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Supermarkets - Europe - November 2016

“Food retailing is going through particularly difficult times. There is deflation in most markets, which puts pressure on profitability unless there can be compensating cost savings. The hard discounters have revitalised their offer and are an increasingly powerful force in many countries. Their growing importance has led to increased emphasis on price in many countries, though not Germany where they were already strong and competitive prices are considered the norm. At the same time online demand for groceries is growing, though its share is small in most markets, even the UK where it is most developed. Online grocery is dominated by the major food retailers and so is still primarily operated as a service to customers.”
– Richard Perks, Director of Retail Research

The main focus of this report is the five major European countries – France, Germany, Italy, Spain and the UK. Together they account for around 60% of all European retail sales (excluding Russia). But in the European summary we include summary data about the other leading markets in Europe, together with details about the top 60 leading food retailers across all Europe. More information about smaller countries can be found in the European Retail Handbook, September 2016 and in the European Retail Rankings, which will be published in December 2016.

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Table of contents

  1. Europe – Overview

    • Areas covered in this Report
      • Consumer research coverage
        • Technical notes
          • Consumer spending
            • Retail sales
              • Financial definitions
                • Currencies
                  • Abbreviations
                    • VAT rates
                      • Figure 1: VAT rates around Europe, 2011-16
                  • Executive Summary – Europe – The Market

                      • The market
                        • Sector size and forecast
                          • Figure 2: Europe: Food retailers’ sales, excl. VAT, 2011-16
                          • Figure 3: Europe: Food retailers’ forecast sales, excl. VAT, 2016-21
                        • Consumer spending
                          • Figure 4: Europe: Consumer spending on food, drink and tobacco, inc VAT, 2011-15
                          • Figure 5: Europe: Consumer spending on health and beauty products, inc. VAT, 2011-15
                        • Inflation
                          • Figure 6: Europe: Harmonised index of food and non-alcoholic beverages prices, annual % change, 2011-15
                          • Figure 7: Europe: Harmonised index of alcohol and tobacco prices, annual % change, 2011-15
                        • Online
                            • Figure 8: Europe online food retailing: Usage and share of sales, 2015
                          • Leading players
                            • Figure 9: Europe: Leading food retailers, Sales, 2013/14-2015/16
                            • Figure 10: Europe: Leading food retailers, Outlets, 2013/14-2015/16
                            • Figure 11: Europe: Leading food retailers, Sales per outlet, 2013/14-2015/16
                          • Market shares
                            • Figure 12: Europe: Top 20 food retailers relative to all food retailers sales, 2013/14-2015/16
                          • What we think
                            • Food shopping habits changing
                              • Discounters have gained strength
                                • C-stores are a growth area
                                  • UK leads the way online
                                    • Where next?
                                    • Executive Summary – Europe – The Consumer

                                        • Frequency of grocery shopping
                                          • Figure 13: Europe: Frequency of grocery shopping, average times per week, September 2016
                                        • How they shop – In-store versus online
                                          • Figure 14: Continental Europe: In-store vs online grocery shopping, main weekly/monthly shop, September 2016
                                          • Figure 15: Continental Europe: In-store vs online grocery shopping, smaller/top-up shops, September 2016
                                        • Types of retailer used
                                          • Figure 16: Europe: Food retailers used in the last six months, Q3 2016
                                        • Reasons for shopping at the most-used retailer
                                          • Top rank
                                            • Figure 17: Europe: Top five reasons for shopping at the retailer they spend the most with in a typical month, September 2016
                                          • Any rank
                                            • Figure 18: Europe: Reasons for shopping at the retailer they spend the most with in a typical month, any rank, September 2016
                                            • Figure 19: Ranking of reasons for choosing a retailer by proportion choosing that factor, September 2016
                                          • Attitudes to grocery shopping.
