Share of group sales, by region, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 202: Auchan: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Carrefour

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 203: Carrefour: Sales as share of all food retailers’ sales in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 204: Carrefour: Breakdown of European sales, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 205: Carrefour: Total sales growth rates, by country, 2005-08 and 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 206: Carrefour: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 207: Carrefour: Sales through branded network, group total and Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • First half 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 208: Carrefour: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • European operations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 209: Carrefour: Sales as share of all food retailers’ sales in France, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 210: Carrefour France: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 211: Carrefour France: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Belgium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 212: Carrefour Belgium: Sales as share of all food retailers’ sales in Belgium, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 213: Carrefour Belgium: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 214: Carrefour Belgium: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Greece
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 215: Carrefour Greece: Sales as share of all food retailers’ sales in Greece, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 216: Carrefour Greece: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 217: Carrefour Greece: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Italy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 218: Carrefour Italy: Sales as share of all food retailers’ sales in Italy, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 219: Carrefour Italy: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 220: Carrefour Italy: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Poland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 221: Carrefour Poland: Sales as share of all food retailers’ sales in Poland, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 222: Carrefour Poland: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 223: Carrefour Poland: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Portugal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 224: Carrefour Portugal: Sales as share of all food retailers’ sales in Portugal, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 225: Carrefour Portugal: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 226: Carrefour Portugal: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Romania
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 227: Carrefour Romania: Sales as share of all food retailers’ sales in Romania, 2006-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 228: Carrefour Romania: Group financial performance and outlet data, 2006-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 229: Carrefour Spain: Sales as share of all food retailers’ sales in Spain, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 230: Carrefour Spain: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 231: Carrefour Spain: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Turkey
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 232: Carrefour Turkey: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 233: Carrefour Turkey: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Casino

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 234: Casino: Sales as share of all food retailers in France, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Hypermarkets remain a headache
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Convenience and discount bounce back
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Slow to exploit economies of scale
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Growth will come from abroad, not France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 235: Casino: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 236: Casino France: Annual change in total and LFL sales, 2009 on 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Hypermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Supermarkets & Superettes (Petit Casino, Spar, Vival)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Franprix/Leader Price
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Current trading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 237: Casino: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 238: Casino: France: Banners, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Co-operative Group (Food)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 239: Co-operative Group (Food): Sales as share of all food retailers’/grocers’ sales in the UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 240: The Co-operative Group (Food): Like-for-like sales growth, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 241: Co-operative Group (Food): Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Somerfield
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 242: Somerfield: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Co-op: Interim report 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 243: Co-operative Group (Food): Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Delhaize Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 244: Delhaize Belgium: Sales as share of all food retailers’ sales in Belgium, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 245: Delhaize Greece: Sales as share of all food retailers’ sales in Greece, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 246: Delhaize Group: Financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Belgium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 247: Delhaize Belgium: Financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Greece
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 248: Delhaize Greece: Financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Group first-half results 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 249: Delhaize Group: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Belgium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 250: Delhaize Belgium: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 251: Delhaize Belgium: Food outlet numbers by fascia, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 252: Delhaize Belgium: Food store formats, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 253: Delhaize Southern/Central Europe: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 254: Delhaize Greece and Romania: Store formats, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Edeka Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 255: Edeka Group: Sales as share of all food retailers’ sales in Germany, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 256: Edeka Group: Group sales performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 257: Edeka Group: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 258: Edeka Group: Store formats, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 259: Edeka: Key own brands, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • ICA

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 260: ICA Sverige: Sales as share of all food retailers’ sales in Sweden, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 261: ICA Norge: Sales as share of all food retailers’ sales in Norway, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 262: ICA retail: Financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Interim results 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 263: ICA Group: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 264: ICA sverige: Outlet data, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 265: ICA Norge: Outlet data, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 266: ICA Baltic: Outlet numbers, by type, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Iceland Foods

