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Food Retailing - Europe - November 2011

Mintel European Retail Intelligence provides independent, expert coverage of the major retail sectors throughout Europe. Each title in this series analyses retailing trends in up to 19 European markets, including the Scandinavian nations and Eastern European countries such as the Czech Republic and Poland as well as the major Western European markets.

The coverage provided by each report is as accurate, relevant and up-to-date as possible, combining in-house sector expertise with retailer performance data, taken directly from industry and trade sources.

With titles ranging from 'DIY Retailing in Europe' through to 'Food Retailing in Europe', each market examination includes studies of:

  • background economic and demographic data
  • market sizes
  • regional retailing trends and issues
  • market drivers
  • consumer expenditure
  • consumer trends
  • leading pan-European retailers
  • domestic retailers
  • market forecasts

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Table of contents

  1. Executive Summary

    • Heading for the double dip?
      • Leading players
        • Online
          • The future of the hypermarket
          • Report Scope

              • Technical notes
                • Definitions
                  • Store definitions
                    • Financial definitions
                      • Currencies
                        • Country codes
                          • Figure 1: Country codes
                        • VAT
                          • Figure 2: Europe: Standard VAT rates, 2010/11
                        • Other abbreviations
                        • European Summary and Outlook

                            • Spending on food
                              • Figure 3: Europe: Spending on food, drink and tobacco by country, 2009-10
                              • Figure 4: Europe: Spending on food per capita, 2010
                            • Food retailers’ sales
                              • Figure 5: Europe: Sales by food retailers, 2009-10
                            • Consumer research
                              • Where do consumers shop?
                                • Figure 6: Shops used regularly/occasionally by country, GB, France, Germany, Spain, 2010
                              • What makes consumers choose a particular supermarket?
                                • Figure 7: Deciding factors in shopping for food, drink and household products, by country, 2010
                              • Leading players
                                • Figure 8: Europe: Leading food retailers, 2010
                              • Market shares
                                • Figure 9: Leading retailers market shares, 2010
                              • Concentration
                                • Figure 10: Europe: Share of top five food retailers, by country, 2010
                              • Where next?
                                • Back into recession?
                                  • Consumer confidence
                                    • Germany
                                      • France
                                        • Italy
                                          • Spain
                                            • UK
                                              • Online
                                              • Austria

                                                  • The market: Economic background
                                                    • The market: Consumer spending on groceries
                                                      • Figure 11: Austria: Consumer spending on food, beverages and tobacco, 2006-10
                                                    • The market: Sector size and forecast
                                                      • Figure 12: Austria: Food retailers’ sales, 2006-10
                                                      • Figure 13: Austria: Food retailers’ sales forecast, 2011-16
                                                    • Leading retailers and market shares
                                                        • Figure 14: Austria: Leading food retailers and market shares, 2010/11
                                                    • Belgium

                                                        • The market: Economic background
                                                          • The market: Consumer spending on groceries
                                                            • Figure 15: Belgium: Consumer spending on food, beverages and tobacco, 2006-10
                                                          • The market: Sector size and forecast
                                                            • Figure 16: Belgium: Food retailers’ sales, 2006-10
                                                            • Figure 17: Belgium: Food retailers’ sales forecasts, 2011-16
                                                          • Leading retailers and market shares
                                                              • Figure 18: Belgium: Leading food retailers and market shares, 2010/11
                                                          • Czech Republic

                                                              • The market: Economic background
                                                                • The market: Consumer spending on groceries
                                                                  • Figure 19: Czech Republic: Consumer spending on food, beverages and tobacco, 2006-10
                                                                • The market: Sector size and forecast
                                                                  • Figure 20: Czech Republic: Food retailers’ sales, 2006-10
                                                                  • Figure 21: Czech Republic: Food retailers’ sales forecast, 2011-2016
                                                                • Leading retailers and market shares
                                                                    • Figure 22: Czech Republic: Leading food retailers and market shares, 2010/11
                                                                • Denmark

                                                                    • The market: Economic background
                                                                      • The market: Consumer spending on groceries
                                                                        • Figure 23: Denmark: Consumer spending on food, beverages & tobacco, 2006-10
                                                                      • The market: Sector size and forecast
                                                                        • Figure 24: Denmark: Food retailers’ sales, 2006-10
                                                                        • Figure 25: Denmark: Food retailers’ sales forecast, 2011-16
                                                                      • Leading retailers and market shares
                                                                          • Figure 26: Denmark - Leading food retailers and market shares, 2010
                                                                      • Finland

                                                                          • The market: Economic background
                                                                            • The market: Consumer spending on groceries
                                                                              • Figure 27: Finland: Consumer spending on food, beverages & tobacco, 2006-10
                                                                            • The market: Sector size and forecast
                                                                                • Figure 28: Finland: Food retailers’ sales, 2006-10
                                                                                • Figure 29: Finland: Food retailers’ sales forecast, 2011-16
                                                                              • Leading retailers and market shares
                                                                                  • Figure 30: Finland: Leading food retailers and market shares, 2010
                                                                              • France

                                                                                • Executive Summary
                                                                                  • The market: Economic background
                                                                                    • Population forecast
                                                                                      • Figure 31: France: Over 65s as % total French population, 1950-2030
                                                                                    • The economy
                                                                                      • Figure 32: France: Quarterly GDP growth, 1991-2011 (Q2)
                                                                                      • Figure 33: France: Indicator of consumer confidence, January 2007-September 2011
                                                                                    • Inflation
                                                                                      • Figure 34: France - Inflation in food and other major categories, 2006-11 (Sept)
                                                                                      • Figure 35: France - Percentage change in Consumer Price Index vs average wages, 2006-11
                                                                                    • The market: Consumer spending on groceries
                                                                                      • Food spending in context
                                                                                        • Figure 36: France: Consumer spending on food and selected other goods, 2006-10
                                                                                      • Food vs all consumer spend
                                                                                        • Figure 37: France - Spending on food and drink as % all household consumer spending, 2005-10
                                                                                      • Food vs eating out
                                                                                        • Figure 38: France - Spending on food relative to spending on eating out, 2005-10
                                                                                      • The market: The food retailers
                                                                                        • Retail sales and forecast
                                                                                          • Figure 39: France: Food retailers’ sales, 2006-10
                                                                                          • Figure 40: France: Food retailers’ sales, 2011-16
                                                                                        • The market: Online
                                                                                            • Figure 41: France: Top transactional food and drink websites, by number of visits, July 2011
                                                                                          • Retailers and market shares: Leading retailers
                                                                                            • Carrefour’s prolonged malaise
                                                                                              • Consumers remain cautious
                                                                                                • Hard discounting
                                                                                                  • Figure 42: France: Leading food retailers, 2010/11
                                                                                                • Leading retailers and market shares
                                                                                                  • Figure 43: France: Food retailers’ market shares, 2010
                                                                                                • The consumer: What they look for
                                                                                                    • Figure 44: Deciding factors in shopping for food, drink and household products, France, 2010
                                                                                                  • The consumer: Where they shop
                                                                                                    • Figure 45: Shops used regularly/occasionally, France, 2008-10
                                                                                                • Germany

