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Supermarkets - Europe - November 2015

“Food retailing is changing fast. Superstores have reached the limits of growth in France and the UK, there is unsatisfied demand for online shopping in Germany, Italy and Spain. The hard discounters are making a major impact outside Germany. The old certainties no longer apply and food retailers are under pressure to adapt.”
– Richard Perks, Director of Retail Research

This report looks at the following areas:

  • In the UK superstores are losing market share
  • In France, the fastest growing sectors are convenience stores
  • In Germany the hard discounters are retrenching, even though in many other countries, notably the UK, they are gaining market share
  • In Spain there has also been a move to smaller supermarkets, but here it has been driven by a desire to save money by shopping more on an as needs basis. Mercadona has been the biggest beneficiary, but it is looking under threat from the discounters
  • Online is growing, but still takes only a small share of sales, even in the most developed country, the UK.

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Table of contents

  1. Europe – Overview

    • What you need to know
      • Areas covered in this report
        • Technical notes
          • Consumer spending
            • Retail sales
              • Financial definitions
                • Currencies
                  • Abbreviations
                    • Sales tax rates
                      • Figure 1: VAT rates, 2011-15
                  • Executive Summary – Europe – The Market

                      • Sector size
                        • Figure 2: Europe: Food retailers sales ex-VAT, 2010-15
                      • Forecast
                        • Figure 3: Europe: Food retailers sales, ex-VAT, 2015-20
                        • Figure 4: Europe: Food retailers sales: Compound growth rates, 2010-15, 2015-20
                      • Inflation – big 5 only
                        • Figure 5: Major European economies: Food price inflation, 2014-15
                      • Leading retailers
                        • Figure 6: Europe: Top 50 food retailers Sales (ex VAT), 2012/13-2014/15
                        • Figure 7: Europe: Top 50 food retailers outlets, 2012/13-2014/15
                        • Figure 8: Europe: Top 50 food retailers, Sales (ex VAT) per outlet, 2012/13-2014/15
                      • Market shares
                        • Figure 9: Leading food retailers share of all European food retailers sales, 2012-14
                    • Executive Summary – Europe – The Consumer

                        • How do people shop
                            • Figure 10: How they shop for groceries, September 2015
                            • Figure 11: Proportion of men who never or hardly ever do grocery shopping, September 2015
                          • A note on the research
                            • Main shop locations
                              • Figure 12: Where they spend most on groceries and % people who spend most money there, September 2015
                              • Figure 13: Proportion spending most money in a hard discounter and leading hard discounter, September 2015
                            • Food retailers also used
                              • Figure 14: Most popular shop also used, September 2015
                              • Figure 15: Hard discounters also used, September 2015
                            • What we think
                              • The UK and the decline of superstores
                                • Elsewhere?
                                  • France
                                    • Germany
                                      • Italy
                                        • Spain
                                        • Executive Summary – Europe – Innovation and Launch Activity

                                          • Enhanced in-store experience
                                            • Figure 16: Metro/Makro Cash & Carry, in-store mobile kitchen, Belgium
                                          • Augmented reality experience
                                            • Virtual supermarket
                                              • Aldi launches music streaming service
                                                • New Italian personal supermarket shopping service
                                                  • Workplace click-and-collect points
                                                    • Online grocery store targeted at overseas Portuguese citizens
                                                      • Ecologically attentive supermarket
                                                        • App that integrates self-scanning, discounts, loyalty scheme and payment
                                                        • France