                                            • Organics
                                              • Figure 20: Europe: Those agreeing that organics are worth paying more for, Q3 2016
                                            • Waste
                                              • Figure 21: Europe: Those who do not buy special offers to avoid throwing things away, Q3 2016
                                            • Market leaders
                                              • Figure 22: Europe: Most used retailer by country, % spending most there in a typical month, September 2016
                                          • Executive Summary – Europe – Innovation and Launch Activity

                                            • Vending machine for round-the-clock grocery shopping
                                              • Helping consumers shop more efficiently for groceries
                                                • VR in the supermarket
                                                  • Fresh produce grown on-site
                                                    • Sicilian-based grocery chain Prezzemolo & Vitale opens its first store in London
                                                      • Simply offers personal assistant service for the blind
                                                        • Edeka launches new cooking channel on YouTube
                                                          • Aldi launches 'well-being portal' online
                                                            • Click-and-collect for consumers who are travelling by boat
                                                              • Carrefour Market trials one-hour delivery system
                                                              • France

                                                                • Overview
                                                                  • What you need to know
                                                                    • Areas covered in this Report
                                                                      • Executive Summary
                                                                        • The market
                                                                          • Spending and inflation
                                                                            • Figure 23: France: Grocery market size segmentation, 2015
                                                                          • Channels of distribution
                                                                            • Figure 24: France: Estimated distribution of spending on food and drink, 2015
                                                                          • Sector size and forecast
                                                                            • Figure 25: France: Retail sales by format, annual % growth in value sales (incl. VAT), 2011-15
                                                                          • Leading players
                                                                            • Key metrics
                                                                              • Market shares
                                                                                • Figure 26: France: Leading grocers’ shares of all food retailers sales, 2015
                                                                              • Online
                                                                                • Figure 27: France: Leading grocery retailers’ turnover from Drive services, 2015
                                                                              • The consumer
                                                                                • Who shops for groceries
                                                                                  • How they shop for groceries
                                                                                    • Figure 28: France: Reasons for shopping for groceries online, Q1 2016
                                                                                  • Where they shop for groceries
                                                                                    • Figure 29: France: Grocery retailer they spend the most with in a typical month, September 2016
                                                                                  • Reasons for shopping at preferred retailer
                                                                                    • Figure 30: France: Reasons for shopping at the retailer they spend the most with in a typical month, September 2016
                                                                                  • What we think
                                                                                    • Issues and Insights
                                                                                      • A changing retail environment
                                                                                        • The facts
                                                                                          • The implications
                                                                                            • Ethical shopping
                                                                                              • The facts
                                                                                                • The implications
                                                                                                  • The Market – What You Need to Know
                                                                                                    • A weak economy
                                                                                                      • Spending on food and drink non-discretionary
                                                                                                        • Price holding back value growth
                                                                                                          • Grocers are the primary channel for buying food and drink
                                                                                                            • Total retail sales recovered in 2015, further growth forecast in 2016
                                                                                                              • Spending and Inflation
                                                                                                                • Economic growth is sluggish
                                                                                                                  • Deflation and price war holding back spending on groceries
                                                                                                                    • Figure 31: France: Consumer spending on food, drink and tobacco (incl. VAT), 2011-16
                                                                                                                  • Inflation
                                                                                                                    • Figure 32: France: Consumer prices of food and drink, annual % change, 2011-15
                                                                                                                    • Figure 33: France: Consumer prices of food and drink, annual % change, March 2015-Sept 2016
                                                                                                                  • Channels of distribution
                                                                                                                    • Figure 34: France: Proportion of consumers shopping for groceries at various types of shop in the last six months, Q1 2016
                                                                                                                  • Grocers dominate
                                                                                                                    • Specialists a vital part of French daily life
                                                                                                                      • Other players’ share is small
                                                                                                                        • Figure 35: France: Estimated distribution of spending on food and drink, 2015
                                                                                                                      • Sector Size and Forecast
                                                                                                                        • Total retail sales recovered in 2015, further growth forecast in 2016
                                                                                                                          • Specialists outpacing the grocers
                                                                                                                            • Figure 36: France: Food retailers’ sales (excl. VAT), 2012-16
                                                                                                                          • But smaller stores outperforming larger ones
                                                                                                                            • Figure 37: France: Retail sales by format, annual % growth in value sales (incl. VAT), 2011-15
                                                                                                                          • Decline in non-food sales at the grocers
                                                                                                                            • Figure 38: France: Sales in supermarkets and hypermarkets by type of product, January 2011-November 2014
                                                                                                                            • Figure 39: France: Food retailers’ sales forecast (excl. VAT), 2016-21
                                                                                                                          • Leading Players – What You Need to Know
                                                                                                                            • Retailers evolving to meet demands of changing behaviour
                                                                                                                              • Little change in overall market shares, but variation by store type
                                                                                                                                • Online dominated by Drive services
                                                                                                                                  • Competition hotting up in Paris for rapid home delivery
                                                                                                                                    • Leading Players
                                                                                                                                      • A multi-format sector to serve a changing market
                                                                                                                                        • Hypermarkets in decline…
                                                                                                                                          • …as c-stores and small supermarkets thrive
                                                                                                                                            • Discounters
                                                                                                                                              • Figure 40: France: Leading grocers, by sales (excl. VAT), 2013-15
                                                                                                                                              • Figure 41: France: Leading grocers, outlet numbers, 2013-15