                                                                                                  • Executive summary
                                                                                                    • The market: Economic background
                                                                                                      • Demographics
                                                                                                        • Implications for food retailers
                                                                                                          • The economy
                                                                                                            • Implications for food retailers
                                                                                                              • Consumer prices inflation
                                                                                                                • Figure 46: Germany: Consumer prices inflation, Jan 2006 -Oct 2011
                                                                                                              • The market: Consumer spending
                                                                                                                • Figure 47: Germany: Households’ consumer spending on food and selected categories, 2006-10
                                                                                                                • Figure 48: Germany: Spending on food and restaurants as % of total households’ consumption expenditure, 2006-10
                                                                                                                • Figure 49: Spending on food and non-alcoholic beverages as % of total households’ consumption expenditure in Germany, France, and Spain, 2006-10
                                                                                                              • The market: The food retailers
                                                                                                                • Economic outlook
                                                                                                                  • Retail sales and forecasts
                                                                                                                    • Figure 50: Germany: Food retailers’ sales, 2006-10
                                                                                                                    • Figure 51: Germany: Food retailers’ sales forecasts. 2011-16
                                                                                                                  • Outlet and enterprise data
                                                                                                                    • Figure 52: Germany: Retail enterprises, 2006-09
                                                                                                                  • The market: Online
                                                                                                                      • Figure 53: Germany: Online shopping penetration, 2006-10
                                                                                                                      • Figure 54: Germany: % of consumers shopping online for groceries regularly/occasionally, 2010
                                                                                                                    • Leading retailers and market shares
                                                                                                                      • Discounters continue to grow share
                                                                                                                        • Figure 55: Germany: Leading discounters’ aggregate share of grocers’ retail sales, 2006-10
                                                                                                                      • Discounters’ performance
                                                                                                                        • Improved product offers to drive footfall
                                                                                                                          • Expansion and contraction
                                                                                                                            • Limited potential for online
                                                                                                                              • Unconventional retail structures
                                                                                                                                • Figure 56: Germany: Leading food retailers, 2010/11
                                                                                                                              • Market shares
                                                                                                                                • Figure 57: Germany: Food retailers’ market shares, 2010/11
                                                                                                                              • The consumer: What they look for
                                                                                                                                • Figure 58: Germany: Ten most important deciding factors in shopping for food, drink and household products, 2010
                                                                                                                                • Figure 59: Germany: Deciding factors in shopping for food, drink and household products, 2006-10
                                                                                                                              • The consumer: Where they shop
                                                                                                                                • Figure 60: Germany: Shops used regularly/occasionally, 2008-10
                                                                                                                            • Greece

                                                                                                                                • The market: Economic background
                                                                                                                                  • The market: Consumer spending on groceries
                                                                                                                                    • Figure 61: Greece: Consumer spending on food, beverages and tobacco, 2006-10
                                                                                                                                  • The market: Sector size and forecast
                                                                                                                                    • Figure 62: Greece: Food retailers’ sales, 2006-10
                                                                                                                                    • Figure 63: Greece: Food retailers’ sales forecasts, 2011-16
                                                                                                                                  • Leading retailers and market shares
                                                                                                                                      • Figure 64: Greece: Leading food retailers and market shares, 2010/11
                                                                                                                                  • Hungary

                                                                                                                                      • The market: Economic background
                                                                                                                                        • The market: Consumer spending on groceries
                                                                                                                                          • Figure 65: Hungary: Consumer spending on Food, beverages & tobacco, 2006-10
                                                                                                                                        • The market: Sector size and forecast
                                                                                                                                          • Figure 66: Hungary: Food retailers’ sales, 2006-10
                                                                                                                                          • Figure 67: Hungary: Food retailers’ sales forecast, 2011-16
                                                                                                                                        • Leading retailers and market shares
                                                                                                                                            • Figure 68: Hungary: Leading food retailers and market shares, 2010
                                                                                                                                        • Italy

                                                                                                                                          • Executive summary
                                                                                                                                            • Food prices rise in 2011
                                                                                                                                              • Retail outlook and forecasts
                                                                                                                                                • Conad closes the gap on Co-op Italia
                                                                                                                                                  • Lack of confidence from foreign investors
                                                                                                                                                    • Still a fragmented sector
                                                                                                                                                      • Online
                                                                                                                                                        • The market: Economic background
                                                                                                                                                          • GDP
                                                                                                                                                            • Consumer prices
                                                                                                                                                              • Figure 69: Italy: Consumer prices inflation, Jan 2006-Oct 2011
                                                                                                                                                            • Consumer spending and confidence
                                                                                                                                                              • Population
                                                                                                                                                                • Implications for food retailers
                                                                                                                                                                  • The market: Consumer spending on groceries
                                                                                                                                                                    • Figure 70: Italy: Consumer spending, % change in main categories, 2006-10
                                                                                                                                                                    • Figure 71: Italy: Consumer spending on food and drink as % of all consumer spending, 2000-10
                                                                                                                                                                    • Figure 72: Italy: Household consumer spending on food and drink and other select categories, 2006-10
                                                                                                                                                                  • The market: The food retailers
                                                                                                                                                                    • Economic and consumer spending outlook
                                                                                                                                                                      • Retail outlook and forecasts
                                                                                                                                                                        • Figure 73: Italy: Food retailers’ sales, 2006-16
                                                                                                                                                                      • Outlet and enterprise data
                                                                                                                                                                        • Figure 74: Italy: Retail outlet numbers by format, 2007-09
                                                                                                                                                                        • Figure 75: Italy: Retail enterprise numbers, 2003-07
                                                                                                                                                                      • The market: Online
                                                                                                                                                                        • Online shopping: penetration levels
                                                                                                                                                                          • Figure 76: Italy: Online shopping penetration, 2005-10
                                                                                                                                                                          • Figure 77: Italy: Level of internet access, 2010
                                                                                                                                                                        • Leading retailers and market shares
                                                                                                                                                                          • Still a fragmented sector
                                                                                                                                                                            • Protection for smaller players
                                                                                                                                                                              • Conad closes the gap on Coop Italia
                                                                                                                                                                                • Esselunga overtakes Auchan
                                                                                                                                                                                  • Rewe to scale back
                                                                                                                                                                                    • French operators fail to shine
                                                                                                                                                                                      • Lidl stands out in the international pack
                                                                                                                                                                                        • Figure 78: Italy: Leading food retailers, 2010/11
                                                                                                                                                                                      • Market shares
                                                                                                                                                                                        • Figure 79: Italy: Leading food retailers’ market shares, 2009 and 2010
                                                                                                                                                                                    • Netherlands