                                                          • Overview
                                                            • What you need to know
                                                              • Areas covered in this report
                                                                • Executive Summary
                                                                  • The market
                                                                    • Spending and inflation
                                                                      • Figure 17: France: Annual % change in total household expenditure and expenditure on food, beverages and tobacco, 2011-15 (in current prices)
                                                                    • Channels of distribution
                                                                      • Figure 18: France: Estimated distribution of spending on food and beverages, 2014
                                                                    • Sector size and forecast
                                                                      • Figure 19: France: Annual % change in all retail sales (excl. fuel) and food retail sales, 2010-16
                                                                    • Leading players
                                                                      • Key metrics
                                                                        • Market shares
                                                                          • Figure 20: France: Leading grocery retailers’ estimated shares of all food retailers’ sales, 2014
                                                                        • Online
                                                                          • Figure 21: France: Percentage of all individuals who have bought groceries online in the last year, 2014
                                                                        • The consumer
                                                                          • Who shops for groceries
                                                                            • Figure 22: France: Who is responsible for grocery shopping, September 2015
                                                                          • How they shop for groceries
                                                                            • Figure 23: France: How they shop for groceries, September 2015
                                                                          • Where they shop for groceries
                                                                            • Figure 24: France: Where they spend most on groceries, September 2015
                                                                          • What we think
                                                                            • Issues and insights
                                                                              • How will online grocery retailing develop?
                                                                                • The facts
                                                                                  • The implications
                                                                                    • Adapting to a changed retail landscape
                                                                                      • The facts
                                                                                        • The implications
                                                                                          • Figure 25: France: Grocery shopping habits (2015-Q2)
                                                                                        • The market – What you need to know
                                                                                          • Economy weak but spending picking up
                                                                                            • Hypermarkets and supermarkets dominate but sales in decline
                                                                                              • Subdued sector sales but improvement on the horizon
                                                                                                • Spending and Inflation
                                                                                                  • France’s economy a weak spot in the eurozone
                                                                                                    • Consumption and purchasing power regaining momentum
                                                                                                      • Spending on food and drink
                                                                                                        • Figure 26: France: Consumer spending on food, drink and tobacco (incl. VAT), 2010-15
                                                                                                      • Inflation
                                                                                                        • Figure 27: France: Harmonised indices of consumer prices, (% annual change), 2010-14
                                                                                                        • Figure 28: France: Harmonised indices of consumer prices, (% annual change), March 2014-September 2015
                                                                                                      • Channels of distribution
                                                                                                        • Grocers dominate
                                                                                                          • Specialists a vital part of French daily life
                                                                                                            • Online growing
                                                                                                              • Others very small
                                                                                                                • Figure 29: France: Estimated distribution of spending on food and drink, 2014
                                                                                                              • Sector size and forecast
                                                                                                                • Weak consumption and low inflation holding back growth
                                                                                                                  • Figure 30: France: Food retailers’ sales (excl. VAT), 2010-15
                                                                                                                  • Figure 31: France: Food retailers’ sales forecasts (excl. VAT), 2015-20
                                                                                                                  • Figure 32: France: Retail sales by supermarkets and hypermarkets, 2011-14
                                                                                                                  • Figure 33: France: Breakdown of sales in hypermarkets by type of product, 2009-14
                                                                                                                  • Figure 34: France: Sales in supermarkets and hypermarkets by type of product, 2011-14
                                                                                                                • Leading retailers – What you need to know
                                                                                                                  • A competitive and well populated sector
                                                                                                                    • Signs of concentration
                                                                                                                      • Drive dominates online
                                                                                                                        • Leading retailers
                                                                                                                          • 2014 characterised by weak consumption and flat or falling sales
                                                                                                                            • Figure 35: France: Grocery shopping habits, 2014 (Q2) and 2015 (Q2)
                                                                                                                          • Winners and Losers
                                                                                                                            • Hard times force cooperation and partnerships
                                                                                                                              • Discounters growing strongly
                                                                                                                                • New store formats
                                                                                                                                  • Drive dominates e-commerce in groceries
                                                                                                                                    • Figure 36: France: Leading grocers, sales, 2011-14
                                                                                                                                    • Figure 37: France: Leading grocers outlet numbers, 2011-14
                                                                                                                                  • Sales per outlet
                                                                                                                                    • Figure 38: France: Leading grocers, sales per outlet, 2012-14
                                                                                                                                  • Market shares
                                                                                                                                    • Leclerc widening the gap with Carrefour
                                                                                                                                      • A concentrating market
                                                                                                                                        • Figure 39: France: Leading grocers shares of all food retailers sales, 2011-14
                                                                                                                                      • Online
                                                                                                                                        • France at a medium stage of development
                                                                                                                                          • Online activity
                                                                                                                                              • Figure 40: France: Percentage of all individuals purchasing online in the past 12 months, 2010-14
                                                                                                                                              • Figure 41: France: Percentage of all individuals who have bought groceries online in the last year, 2014
                                                                                                                                            • Online sales
                                                                                                                                              • Leading online players
                                                                                                                                                • The consumer – What you need to know
                                                                                                                                                  • Single shoppers on the rise and men doing more
                                                                                                                                                    • Top up shopping widespread
                                                                                                                                                      • Online shopping still small
                                                                                                                                                        • A quarter of primary shoppers use Leclerc
                                                                                                                                                          • Lidl top for secondary shopping
                                                                                                                                                            • The consumer – Who shops for groceries
                                                                                                                                                              • Almost two-thirds of adults are responsible for grocery shopping
                                                                                                                                                                • Figure 42: France: Who is responsible for grocery shopping, September 2015
                                                                                                                                                              • Shopping becoming less just women’s work
                                                                                                                                                                • Figure 43: France: Who is responsible for grocery shopping, September 2015
                                                                                                                                                              • The consumer – How they shop for groceries
                                                                                                                                                                • Top up shopping widespread
                                                                                                                                                                  • Figure 44: France: How they shop for groceries, September 2015
                                                                                                                                                                • How they do a regular main shop: in-store versus online
                                                                                                                                                                  • Figure 45: France: How they shop for groceries (main shop), in-store versus online, September 2015
                                                                                                                                                                • How they do top-up shopping: in-store versus online
                                                                                                                                                                  • Figure 46: France: How they shop for groceries (top-up shops), in-store versus online, September 2015
                                                                                                                                                                • The consumer – Where they shop for groceries
                                                                                                                                                                  • A quarter of primary shoppers use Leclerc
                                                                                                                                                                    • Figure 47: France: Where they spend most on groceries, September 2015
                                                                                                                                                                    • Figure 48: France: Where they spend most on groceries, by age and income, September 2015
                                                                                                                                                                  • Lidl top for secondary shopping
                                                                                                                                                                      • Figure 49: France: Where else they shop for groceries in a typical month, September 2015
                                                                                                                                                                      • Figure 50: France: Where else they shop for groceries in a typical month, by age and average income, September 2015
                                                                                                                                                                    • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                      • Abbreviations
                                                                                                                                                                        • Data sources
                                                                                                                                                                        • Germany