                                                                                                                                              • Figure 42: France: Leading grocers, sales per outlet, 2013-15
                                                                                                                                            • Market Shares
                                                                                                                                                • Figure 43: France: Leading grocers’ shares of all food retailers sales, 2013-15
                                                                                                                                              • Online
                                                                                                                                                • Online sales in France
                                                                                                                                                  • Shopping online for food
                                                                                                                                                    • Figure 44: France: Percentage of all individuals purchasing online in the past 12 months, 2011-15
                                                                                                                                                    • Figure 45: France: Online purchasing, 2011-15
                                                                                                                                                  • Drive dominates e-commerce in groceries
                                                                                                                                                      • Figure 46: France: Leading grocery retailers’ turnover from drive services, 2015
                                                                                                                                                      • Figure 47: France: Leading grocery retailers’ drive locations, January 2016
                                                                                                                                                      • Figure 48: France: Grocery home delivery services, 2016
                                                                                                                                                    • The Consumer – What You Need To Know
                                                                                                                                                      • Shopping still mainly women’s work
                                                                                                                                                        • Top-up shopping widespread
                                                                                                                                                          • Online popular for 20% of people
                                                                                                                                                            • Money concerns influence shopping behaviour
                                                                                                                                                              • Ethical/organic/green shopping on the up
                                                                                                                                                                • Leclerc and Carrefour the most popular grocers
                                                                                                                                                                  • Convenience more important than price
                                                                                                                                                                    • Important factors vary by retailer
                                                                                                                                                                      • Who Shops for Groceries
                                                                                                                                                                        • Two-thirds of adults are responsible for grocery shopping
                                                                                                                                                                          • Figure 49: France: Who is responsible for grocery shopping, September 2016
                                                                                                                                                                        • Men doing more shopping
                                                                                                                                                                          • Figure 50: France: Who is responsible for grocery shopping, by gender, September 2016
                                                                                                                                                                        • How They Shop for Groceries
                                                                                                                                                                          • Top up shopping popular
                                                                                                                                                                            • Figure 51: France: Frequency of grocery shopping, September 2016
                                                                                                                                                                          • In-store versus online
                                                                                                                                                                            • Figure 52: France: In-store vs online grocery shopping, September 2016
                                                                                                                                                                            • Figure 53: France: Frequency of shopping online for groceries in the last six months, Q1 2016
                                                                                                                                                                            • Figure 54: France: Reasons for shopping for groceries online, Q1 2016
                                                                                                                                                                            • Figure 55: France: Reasons for not shopping for groceries online, Q1 2016
                                                                                                                                                                            • Figure 56: France: Grocery purchasing services used in the past/interested in using in the future, Q1 2016
                                                                                                                                                                          • Shopping behaviours
                                                                                                                                                                            • Figure 57: France: Grocery shopping habits, Q3 2016
                                                                                                                                                                          • Ethical/organic/green shopping on the up
                                                                                                                                                                            • Figure 58: France: Grocery shopping habits, Q4 2015 and Q3 2016
                                                                                                                                                                          • Where They Shop for Groceries
                                                                                                                                                                            • A quarter of primary shoppers use Leclerc
                                                                                                                                                                              • Figure 59: France: Grocery retailer they spend the most with in a typical month, September 2016
                                                                                                                                                                              • Figure 60: France: Grocery retailer they spend the most with in a typical month, by average age and income, September 2016
                                                                                                                                                                            • Reasons for Shopping at Most-Used Retailer
                                                                                                                                                                              • Figure 61: France: Reasons for shopping at the retailer they spend the most with in a typical month (net any rank), September 2016
                                                                                                                                                                              • Figure 62: France: Reasons for shopping at the retailer they spend the most with in a typical month, September 2016
                                                                                                                                                                              • Figure 63: France: Agreement that convenience is a reason for shopping at a retailer (net any rank), by retailer, September 2016
                                                                                                                                                                              • Figure 64: France: Agreement that price is a reason for shopping at a retailer (net any rank), by retailer, September 2016
                                                                                                                                                                              • Figure 65: France: Agreement that items being in stock is a reason for shopping at a retailer (net any rank), by retailer, September 2016
                                                                                                                                                                              • Figure 66: France: Agreement that a good range of non-food products is a reason for shopping at a retailer (net any rank), by retailer, September 2016
                                                                                                                                                                              • Figure 67: France: Agreement that friendly/helpful staff are a reason for shopping at a retailer (net any rank), by retailer, September 2016
                                                                                                                                                                            • 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
                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                              • Figure 68: Germany: Annual % change in consumer spending (incl. VAT), 2012-16
                                                                                                                                                                                            • Inflation
                                                                                                                                                                                              • Figure 69: Germany: Consumer prices of food and drink, annual % change, January 2015-September 2016
                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                • Leading players
                                                                                                                                                                                                  • Key metrics