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 267: Iceland Foods Ltd: Sales as share of all food retailers’ sales in the UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 268: Iceland Foods Ltd: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 269: Iceland Foods Ltd: Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Groupement des Mousquetaires (Intermarché)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 270: Intermarché/ITM Entreprises: Sales as share of all food retailers’ sales in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 271: Intermarché/ITM Entreprises: Sales as share of all food retailers’ sales in France, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 272: Groupement des Mousquetaires: Group sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 273: Groupement des Mousquetaires: Food outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 274: Groupement des Mousquetaires: Non-food outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Jerónimo Martins

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 275: Jerónimo Martins: Sales as share of all food retailers’ sales in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 276: Jerónimo Martins Portugal: Sales as share of all food retailers’ sales in Portugal, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 277: Jerónimo Martins Poland (Biedronka): sales as share of all food retailers’ sales in Poland, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 278: Jerónimo Martins: Food retailing financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 279: Jerónimo Martins: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • J Sainsbury

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 280: J Sainsbury: Sales as share of all food and fuel retailers in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 281: Sainsbury’s Supermarkets, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 282: Sainsbury’s Supermarkets: Sales trends, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 283: Sainsbury’s Supermarkets: Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 284: Sainsbury’s Supermarkets: Outlets by size, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 285: Sainsbury’s Supermarkets: Own brand portfolio, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • E. Leclerc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 286: E. Leclerc: Sales as share of all food retailers’ sales in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 287: E. Leclerc: Sales as share of all food retailers’ sales in France, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 288: E. Leclerc: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 289: E Leclerc: Estimated sales performance in international markets, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 290: E. Leclerc: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 291: E. Leclerc: International food outlets, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 292: E Leclerc: Non-food outlets, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Marks & Spencer (Food)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 293: M&S Food: Sales as share of all food retailers’ sales in the UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 294: M&S Food: Financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • First half 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 295: M&S Food: Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mercadona

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 296: Mercadona: Sales as share of all food retailers’ sales in Spain, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 297: Mercadona: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 298: Mercadona: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Real (METRO)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 299: Real: Sales as share of all food retailers in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 300: Real: Sales as share of all food retailers in Germany, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Current trading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 301: Real: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 302: Real: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rewe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 303: Rewe: Share of all European food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 304: Rewe: Share of all German food retailers’ sales, 2006-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 305: Rewe: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 306: Rewe: Estimated Food retail sales, by country, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 307: Rewe: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 308: Rewe: Food retail formats in Germany, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 309: Rewe: International food formats, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Schwarz Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 310: Schwarz Group: Sales as share of all food retailers sales in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Limitations at home
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • But further opportunities abroad
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Smaller format
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Straying too far from its roots?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 311: Schwarz Group: Estimated Group sales performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 312: Schwarz Group: Estimated outlet numbers, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 313: Schwarz Group: Store formats, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • SPAR International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 314: SPAR (Europe): Sales as share of all European food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 315: SPAR International: Year of entry, by country
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 316: SPAR International: Retail sales by country, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 317: SPAR International: Estimated European sales exclusive of sales tax, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • European operations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 318: SPAR (Austria): Sales as share of Austrian food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 319: SPAR (Belgium): Sales as share of all Belgian food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 320: SPAR (Croatia): Sales as share of all Croatian food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 321: SPAR (Czech Republic): Sales as share of all Czech food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 322: SPAR (Denmark): Sales as share of all Danish food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 323: SPAR (France): Sales as share of all French food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 324: SPAR (Germany): Sales as share of all German food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 325: SPAR (Greece): Sales as share of all Greek food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 326: SPAR (Hungary): Sales as share of all Hungarian food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 327: SPAR (Ireland): Sales as share of all Irish food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 328: SPAR (Italy): Sales as share of all Italian food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 329: SPAR (Netherlands): Sales as share of all Dutch food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 330: SPAR (Norway): Sales as share of all Norwegian food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 331: SPAR (Poland): Sales as share of all Polish food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 332: SPAR (Romania): Sales as share of all Romanian food retailers’ sales, 2006-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 333: SPAR (Russia): Sales as share of all Russian food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 334: SPAR (Slovenia): Sales as share of all Slovenian food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 335: SPAR (Spain): Sales as share of all Spanish food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 336: SPAR (Switzerland): Sales as share of all Swiss food retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 337: SPAR (UK): Sales as share of all UK food retailers’ sales, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 338: SPAR International: Sales and outlets, by country outside Europe, 2006-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 339: SPAR International: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 340: SPAR International: Sales per m², by country (Europe), 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 341: SPAR International: Store formats, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 342: Tesco (Europe): Sales as share of all food retailers’ sales in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The price/quality balance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A leader in online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ongoing cultivation of the international business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 343: Tesco sales densities: GB£ store sales per m2, 2005/06-09/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 344: Tesco: Geographic origin of turnover, 2005/06 and 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Global expansion timeline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Group record
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 345: Tesco Plc: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • European retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 346: Tesco Europe: Year-on-year sales growth, 2005/06-09/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 347: Tesco Europe sales densities: % change in GB £ sales per m2, 2007/08-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 348: Tesco (UK): Sales as share of all food retailers’ sales in the UK, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 349: Tesco (Czech Rep.): Sales as share of all food retailers’ sales in the Czech Republic, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 350: Tesco (Hungary): Sales as share of all food retailers’ sales in Hungary, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 351: Tesco (Rep. of Ireland): Sales as share of all food retailers’ sales in Republic of Ireland, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 352: Tesco (Poland): Sales as share of all food retailers’ sales in Poland, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 353: Tesco (Slovak Rep.): Sales as share of all food retailers’ sales in Slovak Republic, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK sales breakdown
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 354: Tesco UK: Sales by product category, 2008/09 and 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Non-European Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 355: Tesco Asia: Year-on-year sales growth, 2005/06-09/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 356: Tesco Asia sales densities: % change in GBP sales per m2, 2007/08-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retailing services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 357: Tesco Plc: Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 358: Tesco: UK store formats, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 359: Tesco: Other European store formats, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Waitrose