                                                                                                                                                                          • Overview
                                                                                                                                                                            • What you need to know
                                                                                                                                                                              • Areas covered in this report
                                                                                                                                                                                • Executive summary
                                                                                                                                                                                  • The market
                                                                                                                                                                                    • Spending and inflation
                                                                                                                                                                                      • Figure 51: Germany: Consumer spending on food and drink (including sales tax), 2011-15
                                                                                                                                                                                    • Channels of distribution
                                                                                                                                                                                      • Figure 52: Germany: Estimated distribution of spending on food, beverages and tobacco, 2014
                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                      • Figure 53: Germany: Retail sales at all food retailers, 2010-15
                                                                                                                                                                                    • Leading players
                                                                                                                                                                                      • Key metrics
                                                                                                                                                                                        • Market shares
                                                                                                                                                                                          • Figure 54: Germany: Leading grocery retailers’ estimated shares of all food retailers’ sales, 2014
                                                                                                                                                                                        • Online
                                                                                                                                                                                            • Figure 55: Germany: Percentage of all individuals who have bought online in the past 12 months, 2014
                                                                                                                                                                                          • The consumer
                                                                                                                                                                                            • Who shops for groceries
                                                                                                                                                                                              • Figure 56: Germany: Who is responsible for grocery shopping, September 2015
                                                                                                                                                                                            • How they shop for groceries
                                                                                                                                                                                              • Figure 57: Germany: How they shop for groceries, September 2015
                                                                                                                                                                                              • Figure 58: Germany: How they shop for groceries, in-store versus online, September 2015
                                                                                                                                                                                            • Where they shop for groceries
                                                                                                                                                                                              • Figure 59: Germany: Where they shop for groceries, September 2015
                                                                                                                                                                                              • Figure 60: Germany: Where else they buy groceries from, September 2015
                                                                                                                                                                                            • What we think
                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                • Online retailing showing signs of development
                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                      • A mature market restricts store expansion
                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                            • The market – What you need to know
                                                                                                                                                                                                              • Spending down with inflation
                                                                                                                                                                                                                • The grocers grow their share of consumer spending
                                                                                                                                                                                                                  • Food retailers’ share of total spending stabilises
                                                                                                                                                                                                                    • Spending and Inflation
                                                                                                                                                                                                                      • Spending
                                                                                                                                                                                                                        • Figure 61: Germany: Consumer spending (including sales tax), 2010-15
                                                                                                                                                                                                                      • Inflation
                                                                                                                                                                                                                        • Figure 62: Germany: Consumer prices: Annual % change, January 2014-September 2015
                                                                                                                                                                                                                        • Figure 63: Germany: Consumer prices: Annual % change, 2010-14
                                                                                                                                                                                                                      • Channels of distribution
                                                                                                                                                                                                                        • Grocers account for 76% of spending
                                                                                                                                                                                                                          • Figure 64: Germany: Estimated distribution of spending on food, beverages and tobacco, 2014
                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                          • Food retailers’ share of total spending stabilises
                                                                                                                                                                                                                            • Figure 65: Germany: Retail sales (excluding sales tax), 2010-15
                                                                                                                                                                                                                            • Figure 66: Germany: Retail sales forecasts (excluding sales tax), 2015-20
                                                                                                                                                                                                                          • Leading retailers – What you need to know
                                                                                                                                                                                                                            • Supermarkets stabilise their market share
                                                                                                                                                                                                                              • Aldi sales fall in 2014
                                                                                                                                                                                                                                • Kaiser’s Tengelmann takeover blocked
                                                                                                                                                                                                                                  • Leading retailers
                                                                                                                                                                                                                                    • Supermarkets stabilise their market share
                                                                                                                                                                                                                                      • Figure 67: Germany: Share of leading retailers sales by operation type, 2012-14
                                                                                                                                                                                                                                    • Aldi sales fall in 2014
                                                                                                                                                                                                                                      • Discounter’s softening their offer
                                                                                                                                                                                                                                        • Kaiser’s Tengelmann takeover blocked
                                                                                                                                                                                                                                            • Figure 68: Germany: Leading grocery retailers: Net revenues, 2012-14
                                                                                                                                                                                                                                            • Figure 69: Germany: Leading grocers: Store numbers, 2012-14
                                                                                                                                                                                                                                          • Sales per outlet
                                                                                                                                                                                                                                            • Figure 70: Germany: Leading grocers: Annual sales per outlet, 2012-14
                                                                                                                                                                                                                                          • Market share
                                                                                                                                                                                                                                            • Figure 71: Germany: Leading grocery retailers’ estimated shares of all food retailers’ sales, 2012-14
                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                            • Online food retailing remains underdeveloped
                                                                                                                                                                                                                                              • Online activity
                                                                                                                                                                                                                                                • Figure 72: Germany: Percentage of all individuals who have bought online in the past 12 months, 2014
                                                                                                                                                                                                                                                • Figure 73: Germany: Percentage of all individuals purchasing online in the past 12 months, 2010-14
                                                                                                                                                                                                                                              • Online sales
                                                                                                                                                                                                                                                • Leading online players
                                                                                                                                                                                                                                                  • Figure 74: Germany: Leading grocers’ online offers, October 2015
                                                                                                                                                                                                                                                • The consumer – What you need to know
                                                                                                                                                                                                                                                  • High levels of sole/main shopping responsibility
                                                                                                                                                                                                                                                    • German consumers prefer multiple shopping trips
                                                                                                                                                                                                                                                      • Financial health dictates shopping behaviour
                                                                                                                                                                                                                                                        • Single person households prefer small, regular shopping trips
                                                                                                                                                                                                                                                          • Online remains very underused
                                                                                                                                                                                                                                                            • Lidl and Rewe most popular for main shop
                                                                                                                                                                                                                                                              • Discounters more dominant for secondary shopping
                                                                                                                                                                                                                                                                • The consumer – Who shops for groceries
                                                                                                                                                                                                                                                                  • High levels of grocery shopping responsibility
                                                                                                                                                                                                                                                                    • Figure 75: Germany: Who is responsible for grocery shopping, September 2015
                                                                                                                                                                                                                                                                  • Power of one
                                                                                                                                                                                                                                                                    • Figure 76: Germany: Distribution of household type, 2005-14
                                                                                                                                                                                                                                                                  • The consumer – How they shop for groceries
                                                                                                                                                                                                                                                                    • Top-up shopping dominates
                                                                                                                                                                                                                                                                      • Figure 77: Germany: How they shop for groceries, September 2015
                                                                                                                                                                                                                                                                    • Financial health dictates shopping behaviour
                                                                                                                                                                                                                                                                      • Figure 78: Germany: Where they buy groceries from, by average income. September 2015
                                                                                                                                                                                                                                                                      • Figure 79: Germany: How they shop for groceries, by financial health, September 2015
                                                                                                                                                                                                                                                                    • Single person households prefer top-up shopping
                                                                                                                                                                                                                                                                      • Figure 80: Germany: How they shop for groceries, by household size, September 2015
                                                                                                                                                                                                                                                                    • Where they do regular main and top-up grocery shopping
                                                                                                                                                                                                                                                                        • Figure 81: Germany: How they shop for groceries, in-store versus online, September 2015
                                                                                                                                                                                                                                                                      • The consumer – Where they shop for groceries
                                                                                                                                                                                                                                                                        • Lidl and Rewe most popular for main shop
                                                                                                                                                                                                                                                                          • Figure 82: Germany: Where they spend the most on groceries, September 2015
                                                                                                                                                                                                                                                                          • Figure 83: Germany: Where they spend most in a typical month for groceries, by age and affluence, September 2015
                                                                                                                                                                                                                                                                        • Rewe is the favourite of top-up only shoppers
                                                                                                                                                                                                                                                                          • Figure 84: Germany: With which grocery retailer they spend the most money, selected retailers by type of shopping behaviour, September 2015
                                                                                                                                                                                                                                                                        • Aldi the overall favourite for top-up shopping
                                                                                                                                                                                                                                                                          • Figure 85: Germany: Where else they buy groceries from. September 2015
                                                                                                                                                                                                                                                                          • Figure 86: Germany: Where else they buy groceries from. September 2015
                                                                                                                                                                                                                                                                        • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                          • Abbreviations
                                                                                                                                                                                                                                                                            • Data sources
                                                                                                                                                                                                                                                                            • Italy