                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                      • Figure 70: Germany: Leading grocers’ shares of all food retailers sales, 2015
                                                                                                                                                                                                    • Online
                                                                                                                                                                                                      • The consumer
                                                                                                                                                                                                        • Who shops for groceries
                                                                                                                                                                                                          • Figure 71: Germany: Who is responsible for grocery shopping, September 2016
                                                                                                                                                                                                        • How they shop for groceries
                                                                                                                                                                                                          • Figure 72: Germany: Frequency of grocery shopping, September 2016
                                                                                                                                                                                                        • Where they shop for groceries
                                                                                                                                                                                                          • Figure 73: Germany: Grocery retailer they spend the most with in a typical month, September 2016
                                                                                                                                                                                                        • Reasons for shopping at most-used retailer
                                                                                                                                                                                                          • Figure 74: Germany: Reasons for shopping at the retailer they spend the most with in a typical month, September 2016
                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                          • Issues and Insights
                                                                                                                                                                                                            • Could shrinking store estates provide impetus for e-commerce?
                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                  • What now for Real?
                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                        • The battle for Kaiser’s Tengelmann
                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                              • The Market – What You Need to Know
                                                                                                                                                                                                                                • Growth in spending slows
                                                                                                                                                                                                                                  • Inflation continues to fall
                                                                                                                                                                                                                                    • Spending split between supermarkets and discounters
                                                                                                                                                                                                                                      • Grocers, the driver of food retailers’ growth
                                                                                                                                                                                                                                        • Low but steady growth forecast
                                                                                                                                                                                                                                          • Spending and Inflation
                                                                                                                                                                                                                                            • German growth driven by consumption
                                                                                                                                                                                                                                              • Falling inflation slows growth in spending on food
                                                                                                                                                                                                                                                • Figure 75: Germany: Consumer spending on food, drink and tobacco (incl. VAT), 2011-16
                                                                                                                                                                                                                                              • Inflation continues to fall
                                                                                                                                                                                                                                                • Figure 76: Germany: Consumer prices of food and drink, annual % change, 2011-15
                                                                                                                                                                                                                                                • Figure 77: Germany: Consumer prices of food and drink, annual % change, January 2015-Sept ember 2016
                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                • Figure 78: Germany: Estimated distribution of spending on food, beverages and tobacco, 2015
                                                                                                                                                                                                                                              • Sector Size and Forecast
                                                                                                                                                                                                                                                • Food retailers grow in line with all retail sales
                                                                                                                                                                                                                                                  • Grocers still taking spending away from specialists
                                                                                                                                                                                                                                                    • Figure 79: Germany: Food retailers’ sales (excl. VAT), 2011-16
                                                                                                                                                                                                                                                    • Figure 80: Germany: Food retailers’ sales forecast (excl. VAT), 2016-21
                                                                                                                                                                                                                                                  • Leading Players – What You Need to Know
                                                                                                                                                                                                                                                    • Supermarkets’ share of leading retailers’ sales stabilises
                                                                                                                                                                                                                                                      • Edeka leads
                                                                                                                                                                                                                                                        • Lidl narrows the gap on Aldi
                                                                                                                                                                                                                                                          • Rate of store closures accelerates
                                                                                                                                                                                                                                                            • Little change in market shares
                                                                                                                                                                                                                                                              • Online remains small
                                                                                                                                                                                                                                                                • Leading Players
                                                                                                                                                                                                                                                                  • Little change in share by operation
                                                                                                                                                                                                                                                                      • Figure 81: Germany: Share of leading 15 grocery retailers’ sales, by operation type, 2013-15
                                                                                                                                                                                                                                                                    • Edeka, the market leader
                                                                                                                                                                                                                                                                      • Aldi comes together
                                                                                                                                                                                                                                                                        • Real continues to decline
                                                                                                                                                                                                                                                                          • Could the battle for Kaiser’s Tengelmann be at an end?