                                                                                                                                                                                        • The market: Economic background
                                                                                                                                                                                          • The market: Consumer spending on groceries
                                                                                                                                                                                            • Figure 80: Netherlands: Consumer spending on food, beverages & tobacco, 2006-10
                                                                                                                                                                                          • The market: Sector size and forecast
                                                                                                                                                                                            • Figure 81: Netherlands: Food retailers’ sales, 2006-10
                                                                                                                                                                                            • Figure 82: Netherlands: Food retailers’ sales forecast, 2011-16
                                                                                                                                                                                          • Leading retailers and market shares
                                                                                                                                                                                              • Figure 83: Netherlands Leading food retailers and market shares, 2010
                                                                                                                                                                                          • Norway

                                                                                                                                                                                              • The market: Economic background
                                                                                                                                                                                                • The market: Consumer spending on groceries
                                                                                                                                                                                                  • Figure 84: Norway: Consumer spending on food, beverages & tobacco, 2006-10
                                                                                                                                                                                                • The market: Sector size and forecast
                                                                                                                                                                                                  • Figure 85: Norway: Food retailers’ sales, 2006-10
                                                                                                                                                                                                  • Figure 86: Norway: Food retailers’ sales forecast, 2011-16
                                                                                                                                                                                                • Leading retailers and market shares
                                                                                                                                                                                                    • Figure 87: Norway: Leading food retailers and market shares, 2010
                                                                                                                                                                                                • Poland

                                                                                                                                                                                                    • The market: Economic background
                                                                                                                                                                                                      • The market: Consumer spending on groceries
                                                                                                                                                                                                        • Figure 88: Poland: Consumer spending on food, beverages & tobacco, 2006-10
                                                                                                                                                                                                      • The market: Sector size and forecast
                                                                                                                                                                                                        • Figure 89: Poland: Food retailers’ sales, 2006-10
                                                                                                                                                                                                        • Figure 90: Poland: Food retailers’ sales forecast, 2011-16
                                                                                                                                                                                                      • Leading retailers and market shares
                                                                                                                                                                                                          • Figure 91: Poland: Leading food retailers, 2010
                                                                                                                                                                                                      • Portugal

                                                                                                                                                                                                          • The market: Economic background
                                                                                                                                                                                                            • The market: Consumer spending on groceries
                                                                                                                                                                                                              • Figure 92: Portugal: Consumer spending on food, beverages & tobacco, 2006-10
                                                                                                                                                                                                            • The market: Sector size and forecast
                                                                                                                                                                                                                • Figure 93: Portugal: Food retailers’ sales, 2006-10
                                                                                                                                                                                                                • Figure 94: Portugal: Food retailers’ sales forecast, 2011-16
                                                                                                                                                                                                              • Leading retailers and market shares
                                                                                                                                                                                                                  • Figure 95: Portugal Leading food retailers and market shares, 2010
                                                                                                                                                                                                              • Republic of Ireland

                                                                                                                                                                                                                  • The market: Economic background
                                                                                                                                                                                                                    • The market: Consumer spending on groceries
                                                                                                                                                                                                                      • Figure 96: Republic of Ireland: Consumer spending on food, beverages and tobacco, 2006-10
                                                                                                                                                                                                                    • The market: Sector size and forecast
                                                                                                                                                                                                                      • Figure 97: Republic of Ireland: Food retailers’ sales, 2006-10
                                                                                                                                                                                                                      • Figure 98: Republic of Ireland: Food retailers’ sales forecasts, 2011-16
                                                                                                                                                                                                                    • Leading retailers and market shares
                                                                                                                                                                                                                        • Figure 99: Republic of Ireland: Leading food retailers and market shares, 2010/11
                                                                                                                                                                                                                    • Spain