                                                                                                                                                                                                                                                                              • Overview
                                                                                                                                                                                                                                                                                • What you need to know
                                                                                                                                                                                                                                                                                  • Areas covered in this report
                                                                                                                                                                                                                                                                                    • Executive summary
                                                                                                                                                                                                                                                                                      • The market
                                                                                                                                                                                                                                                                                        • Spending and inflation
                                                                                                                                                                                                                                                                                          • Figure 87: Annual % change in total household expenditure and expenditure on food, beverages and tobacco, 2010-15
                                                                                                                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                                                                                                                          • Figure 88: Italy: Estimated distribution of spending on food and beverages, 2014
                                                                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                                                                          • Figure 89: Italy: Annual % change in all retail sales (excl. fuel) and food retail sales, 2010-16
                                                                                                                                                                                                                                                                                        • Leading players
                                                                                                                                                                                                                                                                                          • Key metrics
                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                              • Figure 90: Italy: Leading grocery retailers’ estimated shares of all food retailers’ sales, 2014
                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                              • Figure 91: Italy: Percentage of all individuals who have bought groceries online in the last year, 2014
                                                                                                                                                                                                                                                                                            • The consumer
                                                                                                                                                                                                                                                                                              • Who shops for groceries
                                                                                                                                                                                                                                                                                                • Figure 92: Italy: Who is responsible for grocery shopping, September 2015
                                                                                                                                                                                                                                                                                              • How they shop for groceries
                                                                                                                                                                                                                                                                                                • Figure 93: Italy: How they shop for groceries, September 2015
                                                                                                                                                                                                                                                                                              • Where they shop for groceries
                                                                                                                                                                                                                                                                                                • Figure 94: Italy: Where they spend the most on groceries, September 2015
                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                • Issues and insights
                                                                                                                                                                                                                                                                                                  • Retailers need to address the rise in single person households
                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                        • Click-and-collect: A logical solution?
                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                              • The market – What you need to know
                                                                                                                                                                                                                                                                                                                • Consumer spending remains low
                                                                                                                                                                                                                                                                                                                  • Spending concentrated among the major operators
                                                                                                                                                                                                                                                                                                                    • Food retail sales continue to falter
                                                                                                                                                                                                                                                                                                                      • Spending and inflation
                                                                                                                                                                                                                                                                                                                        • Spending
                                                                                                                                                                                                                                                                                                                          • Figure 95: Italy: Consumer Spending on food and drink (incl. VAT), 2010-15
                                                                                                                                                                                                                                                                                                                        • Inflation
                                                                                                                                                                                                                                                                                                                          • Figure 96: Italy: Harmonised indices of consumer prices: annual % change, Jan 2014-Sep 2015
                                                                                                                                                                                                                                                                                                                          • Figure 97: Italy: Harmonised indices of consumer prices: Annual % change, 2010-14
                                                                                                                                                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                                                                                                                                                          • Figure 98: Italy: Estimated distribution of spending on food and beverages, 2014
                                                                                                                                                                                                                                                                                                                          • Figure 99: Italy: Estimated distribution of spending on food and beverages, 2010-15
                                                                                                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                                                                                                          • Market remains tough
                                                                                                                                                                                                                                                                                                                            • Figure 100: Italy: Food retailers’ sales (excl. VAT), 2010-15
                                                                                                                                                                                                                                                                                                                            • Figure 101: Italy: Food retailers’ sales forecasts (excl. VAT), 2015-20
                                                                                                                                                                                                                                                                                                                          • Leading retailers – What you need to know
                                                                                                                                                                                                                                                                                                                            • Consolidation in a tough environment
                                                                                                                                                                                                                                                                                                                              • Lidl flourishing in the current market conditions
                                                                                                                                                                                                                                                                                                                                • Strength in numbers
                                                                                                                                                                                                                                                                                                                                  • Leading retailers
                                                                                                                                                                                                                                                                                                                                    • Market leader sees sales fall in 2014
                                                                                                                                                                                                                                                                                                                                        • Figure 102: Italy: Leading grocery retailers, by revenues (excl vat), 2011-14
                                                                                                                                                                                                                                                                                                                                      • Store numbers
                                                                                                                                                                                                                                                                                                                                        • Figure 103: Italy: Leading grocery retailers’ outlet numbers, 2011-14
                                                                                                                                                                                                                                                                                                                                      • Sales per outlet
                                                                                                                                                                                                                                                                                                                                        • Figure 104: Italy: Leading grocery retailers’ sales per outlet, 2011-14
                                                                                                                                                                                                                                                                                                                                      • Market share
                                                                                                                                                                                                                                                                                                                                        • No change at the top
                                                                                                                                                                                                                                                                                                                                          • Figure 105: Italy: Leading grocery retailers’ estimated shares of all food retailers’ sales, 2014
                                                                                                                                                                                                                                                                                                                                          • Figure 106: Italy: Leading grocery retailers’ estimated shares of all food retailers’ sales, 2010-14
                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                          • An underdeveloped channel
                                                                                                                                                                                                                                                                                                                                            • Online activity
                                                                                                                                                                                                                                                                                                                                              • Figure 107: Italy: Percentage of all individuals who have bought groceries online in the last year, 2014
                                                                                                                                                                                                                                                                                                                                              • Figure 108: Italy: Percentage of all individuals purchasing online in the past 12 months, 2009-14
                                                                                                                                                                                                                                                                                                                                            • Online market size
                                                                                                                                                                                                                                                                                                                                              • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                • Responsibility falls on female consumers
                                                                                                                                                                                                                                                                                                                                                  • A majority combine a main-shop with a top-up
                                                                                                                                                                                                                                                                                                                                                    • Coop Italia the go-to destination for primary shops but Lidl capturing secondary shops
                                                                                                                                                                                                                                                                                                                                                      • Half of consumers responsible for grocery shopping
                                                                                                                                                                                                                                                                                                                                                        • Figure 109: Italy: Who is responsible for grocery shopping, September 2015
                                                                                                                                                                                                                                                                                                                                                      • There remains a gender split in the responsibility of grocery shopping
                                                                                                                                                                                                                                                                                                                                                        • Figure 110: Italy: Who is responsible for grocery shopping, by gender, September 2015
                                                                                                                                                                                                                                                                                                                                                        • Figure 111: Italy: Main grocery responsibility, by gender and age, September 2015
                                                                                                                                                                                                                                                                                                                                                      • The consumer – How they shop for groceries
                                                                                                                                                                                                                                                                                                                                                        • Main shops are being combined with top-ups
                                                                                                                                                                                                                                                                                                                                                          • Figure 112: Italy: How they shop for groceries, September 2015
                                                                                                                                                                                                                                                                                                                                                        • How they do a regular main shop: in-store versus online
                                                                                                                                                                                                                                                                                                                                                          • Figure 113: Italy: How they shop for groceries, by main shop behaviour, September 2015
                                                                                                                                                                                                                                                                                                                                                        • The consumer – Where they shop for groceries
                                                                                                                                                                                                                                                                                                                                                          • Coop Italia the primary destination for grocery shopping
                                                                                                                                                                                                                                                                                                                                                            • Figure 114: Italy: Where they spend the most on groceries, September 2015
                                                                                                                                                                                                                                                                                                                                                            • Figure 115: Italy: Where they spend the most on groceries, by age and average income, September 2015
                                                                                                                                                                                                                                                                                                                                                          • Lidl the go-to retailer for secondary shops
                                                                                                                                                                                                                                                                                                                                                            • Figure 116: Italy: Where else they shop for groceries in a typical month, September 2015
                                                                                                                                                                                                                                                                                                                                                            • Figure 117: Italy: Where else they shop for groceries in a typical month, by age and average income, September 2015
                                                                                                                                                                                                                                                                                                                                                          • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                            • Abbreviations
                                                                                                                                                                                                                                                                                                                                                              • Data sources
                                                                                                                                                                                                                                                                                                                                                              • Spain