                                                                                                                                                                                                                                                                            • Figure 82: Germany: Leading grocers, by sales (excl. VAT), 2013-15
                                                                                                                                                                                                                                                                            • Figure 83: Germany: Leading grocers, outlet numbers, 2013-15
                                                                                                                                                                                                                                                                            • Figure 84: Germany: Leading grocers, Sales per outlet, 2013-15
                                                                                                                                                                                                                                                                          • Market Shares
                                                                                                                                                                                                                                                                            • Figure 85: Germany: Leading grocers’ shares of all food retailers’ sales, 2013-15
                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                            • Online sales in Germany
                                                                                                                                                                                                                                                                              • Shopping online for food
                                                                                                                                                                                                                                                                                • Figure 86: Germany: Percentage of all individuals purchasing online in the past 12 months, 2011-15
                                                                                                                                                                                                                                                                                • Figure 87: Germany: Percentage of all individuals that have made an online food purchase in the last 12 months, European comparisons, 2011-15
                                                                                                                                                                                                                                                                              • Online grocery players
                                                                                                                                                                                                                                                                                • Edeka introduces collection points
                                                                                                                                                                                                                                                                                  • Lidl launches an online shop in Berlin
                                                                                                                                                                                                                                                                                    • Rewe enhances its delivery service
                                                                                                                                                                                                                                                                                      • Still waiting on Amazon Fresh
                                                                                                                                                                                                                                                                                        • The Consumer – What You Need To Know
                                                                                                                                                                                                                                                                                          • 63% wholly responsible for grocery shopping
                                                                                                                                                                                                                                                                                            • Germans prefer to shop multiple times per week
                                                                                                                                                                                                                                                                                              • German consumers stick to what they know
                                                                                                                                                                                                                                                                                                • Lidl, the most popular
                                                                                                                                                                                                                                                                                                  • Convenience is the most important factor
                                                                                                                                                                                                                                                                                                    • Who Shops for Groceries
                                                                                                                                                                                                                                                                                                      • More Germans take full responsibility for grocery shopping
                                                                                                                                                                                                                                                                                                        • Figure 88: Germany: Who is responsible for grocery shopping, September 2015/September 2016
                                                                                                                                                                                                                                                                                                        • Figure 89: Germany Who is responsible for grocery shopping, by age and gender, September 2016
                                                                                                                                                                                                                                                                                                      • How They Shop for Groceries
                                                                                                                                                                                                                                                                                                        • Germans prefer to shop a few times a week
                                                                                                                                                                                                                                                                                                          • Figure 90: Germany: Frequency of grocery shopping, September 2016
                                                                                                                                                                                                                                                                                                        • In-store shopping still preferred
                                                                                                                                                                                                                                                                                                          • Figure 91: Germany: In-store vs online grocery shopping, September 2016
                                                                                                                                                                                                                                                                                                        • Online more popular with the young
                                                                                                                                                                                                                                                                                                          • Figure 92: Germany: In-store vs online grocery shopping, by age, September 2016
                                                                                                                                                                                                                                                                                                        • Why they don’t shop online
                                                                                                                                                                                                                                                                                                          • Figure 93: Germany: Reasons for not shopping for groceries online, Q1 2016
                                                                                                                                                                                                                                                                                                        • Why they shop online
                                                                                                                                                                                                                                                                                                          • Figure 94: Germany: Reasons for shopping for groceries online, Q1 2016
                                                                                                                                                                                                                                                                                                        • Where They Shop for Groceries
                                                                                                                                                                                                                                                                                                          • Figure 95: Germany: Grocery retailer they spend the most with in a typical month, September 2016
                                                                                                                                                                                                                                                                                                        • Shoppers increasingly spending the most at Aldi
                                                                                                                                                                                                                                                                                                          • Figure 96: Germany: Grocery retailer they spend the most with in a typical month, September 2014/2016
                                                                                                                                                                                                                                                                                                        • Edeka targets the younger shoppers at Kaiser’s Tengelmann
                                                                                                                                                                                                                                                                                                          • Figure 97: Germany: Grocery retailer they spend the most with in a typical month, by average age and income, September 2016
                                                                                                                                                                                                                                                                                                        • Reasons for Shopping at the Most-Used Retailer