                                                                                                                                                                                                                      • Executive summary
                                                                                                                                                                                                                        • Pricing activity eases
                                                                                                                                                                                                                          • Own brand investment steps up
                                                                                                                                                                                                                            • Hypermarkets in the doldrums
                                                                                                                                                                                                                              • Retail outlook and forecasts
                                                                                                                                                                                                                                • Mercadona opens up its lead
                                                                                                                                                                                                                                  • Consumers looking for low prices
                                                                                                                                                                                                                                    • The market: Economic background
                                                                                                                                                                                                                                      • GDP
                                                                                                                                                                                                                                        • Consumer prices
                                                                                                                                                                                                                                          • Figure 100: Spain: Consumer prices inflation, Jan 2006 – Oct 2011
                                                                                                                                                                                                                                        • Own brand development
                                                                                                                                                                                                                                          • Consumer spending and confidence
                                                                                                                                                                                                                                            • Population
                                                                                                                                                                                                                                              • Implications for food retailers
                                                                                                                                                                                                                                                • The market: Consumer spending on groceries
                                                                                                                                                                                                                                                  • Figure 101: Spain: Consumer spending, growth in main categories, 2005-09
                                                                                                                                                                                                                                                  • Figure 102: Spain: Consumer spending on food and drink as % of all consumer spending, 2000-09
                                                                                                                                                                                                                                                  • Figure 103: Spain: Consumer spending on food and drink and other select categories, 2005-09
                                                                                                                                                                                                                                                • The market: The food retailers
                                                                                                                                                                                                                                                  • Economic and consumer spending outlook
                                                                                                                                                                                                                                                    • Retail outlook and forecasts
                                                                                                                                                                                                                                                      • Figure 104: Spain: Food retailers’ sales, 2006-16
                                                                                                                                                                                                                                                    • Outlet and enterprise data
                                                                                                                                                                                                                                                      • Figure 105: Spain: Retail enterprise numbers, 2005-09
                                                                                                                                                                                                                                                      • Figure 106: Spain: Enterprise and outlet numbers, 2009
                                                                                                                                                                                                                                                    • Store numbers by format
                                                                                                                                                                                                                                                      • Figure 107: Spain: Hypermarkets, 1973-2010
                                                                                                                                                                                                                                                    • The market: Online
                                                                                                                                                                                                                                                      • Grocery e-commerce in its infancy
                                                                                                                                                                                                                                                        • Website usage
                                                                                                                                                                                                                                                            • Figure 108: Spain: Top three retail websites for food, July 2011
                                                                                                                                                                                                                                                          • Online shopping: Penetration levels
                                                                                                                                                                                                                                                            • Figure 109: Spain: Online shopping penetration, 2003-10
                                                                                                                                                                                                                                                          • Leading retailers and market shares
                                                                                                                                                                                                                                                            • Margin protection in 2010
                                                                                                                                                                                                                                                              • Discounter and regional supermarkets hold up well
                                                                                                                                                                                                                                                                • Mercadona reinforces its market leadership
                                                                                                                                                                                                                                                                  • Hypermarkets continue to struggle
                                                                                                                                                                                                                                                                    • Eroski loses market share too
                                                                                                                                                                                                                                                                      • Dinosol’s future looking uncertain
                                                                                                                                                                                                                                                                        • Figure 110: Spain: Leading food retailers, 2010/11
                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                        • Figure 111: Spain: Leading food retailers’ market shares, 2009 and 2010
                                                                                                                                                                                                                                                                      • The consumer: What they look for
                                                                                                                                                                                                                                                                          • Figure 112: Most important deciding factors in shopping for food, drink and household products, Spain, 2010
                                                                                                                                                                                                                                                                          • Figure 113: Deciding factors in shopping for food, drink and household products, Spain, 2006-10
                                                                                                                                                                                                                                                                        • The consumers: Where they shop
                                                                                                                                                                                                                                                                          • Spanish consumers shop under several roofs
                                                                                                                                                                                                                                                                            • Figure 114: Shops used regularly/occasionally, Spain, 2010
                                                                                                                                                                                                                                                                          • But they prefer high street to out-of-town supermarkets
                                                                                                                                                                                                                                                                            • Figure 115: Which supermarkets consumers shop regularly, Spain, GB, Germany and France, 2010
                                                                                                                                                                                                                                                                            • Figure 116: Which other food channels consumers shop regularly, Spain, GB, Germany and France, 2010
                                                                                                                                                                                                                                                                        • Sweden

                                                                                                                                                                                                                                                                            • The market: Economic background
                                                                                                                                                                                                                                                                              • The market: Consumer spending on groceries
                                                                                                                                                                                                                                                                                • Figure 117: Sweden: Consumer spending on food, beverages & tobacco, 2006-10
                                                                                                                                                                                                                                                                              • The market: Sector size and forecast
                                                                                                                                                                                                                                                                                • Figure 118: Sweden: Food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                • Figure 119: Sweden: Food retailers’ sales forecast, 2011-16
                                                                                                                                                                                                                                                                              • Leading retailers and market shares
                                                                                                                                                                                                                                                                                  • Figure 120: Sweden: Leading food retailers and market shares, 2010
                                                                                                                                                                                                                                                                              • Switzerland

                                                                                                                                                                                                                                                                                  • The market: Economic background
                                                                                                                                                                                                                                                                                    • The market: Consumer spending on groceries
                                                                                                                                                                                                                                                                                      • Figure 121: Switzerland: Consumer spending on food, beverages and tobacco, 2006-10(e)
                                                                                                                                                                                                                                                                                    • The market: Sector size and forecast
                                                                                                                                                                                                                                                                                      • Figure 122: Switzerland: Food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                      • Figure 123: Switzerland: Food retailers’ sales forecasts, 2011-16
                                                                                                                                                                                                                                                                                    • Leading retailers and market shares
                                                                                                                                                                                                                                                                                        • Figure 124: Switzerland: Leading food retailers and market shares, 2010/11
                                                                                                                                                                                                                                                                                    • UK