                                                                                                                                                                                                                                                                                                                                                                • Overview
                                                                                                                                                                                                                                                                                                                                                                  • What you need to know
                                                                                                                                                                                                                                                                                                                                                                    • Areas covered in this report
                                                                                                                                                                                                                                                                                                                                                                      • Executive summary
                                                                                                                                                                                                                                                                                                                                                                        • The market
                                                                                                                                                                                                                                                                                                                                                                          • Spending and inflation
                                                                                                                                                                                                                                                                                                                                                                            • Figure 118: Spain: Annual % change in total household expenditure and expenditure on food, beverages and tobacco, 2011-15
                                                                                                                                                                                                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                            • Figure 119: Spain: Estimated distribution of spending on food and drink, 2014
                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                            • Figure 120: Spain: Annual % change in all retail sales (excl. fuel) and food retailers’ sales, 2011-16
                                                                                                                                                                                                                                                                                                                                                                          • Leading players
                                                                                                                                                                                                                                                                                                                                                                            • Key metrics
                                                                                                                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                                                                                                                • Figure 121: Spain: Leading grocery retailers’ shares of all food retailers’ sales, 2014
                                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                                • Figure 122: Spain: Percentage of individuals buying online in the past 12 months, 2014
                                                                                                                                                                                                                                                                                                                                                                              • The consumer
                                                                                                                                                                                                                                                                                                                                                                                • Who shops for groceries
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 123: Spain: Who is responsible for grocery shopping, September 2015
                                                                                                                                                                                                                                                                                                                                                                                • How they shop for groceries
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 124: Spain: How they shop for groceries, September 2015
                                                                                                                                                                                                                                                                                                                                                                                • Where they shop for groceries
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 125: Spain: Where they spend the most on groceries, September 2015
                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                  • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                    • Can hypermarkets make a come-back?
                                                                                                                                                                                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                                                                                                                                                                                          • How can retailers address the rise in single person households?
                                                                                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                                                                                • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                  • Food will fall as % of all consumption
                                                                                                                                                                                                                                                                                                                                                                                                    • Food deflation in 2014
                                                                                                                                                                                                                                                                                                                                                                                                      • Grocers account for almost two thirds of food and drink spending
                                                                                                                                                                                                                                                                                                                                                                                                        • Food retailers set to lose share of all retail sales
                                                                                                                                                                                                                                                                                                                                                                                                          • Spending and inflation
                                                                                                                                                                                                                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 126: Spain: Consumer spending on food, drink and tobacco (incl. VAT), 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                            • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 127: Spain: Harmonised indices of consumer prices – annual % change, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 128: Spain: Harmonised indices of consumer prices – year-on-year % change food and drink, April 2014-Sept 2015
                                                                                                                                                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                              • Grocers account for almost two-thirds of food and drink spending
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 129: Spain: Estimated distribution of spending on food, drink and tobacco, 2014
                                                                                                                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                • Sector share stabilises
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 130: Spain: Food retailers’ sales (excl. VAT), 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 131: Spain: Food retailers’ sales forecasts (excl. VAT), 2015-20
                                                                                                                                                                                                                                                                                                                                                                                                                • Leading retailers – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                  • Mercadona will face stronger competition
                                                                                                                                                                                                                                                                                                                                                                                                                    • Consolidation stalls in 2014
                                                                                                                                                                                                                                                                                                                                                                                                                      • Online investment to pick up
                                                                                                                                                                                                                                                                                                                                                                                                                        • Leading food retailers
                                                                                                                                                                                                                                                                                                                                                                                                                          • Mercadona continues to outperform
                                                                                                                                                                                                                                                                                                                                                                                                                            • Discounters strengthen their offer
                                                                                                                                                                                                                                                                                                                                                                                                                              • Hypermarkets hold back other groups
                                                                                                                                                                                                                                                                                                                                                                                                                                • Grupo Eroski reinvents itself