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 360: Waitrose Ltd: Sales as share of all food retailers’ sales in the UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 361: Waitrose Ltd: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 362: Waitrose Ltd: Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Wm Morrison Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 363: Wm Morrison Group: Sales as share of all food retail & fuel sales in the UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 364: Wm Morrison Group: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 365: Sales densities for Morrisons, Tesco UK, J. Sainsbury and Asda, 2008/09 and 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sales trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 366: Wm Morrison Group: Sales performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • First-half results 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 367: Wm Morrison Group: Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 368: Wm Morrison Supermarkets: Store portfolio, by size, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 369: Europe: Population, by age group, 2005
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 370: Europe: Population, by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 371: Europe: Population, by age group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 372: Europe: Population, by age group, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • GDP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 373: Europe: GDP (in current prices), 2000-10 (Q2)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 374: Europe: GDP Growth rates (in constant prices), 2000-10 (Q2)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 375: Europe: Consumer spending (in current prices), 2001-10Q2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 376: Europe: Consumer spending growth rates (in constant prices), 2001-10 (Q2)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 377: Europe: Consumer prices, 2000-Q3 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Food consumer prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 378: Europe: Consumer prices, 2001-October 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Unemployment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 379: Europe: Average rate of unemployment, 2000-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Interest rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 380: Europe: Interest rates, 2004-Q1 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 381: Europe: Consumer confidence, Aug 2009-Sept 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Appendix – Where do Consumers Shop ?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 382: Shops used regularly/occasionally, by demographics, France, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 383: Shops used regularly/occasionally, by demographics, France, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 384: Shops used regularly/occasionally, by demographics, France, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 385: Shops used regularly/occasionally, by demographics, France, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 386: Shops used regularly/occasionally, by demographics, France, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 387: Shops used regularly/occasionally, by demographics, France, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 388: Shops used regularly/occasionally, by demographics, Germany, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 389: Shops used regularly/occasionally, by demographics, Germany, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 390: Shops used regularly/occasionally, by demographics, Germany, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 391: Shops used regularly/occasionally, by demographics, Germany, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 392: Shops used regularly/occasionally, by demographics, Spain, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 393: Shops used regularly/occasionally, by demographics, Spain, 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Food Retailing - Europe - November 2010

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      £2,895.00 (Excl.Tax)