                                                                                                                                                                                                                                                                                        • ONS data and definitions
                                                                                                                                                                                                                                                                                          • Financial definitions
                                                                                                                                                                                                                                                                                            • Abbreviations
                                                                                                                                                                                                                                                                                              • Executive summary
                                                                                                                                                                                                                                                                                                • The market
                                                                                                                                                                                                                                                                                                  • Tough times
                                                                                                                                                                                                                                                                                                    • Food retailers
                                                                                                                                                                                                                                                                                                      • Forecast
                                                                                                                                                                                                                                                                                                        • Figure 125: Food retailers’ sales, 2006-16
                                                                                                                                                                                                                                                                                                      • The big get bigger
                                                                                                                                                                                                                                                                                                        • Competition – smoke and mirrors
                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                            • Non-foods and services
                                                                                                                                                                                                                                                                                                              • The consumer
                                                                                                                                                                                                                                                                                                                • Customer profiles
                                                                                                                                                                                                                                                                                                                  • Figure 126: UK: Profile of primary shoppers of main supermarkets, August 2011
                                                                                                                                                                                                                                                                                                                • What drives store choice?
                                                                                                                                                                                                                                                                                                                  • Supermarkets and the recession
                                                                                                                                                                                                                                                                                                                    • Figure 127: Consumers: “How do you feel about your finances?”by supermarkets used, July 2011
                                                                                                                                                                                                                                                                                                                  • Consumers and the recession
                                                                                                                                                                                                                                                                                                                    • Figure 128: Consumer attitudes towards grocery shopping, August 2011
                                                                                                                                                                                                                                                                                                                  • Companies, brands and innovation
                                                                                                                                                                                                                                                                                                                    • Brands
                                                                                                                                                                                                                                                                                                                      • Leading retailers
                                                                                                                                                                                                                                                                                                                          • Figure 129: Channels of distribution for food and drink, 2010 (est)
                                                                                                                                                                                                                                                                                                                          • Figure 130: Top 5 food retailers, market share, 2010
                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                          • Issues in the market
                                                                                                                                                                                                                                                                                                                            • What size store?
                                                                                                                                                                                                                                                                                                                              • The superstore – discounter dynamic
                                                                                                                                                                                                                                                                                                                                • Appearance or reality?
                                                                                                                                                                                                                                                                                                                                  • To take some recent examples:
                                                                                                                                                                                                                                                                                                                                    • The end of the line for loyalty cards?
                                                                                                                                                                                                                                                                                                                                      • Building trust
                                                                                                                                                                                                                                                                                                                                        • Future opportunities
                                                                                                                                                                                                                                                                                                                                          • Survival Skills
                                                                                                                                                                                                                                                                                                                                            • Guiding Choice
                                                                                                                                                                                                                                                                                                                                              • Who’s innovating?
                                                                                                                                                                                                                                                                                                                                                • Shopping experience
                                                                                                                                                                                                                                                                                                                                                  • Specialist skills on show
                                                                                                                                                                                                                                                                                                                                                    • Figure 131: Marks & Spencer (food): High Street, Kensington, store
                                                                                                                                                                                                                                                                                                                                                  • Inspire trend: Experience Is All
                                                                                                                                                                                                                                                                                                                                                    • Self-scanning
                                                                                                                                                                                                                                                                                                                                                        • Figure 132: Tesco shopping wall in South Korea
                                                                                                                                                                                                                                                                                                                                                      • Asda supermarket
                                                                                                                                                                                                                                                                                                                                                        • Figure 133: Asda Supermarket, Harrow
                                                                                                                                                                                                                                                                                                                                                      • Broadening the offer
                                                                                                                                                                                                                                                                                                                                                        • International brands
                                                                                                                                                                                                                                                                                                                                                          • Moves into food service
                                                                                                                                                                                                                                                                                                                                                            • Promotions
                                                                                                                                                                                                                                                                                                                                                              • Checkout coupons
                                                                                                                                                                                                                                                                                                                                                                • Pre-pay discounts
                                                                                                                                                                                                                                                                                                                                                                  • Inspire trend: Let’s Make A Deal
                                                                                                                                                                                                                                                                                                                                                                    • The market: Economic background
                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                        • Population forecast
                                                                                                                                                                                                                                                                                                                                                                          • Figure 134: UK: Over 65s as % total UK population, 1991-2020
                                                                                                                                                                                                                                                                                                                                                                        • The economy
                                                                                                                                                                                                                                                                                                                                                                          • Figure 135: UK: Quarterly GDP growth, 1991-2011 (Q3)
                                                                                                                                                                                                                                                                                                                                                                          • Figure 136: UK: GfK NOP Consumer confidence index, January 2007-October 2011
                                                                                                                                                                                                                                                                                                                                                                        • Inflation
                                                                                                                                                                                                                                                                                                                                                                          • Figure 137: Inflation in food and other major categories, 2006-11 (Sept)
                                                                                                                                                                                                                                                                                                                                                                          • Figure 138: Percentage change in Retail Prices Index vs Earnings, 2008-11
                                                                                                                                                                                                                                                                                                                                                                        • The market: Consumer spending on groceries
                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                            • Food spending in context
                                                                                                                                                                                                                                                                                                                                                                              • Figure 139: UK: Consumer spending on selected major food categories, 2006-10
                                                                                                                                                                                                                                                                                                                                                                              • Figure 140: UK: Comparison of spending on food and other major categories, 2006-10
                                                                                                                                                                                                                                                                                                                                                                            • Food vs all consumer spend
                                                                                                                                                                                                                                                                                                                                                                              • Figure 141: Spending on food and drink as % all consumer spending, 2006-11
                                                                                                                                                                                                                                                                                                                                                                            • Food vs eating out