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sales
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 132: Spain: Leading grocery retailers - sales (excl.VAT), 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store numbers
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 133: Spain: leading grocery retailers - outlet numbers, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 134: Spain: Leading grocery retailers – estimated sales per outlet, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consolidation stalls in 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 135: Spain: Leading grocery retailers’ shares of all food retailers sales, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online activity
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 136: Spain: Percentage of individuals purchasing online in the past 12 months, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online sales and leading retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Multichannel investment will pick up
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Threat from Amazon?
                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Numbers responsible for grocery shopping could rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Women are key primary shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Proximity shopping thrives
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online shoppers a small minority
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mercadona dominates
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Secondary shopping more dispersed
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer – Who shops for groceries
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Number of people responsible for grocery shopping could rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 137: Spain: Who is responsible for grocery shopping, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • More women are primary shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 40% of men are mainly/wholly responsible for grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 138: Spain: Who is responsible for grocery shopping, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer – How they shop for groceries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Proximity shopping thrives
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Expanding the fresh offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 139: Spain: How they shop for groceries, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • How they do a regular main shop: in-store versus online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 140: Spain: How they shop for groceries, in-store versus online, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Potential online shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 141: Spain: How they shop for groceries, in-store versus online, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer – Where they shop for groceries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mercadona attracts a third of primary shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 142: Spain: Where they spend most on groceries, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 143: Spain: Where they spend most on groceries, by age and affluence, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Four players dominate the secondary shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 144: Spain: Where else they shop for groceries in a typical month, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 145: Spain: Where else they shop for groceries in a typical month, by age and affluence, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Areas covered in this report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 146: Consumers: State of finances, 2009-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Food retailers’ sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 147: Food retailers: Breakdown of sector, 2015 (est)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 148: All food retailers: Sales, 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 149: Channels of distribution for food and drink, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Socio-economic changes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Leading retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Space allocation and product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 150: Leading food retailers: Sales mix, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tesco dominant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 151: Retailer most money spent in during the last month, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Main shop vs convenience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 152: Proportions of grocery shoppers who have changed the way they shop in the last year, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What do people want from their supermarket?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 153: Most important factor in choosing where to shop, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key factors by supermarket used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Satisfaction
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 154: Overall net satisfaction with main retailer by criteria, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Opening hours
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 155: Attitudes towards Sunday opening, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 156: Attitudes towards grocers’ pricing, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Non-foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 157: Attitudes towards buying non-foods and services from grocery retailers, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Issues and Insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Why are the superstores losing market share?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Should the superstores be cutting prices?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Is this the end of the superstore?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online – A threat?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Non-retail and services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sales mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Socio-economic changes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 158: Consumers: State of finances, 2009-2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Food tracker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 159: People who look out for special offers, Dec 2013-Aug 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Aldi, Lidl
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 160: People who shop more or the same at Aldi and Lidl, Dec 2013-Aug 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 161: Food and drink inflation, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer spending on food and drink
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Food and drink
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 162: Spending on food drink and tobacco, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Non-foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 163: Spending on key non-food categories, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Non-retail and services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fuel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 164: Leading food retailers: Share of fuel sales, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Banking and financial services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Other non-retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Food retailers sales mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 165: Food retailers: Sales, by product, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 166: Channels of distribution for food and drink, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 167: All food retailers, year-on-year growth 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 168: Food retailers market size (including VAT), 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 169: Food retailers: Breakdown of sector, 2015 (est)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 170: All food retailers: Sales, 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 171: All food retailers: Sales 2010-2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 172: Food superstores: Sales 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 173: Food superstores: Sales 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 174: Convenience stores: Sales value, 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 175: Convenience stores: Sales value, 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 176: Discounters and other value retailers: Sales value, 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 177: Discounters and other value retailers: Sales value, 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 178: Food and drink specialists: Sales, 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 179: Food and drink specialists: sales 2010-2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where people live
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 180: Proportion of people renting their homes, 2001-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 181: Profile of population, by nature of home tenure, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Pricing and the CMA report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Which?’s complaints
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The CMA response
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Space allocation and product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Innovation and launch activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Enhanced in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 182: Asda in-store virtual reality Halloween experience, Watford
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Making shopping trips easier
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • “Transumers”
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New not-for-profit grocery store concept
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • ‘App-less’ shopping platform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 24/7 click-and-collect
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Amazon ups the ante with one-hour grocery service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Speciality supermarket
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Discount grocery chain targeting value-conscious shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Leading grocery retailers: Key metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • 2014: A year to forget for the major operators
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 183: Leading grocery retailers: Net sales, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The market remains tough but there are signs of improvement for the majors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 184: Like-for-like sales performance, Exc. VAT and Fuel, Q1 2014-Q2 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store numbers and sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 185: Leading grocery retailers: Store numbers, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 186: Leading grocery retailers: Annual sales per outlet, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sales area and sales densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 187: Leading grocery retailers: Total sales area, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 188: Leading grocery retailers: Annual sales per sq m, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 189: Leading grocery retailers: Operating profits, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 190: Leading grocery retailers: Operating margins, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 191: Leading grocery retailers: Share of sector sales, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 192: Leading grocery retailers: Share of sector sales, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 193: Market shares: The Big Four grocery multiples, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 194: Market shares: Aldi and Lidl, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A note on our market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Space allocation and retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 195: Online sales by grocers as a % of all grocery sector sales, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 196: Online sales by grocers, (including VAT), 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 197: Online sales by grocers, (including VAT), 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 198: Leading online grocery retailers market shares, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 199: Leading online grocery retailers market shares, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Coverage and fulfilment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 200: Major grocery retailers offering grocery click-and-collect services, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Summary data and classifications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 201: Food, non-food standard classifications, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Convenience – Comparison goods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 202: UK leading food retailers: Convenience comparison overview split, October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 203: UK leading food retailers: Detailed convenience comparison split, October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Fresh food focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 204: UK leading food retailers: Food and drink categories as a percentage of total space allocated to food and drink, October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Detailed space allocation data
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 205: UK leading food retailers: Overview percentage linear shelf space split in front of the checkout area by Food and Non-alcoholic drinks, Alcohol, Grocery non-foods, and General merchandise, October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 206: UK hypermarkets: Estimated space allocations, October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 207: UK hypermarkets: Estimated space allocations, October 2015 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 208: UK hypermarkets: Estimated space allocations, October 2015 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 209: UK hypermarkets: Estimated space allocations, October 2015 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 210: UK leading superstores: Estimated space allocations, October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 211: UK leading superstores: Estimated space allocations, October 2015 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 212: UK leading superstores: Estimated space allocations, October 2015 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 213: UK leading superstores: Estimated space allocations, October 2015 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 214: UK smaller stores and hard discounters: Estimated space allocations, October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 215: UK smaller stores and hard discounters: Estimated space allocations, October 2015 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 216: UK smaller stores and hard discounters: Estimated space allocations, October 2015 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 217: UK smaller stores and hard discounters: Estimated space allocations, October 2015 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 218: Leading food retailers: Estimated sales mix, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 219: Leading food retailers: Sales as % all retail sales, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 220: Sales density, by broad product category, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 221: Major food retailers: Estimated market share of key categories, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand research – Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 222: Attitudes towards and usage of selected supermarket brands, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 223: Key metrics for selected supermarket brands, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand attitudes: Established supermarkets defined by wide presence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 224: Attitudes, by supermarket brand, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand personality: M&S Simply Food and Waitrose have exclusive images, while The Co-operative is seen as boring or tired
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 225: Brand personality – Macro image, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Aldi, Lidl and Iceland still seen as somewhat basic by many
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 226: Brand personality – Micro image, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The Big Four remain largely dominant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Customer service and wide availability likely to influence usage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Aldi overtakes Morrisons on trust
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Aldi and Lidl continue to build trust
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Both brands cause consumers to redefine what counts as value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Iceland’s prospects improve
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • M&S Simply Food and Waitrose still noted for quality and being expensive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Differentiation from other supermarkets protects M&S Simply Food and Waitrose image and position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The Co-operative has an ethical image but also seen in more negative terms than other brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Negative perceptions do not appear to influence a drop in usage however
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Advertising and marketing activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector advertising spend up 6.2% in 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 227: Recorded above-the-line, online display and direct mail total advertising expenditure by UK supermarket and online grocers, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Asda is the biggest spender
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 228: Recorded above-the-line, online display and direct mail total advertising expenditure by leading UK grocery retailers, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Share of advertising spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 229: Percentage media type split of recorded above-the-line, online display and direct mail total advertising expenditure by UK supermarkets and online grocers, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 230: Percentage of recorded above-the-line, online display and direct mail total advertising expenditure by the UK’s leading grocery retailers, by media type, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A note on adspend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Tesco dominant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Main shop vs convenience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What do people want from their supermarket?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key factors by supermarket used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Satisfaction
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Opening hours
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Non-foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Who does the shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Main shop vs convenience shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 231: Profile of grocery shoppers, by how often they shop, August, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 232: Proportions of grocery shoppers who have changed the way they shop in the last year, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 233: Profile of those who have changed their shopping habits, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 234: Profile of those who have changed their shopping habits, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online vs in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 235: Online and in-store shoppers, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 236: Profile of main shop and top-up shoppers, by where they shop, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Main shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 237: Retailer most money spent in during the last month, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 238: Profile of main shoppers, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • 2015 vs 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 239: Retailer most money spent with in last month, August 2013 and August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Also shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 240: Retailer also used in a typical month, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 241: Profile of shoppers at “also used” shops, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • How many retailers used?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 242: Number of different retailers “also used” in the last month, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 243: Profile of shoppers by the number of other supermarkets used, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Factors important in choosing a supermarket
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 244: Factors in choosing where to shop, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 245: Most important factor in choosing where to shop, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Who chooses which factors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 246: Profile of people valuing key factors, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Top rank
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 247: Profile of those who chose the factor first, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Regional differences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 248: Regional profile of factor preferences, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Prices – A consumer perspective
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key factors vs where people shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tesco
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 249: Tesco shoppers: Relative importance of key factors, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sainsbury’s
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 250: Sainsbury’s shoppers: Relative importance of key factors, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Asda
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 251: Asda shoppers: Relative importance of key factors, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Morrisons
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 252: Morrisons shoppers: Relative importance of key factors, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Aldi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 253: Aldi shoppers: Relative importance of key factors, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Most important factor
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 254: Most important factor by where people shop most, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The CMA report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Customer satisfaction with grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 255: Overall net satisfaction with main retailer by criteria, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 256: Key drivers of overall satisfaction with the main grocery retailer used, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 257: Overall satisfaction with the main grocery retailer used – Key driver output, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Quality of fresh foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 258: Satisfaction with fresh food quality, by most used retailer, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 259: Satisfaction with ready meal quality, by most used retailer, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 260: Satisfaction with customer service, by most used retailer, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 261: Satisfaction with décor and cleanliness, by most used retailer, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Checkouts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 262: Satisfaction with waiting time at checkout, by most used retailer, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Availability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 263: Satisfaction with availability, by most used retailer, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Satisfaction by retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Attitudes towards opening hours
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 264: Attitudes towards Sunday opening, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 265: Profile of those who agree/disagree with longer opening hours, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 266: Customers of major supermarkets who would like longer opening hours, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Attitudes towards grocery pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 267: Attitudes towards grocers’ pricing, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 268: Attitudes towards supermarket promotion, by where people do their main shop, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 269: Trust in supermarket price matching promises, by where people do their main shop, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 270: People thinking that supermarkets raise prices ahead of promotions, by where they do their main shop, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Grocers and non-foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 271: Attitudes towards buying non-foods and services from grocery retailers, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Non-foods and retailers used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Impulse buys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 272: Impulse buyers by where they do their main shop, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 273: Buyers of non-foods as part of regular shop, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 274: Users of supermarket financial services by where they do their main shop, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Appendix – Data sources, abbreviations and support information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key driver analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Interpretation of results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 275: Overall satisfaction with the main grocery retailer used – Key driver output, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 276: Satisfaction with the main grocery retailer used, August 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • VAT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Ahold Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ahold and Delhaize to merge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online: a key growth area
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Innovative store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 277: Ahold Group: Retail division financial performance, excl. VAT, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 278: Ahold Group: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Aldi