                                                                                                                                                                                                                                                                                                                                                                              • Figure 142: Spending on food relative to spending on eating out, 2005-10
                                                                                                                                                                                                                                                                                                                                                                            • The market: Food retailers’product mix
                                                                                                                                                                                                                                                                                                                                                                              • Figure 143: UK: Food retailers, product mix, 2010 (est)
                                                                                                                                                                                                                                                                                                                                                                            • The market: Sector sales and forecast
                                                                                                                                                                                                                                                                                                                                                                                • Figure 144: Food retailers’ sales* at current and constant prices, 2006-16
                                                                                                                                                                                                                                                                                                                                                                                • Figure 145: Food retailers’ sales, 2006-16
                                                                                                                                                                                                                                                                                                                                                                              • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                • The retailers: Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 146: Food, drink and tobacco – channels of distribution, 2010 (est)
                                                                                                                                                                                                                                                                                                                                                                                    • The retailers: Leading retailers
                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                        • A tough climate
                                                                                                                                                                                                                                                                                                                                                                                          • Quality counts
                                                                                                                                                                                                                                                                                                                                                                                            • Hard discounters and Iceland
                                                                                                                                                                                                                                                                                                                                                                                              • Convenience stores
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 147: UK: Leading Food Retailers, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                              • The retailers: Market shares
                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 148: Leading UK food retailers, estimated non-retail share of sales, 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 149: Leading UK food retailers’ market shares as share of all food retail specialists’ sales, 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                  • The retailers: Online
                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                      • Who shops online?
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 150: Proportion of adult population shopping online, 2003-11 (July)
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 151: Online groceries: Age profile of shoppers, 2006 and 2011
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 152: Internet penetration, 2001-11
                                                                                                                                                                                                                                                                                                                                                                                                      • Major players
                                                                                                                                                                                                                                                                                                                                                                                                        • Market size
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 153: UK: Food retailers’ Online sales, 2009-11(est)
                                                                                                                                                                                                                                                                                                                                                                                                        • Internet usage
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 154: UK: Top 20 transactional food and drink websites, by number of visits, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 155: UK: Growth in unique visitor numbers year-on-year for the top 5 transactional food and drink websites, January 2010-September 2011
                                                                                                                                                                                                                                                                                                                                                                                                          • The retailers: Advertising and promotion
                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                              • Strong growth in ad spend
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 156: Main media advertising spend, by leading grocery retailers, 2007-10
                                                                                                                                                                                                                                                                                                                                                                                                                • Spending relative to turnover
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 157: Leading grocers’ advertising spending as % of turnover, 2007-10
                                                                                                                                                                                                                                                                                                                                                                                                                • Spending by media
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 158: Leading grocers’ main media advertising distribution, by media, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                • Advertising content
                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer: Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 159: Attitudes towards and usage of food retail brands, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 160: Attitudes by food retail brand, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand personality
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 161: Food retail brand personality – macro image, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 162: Food retail brand personality – micro image, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                      • Correspondence analysis
                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand experience
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 163: Food retail brand usage, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 164: Satisfaction with various food retail brands, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 165: Consideration of food retail brands, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 166: Consumer perceptions of current food retail brand performance, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 167: Food retail brand recommendation – Net Promoter Score, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand index
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 168: Food retail brand index, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 169: Food retail brand index vs. recommendation, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                        • Target group analysis
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 170: Target groups, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 171: Food retail brand usage, by target groups, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 172: Food retail brand usage, by target groups, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                        • Group One – Conformists
                                                                                                                                                                                                                                                                                                                                                                                                                          • Group Two – Simply the Best
                                                                                                                                                                                                                                                                                                                                                                                                                            • Group Three – Shelf Stalkers
                                                                                                                                                                                                                                                                                                                                                                                                                              • Group Four – Habitual Shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                • Group Five – Individualists
                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer – Who shops where?
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Primary shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 173: Usage of outlets for main grocery shop, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 174: UK: Profile of primary shoppers of main supermarkets, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 175: UK: Profile of primary shoppers of main supermarkets, 2006 and 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Secondary shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 176: Usage of supermarkets for top up shop, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 177: UK: Profile of secondary shoppers, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store usage 2006-11
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 178: Usage of superstores for primary shopping trips, 2006 and 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 179: Usage of stores for secondary shopping trips, 2006 and 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Type of stores used
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 180: Great Britain: Shops used regularly/occasionally, 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer – The key factors for choosing a store
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 181: Aspects most important when you do your main grocery shop, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 182: Usage of outlets for main shop, by aspects most important when you do your main grocery shop, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 183: Aspects most important when you do your main grocery shop, by usage of supermarkets for main shop, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Factors in choosing a supermarket
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 184: Deciding factors in shopping for food, drink and household products, GB, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer – Attitudes towards grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 185: Consumer attitudes towards grocery shopping, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 186: Profile of consumers with particular attitudes, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Attitudes vs shops used
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 187: Consumer attitudes towards grocery shopping, by usage of supermarkets for main shop, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – The consumer – Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 188: Store usage, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 189: Store commitment, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 190: Store momentum, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 191: Store diversity, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 192: Store satisfaction, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 193: Store recommendation, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 194: Store attitude, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 195: Store image – macro image, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 196: Store image – micro image, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 197: Profile of target groups, by demographic, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 198: Psychographic segmentation, by target group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 199: Store usage, by target group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand index
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 200: Store index
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – The consumer – Who shops where?
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 201: Usage of supermarkets for main shop, by demographics, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 202: Most popular usage of supermarkets for top up shop, by demographics, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 203: Next most popular usage of supermarkets for top up shop, by demographics, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – The consumer – Key factors for choosing a store
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 204: Aspects most important when you do your main grocery shop, by demographics, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – The consumer – Attitudes towards grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 205: Most popular consumer attitudes towards grocery shopping, by demographics, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 206: Next most popular consumer attitudes towards grocery shopping, by demographics, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 207: Other consumer attitudes towards grocery shopping, by demographics, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ahold Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sacrificing margin to maintain share
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Cautious move into Belgium
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Germany may follow too
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recovery in Central Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 209: Ahold Group: Retail division financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Albert Heijn Arena
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail banners: Albert Heijn, Etos, Gall & Gall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Central Europe Arena
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail banners: Albert
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 210: Ahold Group: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Albert Heijn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Albert
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Etos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Gall & Gall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Hypernova
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Aldi (Europe)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Challenges at home
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mature markets provide robust growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Still much scope for growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 212: Aldi: Stores per million capita in selected European countries, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Downturn favours discounters in the UK?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 213: Aldi (Europe): Group sales performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 214: Aldi (Europe): Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 215: Aldi (Austria): Sales as share of all food retailers' sales in Austria, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 216: Aldi (Belgium): Sales as share of all food retailers' sales in Belgium, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 217: Aldi (Denmark): Sales as share of all food retailers' sales in Denmark, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 218: Aldi (France): Sales as share of all food retailers' sales in France, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 219: Aldi (Germany): Sales as share of all food retailers' sales in Germany, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 220: Aldi (Ireland): Sales as share of all food retailers' sales in Ireland, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 221: Aldi (Netherlands): Sales as share of all food retailers' sales in The Netherlands, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 222: Aldi (Portugal): Sales as share of all food retailers' sales in Portugal, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 223: Aldi (Spain): Sales as share of all food retailers' sales in Spain, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 224: Aldi (Switzerland): Sales as share of all food retailers' sales in Switzerland, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 225: Aldi (UK): Sales as share of all food retailers' sales in the UK, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store format
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Asda Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sales development lags behind its rivals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Discounter danger
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Smaller stores, bigger expansion potential
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 227: Asda Group Ltd: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 228: Asda Group Ltd: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Smaller stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Customer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 229: Asda: Primary shoppers, by gender, age and socio-economic group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 230: Asda: Primary shoppers, by region and acorn group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 231: Asda: Secondary Shoppers by gender, age and socio-economic group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 232: Asda: Secondary shoppers, by region and acorn group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 233: Asda.co.uk: Online consumer demographics, three month average to August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Auchan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Further margin loss in tough climate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Beefs up supermarkets and enters neighbourhood
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E-commerce is growing rapidly
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 235: Auchan: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 236: Auchan: Estimated European sales, by country, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 237: Auchan: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 238: Auchan: Sales as share of all food retailers’ sales in France, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 239: Auchan: Sales as share of all food retailers’ sales in Hungary, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 240: Auchan: Sales as share of all food retailers’ sales in Italy, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 241: Auchan: Sales as share of all food retailers’ sales in Poland, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 242: Auchan: Sales as share of all food retailers’ sales in Portugal, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 243: Auchan: Sales as share of all food retailers’ sales in Spain, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Carrefour