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Aldi Sud still the innovator
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Costs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Everywhere else
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 279: Aldi: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 280: Aldi: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Asda Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Poor performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Cost cutting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Quality
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The customer point of view
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Black Friday
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where next
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 281: Asda Group Ltd: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 282: Asda Group Ltd: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Auchan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A primarily hypermarket business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Growing importance of Eastern Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What of the future?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 283: Auchan: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 284: Auchan: Revenue by region, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 285: Auchan: Retail sales estimates by country (Europe only), 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 286: Auchan: Outlet data (consolidated stores only), 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Other retail formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Groupe Auchan – Non retail activities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail Offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Carrefour

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Turnaround plan bearing fruit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Smaller stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online a prime focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 287: Carrefour: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 288: Carrefour: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 289: Carrefour (Europe): Outlet numbers 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 290: Carrefour: European hypermarket numbers (directly operated stores only), 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 291: Carrefour: European supermarket numbers (directly operated stores only), 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 292: Carrefour: European C-store numbers (directly operated stores only), 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Casino

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Reinventing Géant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Middle ground the problem
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A focus on convenience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 293: Casino: Group financial performance, excl. sales tax, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 294: Casino: Outlet data (excluding franchises), 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The Co-operative Food

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Bringing down the price of fresh food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Local and to-go
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • No plans to launch into online grocery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Large stores strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Meeting demand for little, but often grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 295: The Co-operative Food: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 296: The Co-operative Food: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dia

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Major changes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spain starts to pick up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mixed portfolio adds flexibility
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Balancing a softer positioning with cost efficiencies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • International
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 297: Dia: Group financial performance, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 298: Dia: Group outlet data, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 299: Dia Spain: Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Edeka Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Gastronomy attractions to inspire and attract customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Tapping into growth markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Upgrading the discount in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The first German discount supermarket to join a loyalty scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Innovative time-saving click and collect proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Expanded online offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 300: Edeka Group: Core food retailing financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 301: Edeka Group: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Iceland Foods

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New store format offers more reasons to visit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online operation worth £100m a year in sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Frozen food credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 302: Iceland Foods Ltd: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 303: Iceland Foods Ltd: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Intermarché /ITM Entreprises (Groupement des Mousquetaires)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mag3.E enhanced in-store shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Bargaining strength through joint purchasing alliances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tapping into new technology to make in-store shopping quicker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Polish expansion on the back of dynamic sales growth in 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Drive-thru service expansion and click-and-collect lockers roll-out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 304: Groupement des Mousquetaires (Intermarché /ITM Entreprises): Core European retail activity financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 305: Groupement des Mousquetaires (Intermarché /ITM Entreprises): Core European retail outlet data, 2010-2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Jerónimo Martins

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New strategy to lift Biedronka sales and profitability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leveraging sales through promotions and innovative new products in Portugal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online grocery services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 306: Jerónimo Martins - European grocery retail: financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 307: Jerónimo Martins - European grocery retail: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • E Leclerc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Drive continues to perform well
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Investing for the future
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strengthening its position via alliances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 308: E Leclerc: Group financial performance, excl. VAT, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 309: E.Leclerc: Estimated international sales by country, excl. VAT, Inc. fuel, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 310: E. Leclerc: Group outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marks & Spencer (UK food)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Differentiation through product offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Well positioned to capitalise on the demand for little, but often grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • More stores carrying the full food product range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tapping into wearable technology to make food shopping easier
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Click-and-collect service gives consumers another reason to visit M&S Simply Food stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Enhanced in-store food experiences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Overseas store expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • M&S Sparks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Limited online grocery service, which is sufficient for its positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 311: Marks & Spencer (UK food): Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 312: Marks & Spencer (UK food): Food outlets, by format, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 313: Marks & Spencer (UK food): Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Mercadona

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Solid performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strong balance sheet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Integrated suppliers and own brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Continued investment in stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Competition builds
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 314: Mercadona: Financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 315: Mercadona: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ocado

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appealing to a different market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 316: Ocado: New customer household income distribution (by year of registration), 2010 and May 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Still no news on international tie-up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Amazon eyeing the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Click-and-collect slow to develop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 317: Ocado Ltd: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Real (Metro Group)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New buying deal should bolster Real’s competitive position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store revamp programme yielding positive results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A new and more efficient logistical infrastructure to come on-stream in early 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A new convenient food venture
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 318: Real: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 319: Real: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Rewe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Penny
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where next
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 320: Rewe: Group financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 321: Rewe: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Rewe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Penny
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Penny
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • J. Sainsbury

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sainsbury’s stands out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Doing it right
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Netto
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Where next
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 322: J. Sainsbury: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 323: J. Sainsbury: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Schwarz Group (Lidl, Kaufland)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Cost
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kaufland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Where next
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 324: Schwarz Group: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 325: Schwarz Group: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Spar International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Transit locations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pushing its health and wellness credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Leading the contactless payment revolution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strengthening local ties
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New digital strategy to connect with Millennials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • An award winning brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Building on its foodservice offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 326: Spar International: Retail sales, by country, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 327: Spar International: Outlets, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 328: Spar International: Retail sales area, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 329: Spar International: Sales per sq m, by country, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Moving on
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Dave Lewis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Reinvestment in stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Balance sheet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • International
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Cause for optimism
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 330: Tesco store portfolio, 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 331: Tesco Plc: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 332: Tesco Plc: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Waitrose

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Customised loyalty scheme deepening the brand’s value credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Compelling in-store experiences to drive footfall and increase dwell time
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Building its online business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Customer driven services differentiator
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Adapting to changing consumer shopping habits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 333: Waitrose Ltd: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 334: Waitrose Ltd: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Wm Morrison Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Everyday low price positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Contactless payment, express checkouts, extended opening hours
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bespoke store format that resonates with local communities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 335: Morrisons, Weybridge: Fresh vegetable product display, January 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online service lacks coverage and delivery options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New convenience store format
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Geo-location advertising method boosts intent to buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 336: Wm Morrison Group: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 337: Wm Morrison Group: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tesco (UK)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Supermarkets - Europe - November 2015

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              £2,895.00 (Excl.Tax)