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Losing market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Reviving mature markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 1. Price
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • 2. Formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 245: Beauty section, Carrefour Planet, Milan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 3. Products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dia spun off
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 246: Carrefour (Europe): Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 247: Carrefour (Europe): Sales contribution by territory, 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 248: Carrefour (Europe): Directly-operated outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 249: Carrefour (Europe): Company-operated sales area distribution 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 250: Carrefour (Europe): Total European outlet numbers by territory (incl. franchise/partner stores), 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 251: France: Sales as % all food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Belgium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 252: Belgium: Sales as % all food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Greece
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 253: Greece: Sales as % all food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Italy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 254: Italy: Sales as % all food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Poland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 255: Poland: Sales as % all food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Portugal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 256: Portugal: Sales as % all food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 257: Spain: Sales as % all food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Romania
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 258: Romania: Sales as % all food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 259: Carrefour (Europe): Total European outlet numbers by format (incl. franchise/partner stores), 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 260: Carrefour (Europe): Total European outlet numbers by format (incl. franchise stores), 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 261: Carrefour (Europe): Outlet numbers by ownership, format and territory (incl. franchise/partner stores), 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Casino

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • May be cutting margins too much
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online developing rapidly
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strength of foreign operations is sustaining profits and investment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 263: Casino: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Current trading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 264: Casino: Outlet data (excluding franchises), 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 265: Casino: France: Banners, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Co-operative Group (Food)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The new estate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Shouting louder
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Misjudged campaign
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 267: Co-operative Group (Food): Group financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 268: Co-operative Group (Food): Group financial performance, H1 2010 and h1 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 269: Co-operative Group (Food): Outlet data, 2007/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 270: Co-operative Group (Food): Secondary-shop consumer profile by gender, age, socio-economic group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 271: Co-operative Group (Food): Secondary-shop consumer profile by location, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 272: Co-operative Group (Food): Secondary-shop consumer profile by ACORN classification, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Delhaize Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Southern European focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Investing in price and stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • But Belgian growth looks to be faltering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 274: Delhaize Group: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 275: Delhaize Group: Group financial performance, H1 2010 & H1 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 276: Delhaize Group: European revenues & store numbers by territory, 2009 (inner ring) & 2010 (outer ring)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 277: Delhaize Group: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Belgium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 278: Delhaize Group (Europe): Belgian sales as share of food retailers’ sales in Belgium, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 279: Delhaize Belgium: Food outlet formats and numbers, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Southern Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 281: Delhaize Group (Europe): Greek sales as share of food retailers’ sales in Greece, 2006-2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 282: Delhaize Greece: Food outlet formats and numbers, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 284: Delhaize Romania: Food outlet formats and numbers, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Belgium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Greece
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Edeka Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Points of difference
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Own brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Expansion to continue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Cuckoo in the nest?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Non-food potential
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Co-operative structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 286: Edeka Group Germany: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 287: Edeka Group Germany: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Netto
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Edeka/Marktkauf
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ICA

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tough period looks set to ease
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Tackling the mature markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 289: ICA: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 290: ICA retail: Final retail sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 291: ICA: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sweden
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 293: ICA Sverige: Outlet data, 2009-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Norway
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 295: ICA Norge: Outlet data, 2009-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Baltics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ICA fascia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Iceland Foods

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent ownership developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 300: Iceland Foods Ltd: Group financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 301: Iceland Foods Ltd: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer profiles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 302: Iceland Foods Ltd: Consumer profile, by gender, age, socio-economic group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 303: Iceland Foods Ltd: Consumer profile, by location, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 304: Iceland Foods Ltd: Consumer profile by ACORN classification, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Groupement des Mousquetaires (Intermarché)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Return to growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Standing out from the crowd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Can Les Mousquetaires catch Leclerc?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 306: Groupement des Mousquetaires: Group sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 307: Groupement des Mousquetaires: Food outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 308: Groupement des Mousquetaires: Food outlets by type, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 309: Groupement des Mousquetaires: Non-food outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • J Sainsbury

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strong performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 311: Sainsbury’s Supermarkets: Sales growth, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Expansion underpins growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Looking to catch up in non-food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Convenience stores good fit with online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Intensifying price competition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 312: Sainsbury’s Supermarkets, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 313: Sainsbury’s Supermarkets: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 314: Sainsbury’s Supermarkets: Outlets by size, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 315: Sainsbury’s: Primary shoppers, by gender, age and socio-economic group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 316: Sainsbury’s: Primary shoppers, by region and acorn group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 317: Sainsbury’s: Secondary shoppers by gender, age and socio-economic group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 318: Sainsbury’s: Secondary shoppers, by region and acorn group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 319: Sainsburys.co.uk: Online consumer demographics, three month average to August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Jerónimo Martins

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Pingo Doce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Biedronka
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 321: Jerónimo Martins (retail): Financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 322: Jerónimo Martins (retail): Financial performance, H1 2010 and H1 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 323: Jerónimo Martins (retail): Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pingo Doce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Biedronka
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • E. Leclerc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strong value proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Non-food and new outlets spur growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Increasing overseas focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 325: E. Leclerc: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 326: E Leclerc: Estimated sales performance in international markets, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 327: E. Leclerc: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 328: E. Leclerc: International food outlets, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Non-food fascia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 329: E Leclerc: Non-food outlets, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Marks & Spencer (Food)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 331: Marks & Spencer (food): High Street, Kensington, store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 332: Marks & Spencer (food): Group sales performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 333: Marks & Spencer (food): Outlet data, 2007/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 334: Marks & Spencer (food): UK outlet data, 2007/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 335: M&S (Food): Consumer profile, by gender, age, socio-economic group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 336: M&S (Food): Consumer profile, by location, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 337: M&S (Food): Consumer profile by ACORN classification, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mercadona

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Cutting prices for hard pressed customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Collaboration with integrated suppliers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Squeezing branded suppliers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Raising the bar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Staff conditions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Investing for the future
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Longer term view
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 339: Mercadona: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 340: Mercadona: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ocado

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Intense competition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • IPO boosts funding
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 342: Ocado: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 343: Ocado: Product mix, by number of lines, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 344: Ocado.com: Online consumer demographics, three month average to August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Real (METRO)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Profitability improving but only slowly
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Eastern Europe shows signs of life
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Could Metro dispose of Real?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 346: Real: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 347: Real: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Rewe (food)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Convenience and kiosks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 349: Rewe To Go store in Cologne
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online deficiencies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Penny losses in Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strengthening Billa’s offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 350: Rewe (food): Group sales performance, 2006-2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 352: Rewe (food): Sales by country, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 353: Rewe (food): Company-operated outlet data by segment, 2008-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 354: Rewe (food): Company-operated outlet data by country, 2008-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 356: Rewe: Food retail formats in Germany, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 357: Rewe: International food formats, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Rewe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Penny
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Billa
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Schwarz Group (Europe)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Good progress in 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Avoiding risk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Opportunities closer to home
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Investing in product…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …and vertical integration
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 359: Schwarz Group: Estimated group sales performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 360: Schwarz Group: Estimated outlet numbers, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 361: Schwarz Group: Store formats, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • SPAR International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Rationalisation and the recovery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 363: SPAR International: Year of entry, by country
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 364: SPAR International: Retail sales by country, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 365: SPAR International: Estimated European sales exclusive of sales tax, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 366: SPAR International: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 367: SPAR International: Sales per m², by country (Europe), 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 368: SPAR (Austria): Sales as share of Austrian food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 369: SPAR (Belgium): Sales as share of all Belgian food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 370: SPAR (Croatia): Sales as share of all Croatian food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 371: SPAR (Czech Republic): Sales as share of all Czech food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 372: SPAR (Denmark): Sales as share of all Danish food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 373: SPAR (France): Sales as share of all French food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 374: SPAR (Germany): Sales as share of all German food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 375: SPAR (Greece): Sales as share of all Greek food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 376: SPAR (Hungary): Sales as share of all Hungarian food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 377: SPAR (Ireland): Sales as share of all Irish food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 378: SPAR (Italy): Sales as share of all Italian food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 379: SPAR (Netherlands): Sales as share of all Dutch food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 380: SPAR (Norway): Sales as share of all Norwegian food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 381: SPAR (Poland): Sales as share of all Polish food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 382: SPAR (Romania): Sales as share of all Romanian food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 383: SPAR (Russia): Sales as share of all Russian food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 384: SPAR (Slovenia): Sales as share of all Slovenian food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 385: SPAR (Spain): Sales as share of all Spanish food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 386: SPAR (Switzerland): Sales as share of all Swiss food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 387: SPAR (UK): Sales as share of all UK food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 388: SPAR International: Sales and outlets, by country outside Europe, 2007-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 389: SPAR International: Store formats, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Be careful not to overstate the problems
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clubcard
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Loyalty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The “£500m campaign”
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The end of Clubcard?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The limits of growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Overseas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Time to be optimistic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 391: Tesco Plc: Group financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 392: Tesco: Like-for-like sales growth, 26 weeks to Aug 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 393: Tesco Plc: Outlet data, 2007/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 394: UK: Sales as share of all food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Czech Republic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 395: Czech Republic: Sales as share of all food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Hungary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 396: Hungary: Sales as share of all food retailers sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Poland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 397: Poland: Sales as % all food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ireland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 398: Ireland: Sales as % all food retailers’ sales, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Turkey
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 399: Tesco: UK store formats, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 400: Tesco: Other European store formats, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Primary shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 401: Tesco - Primary shoppers by gender, age and socio-economic group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 402: Tesco - Primary shoppers, by region, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 403: Tesco - Primary shoppers, by Acorn classification, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer profile – secondary shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 404: Tesco - Secondary Shoppers – by gender, age and socio-economic group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 405: Tesco - Secondary Shoppers – by region, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 406: Tesco - Secondary Shoppers, by Acorn classification, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 407: Tesco UK: Sales, by product category, 2009/10-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 408: Tesco: Online consumer demographics, three month average to August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Waitrose

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Star performer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New stores and variety in the offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rolling out online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 410: Waitrose Ltd: Group financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 411: Waitrose Ltd: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 412: Waitrose: Secondary shoppers - by gender, age and socio-economic group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 413: Waitrose: Secondary shoppers - by region and acorn group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 414: Waitrose.com: Online consumer demographics, three month average to August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Wm Morrison Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Slowly diversifying channels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Innovations – and flexibility
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 416: Wm Morrison Group: ‘Lab’ store, Kirkstall, Leeds
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Revitalising own brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 417: Wm Morrison Group: Group financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 418: Wm Morrison Group: Sales breakdown, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 419: Wm Morrison Group: Annual sales growth excluding fuel, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 420: Wm Morrison Group: Sales breakdown, H1 2010/11 and H1 2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 421: Wm Morrison Group: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 423: Wm Morrison Group: Store portfolio by size, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 424: Wm Morrison Group: Consumer profile by gender, age, socio-economic group, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 425: Wm Morrison Group: Consumer profile by location, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 426: Wm morrison Group: Consumer profile, by ACORN classification, August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 427: Wm Morrison Group: Online consumer demographics, three month average to August 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 428: Europe: Population, by age group, 2005
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 429: Europe: Population, by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 430: Europe: Population, by age group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 431: Europe: Population, by age group, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • GDP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 432: Europe: GDP (current prices), 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 433: Europe: GDP growth rates (current prices), 2001-Q3 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 434: Europe: GDP growth rates (constant prices), 2001 – Q3 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 435: Europe: Households’ consumer spending (current prices), 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 436: Europe: Households’ consumer spending growth rates (current prices), 2001- Q3 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 437: Europe: Households’ consumer spending growth rates (constant prices), 2001-Q3 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consumer prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 438: Europe: Harmonised index of consumer prices, 2001-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Unemployment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 439: Europe: Average rate of unemployment, 2001-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Interest rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 440: Europe: Interest rates, 2005 -Q3 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 441: Europe: Consumer confidence, Sep 2010 -Aug 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix –TGI Europe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 442: Deciding factors in shopping for food, drink and household products, GB, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 443: Deciding factors in shopping for food, drink and household products, France, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 444: Deciding factors in shopping for food, drink and household products, Spain, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 445: Deciding factors in shopping for food, drink and household products, Germany, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 446: Shops used regularly/occasionally, by country, 2010

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Kantar Media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Office for National Statistics

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Food Retailing - Europe - November 2011

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          £2,895.00 (Excl.Tax)