                                                                                                                                                                                                                                                                                                          • Promotions are a popular attraction
                                                                                                                                                                                                                                                                                                            • Price and convenience most important factors
                                                                                                                                                                                                                                                                                                              • Figure 98: Germany: Reasons for shopping at the retailer they spend the most with in a typical month, September 2016
                                                                                                                                                                                                                                                                                                            • 45-54 year olds prioritise convenience
                                                                                                                                                                                                                                                                                                              • Figure 99: Germany: Selected reasons for shopping at the retailer they spend the most with, 1st rank, by age group, September 2016
                                                                                                                                                                                                                                                                                                            • Importance of low prices
                                                                                                                                                                                                                                                                                                              • Figure 100: Germany: Importance of having the lowest prices, by retailer they spend the most with, September 2016
                                                                                                                                                                                                                                                                                                            • Lidl shoppers focus on price
                                                                                                                                                                                                                                                                                                              • Figure 101: Germany: Reasons for shopping at Lidl, net any rank percentage point difference from the overall average, September 2016
                                                                                                                                                                                                                                                                                                            • Aldi offers price and speed
                                                                                                                                                                                                                                                                                                              • Figure 102: Germany: Reasons for shopping at Aldi, net any rank percentage point difference from the overall average, September 2016
                                                                                                                                                                                                                                                                                                            • Rewe appeals on quality
                                                                                                                                                                                                                                                                                                              • Figure 103: Germany: Reasons for shopping at Rewe, net any rank percentage point difference from the overall average, September 2016
                                                                                                                                                                                                                                                                                                            • Edeka/Marktkauf maintain high standards
                                                                                                                                                                                                                                                                                                              • Figure 104: Germany: Reasons for shopping at Edeka/Marktkauf, net any rank percentage point difference from the overall average, September 2016
                                                                                                                                                                                                                                                                                                            • Kaufland offers broad range of promotions
                                                                                                                                                                                                                                                                                                              • Figure 105: Germany: Reasons for shopping at Kaufland, net any rank percentage point difference from the overall average, September 2016
                                                                                                                                                                                                                                                                                                            • Netto stands out for its loyalty scheme
                                                                                                                                                                                                                                                                                                              • Figure 106: Germany: Reasons for shopping at Netto, net any rank percentage point difference from the overall average, September 2016
                                                                                                                                                                                                                                                                                                            • 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
                                                                                                                                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                                                                                                                                              • Figure 107: Italy: Annual % change in consumer spending, 2012-16
                                                                                                                                                                                                                                                                                                                            • Inflation
                                                                                                                                                                                                                                                                                                                              • Figure 108: Italy: Consumer prices of food and drink, annual % change, Jan 2015 – Oct 2016
                                                                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                                                                              • Figure 109: Italy: Estimated distribution of spending on food and beverages, 2015
                                                                                                                                                                                                                                                                                                                            • Sector size and forecast
                                                                                                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                                                                                                • Key metrics
                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                    • Figure 110: Italy: Leading grocers’ share of all food retailers’ sales, 2015
                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                    • The consumer
                                                                                                                                                                                                                                                                                                                                      • Who shops for groceries
                                                                                                                                                                                                                                                                                                                                        • Figure 111: Italy: Who is responsible for grocery shopping, September 2015/September 2016
                                                                                                                                                                                                                                                                                                                                      • How they shop for groceries
                                                                                                                                                                                                                                                                                                                                        • Figure 112: Italy: Frequency of grocery shopping, September 2016
                                                                                                                                                                                                                                                                                                                                      • Where they shop for groceries
                                                                                                                                                                                                                                                                                                                                        • Figure 113: Italy: Grocery retailer they spend the most with in a typical month, September 2015/ September 2016
                                                                                                                                                                                                                                                                                                                                      • Reasons for shopping at most-used retailer
                                                                                                                                                                                                                                                                                                                                        • Figure 114: Italy: Reasons for shopping at the retailer they spend the most with in a typical month, September 2016
                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                        • Issues and Insights
                                                                                                                                                                                                                                                                                                                                          • The Italian home-grown discount sector
                                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                                • A changing of the guard
                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                      • The Market – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                        • Consumer spending picks up
                                                                                                                                                                                                                                                                                                                                                          • Inflation remains low
                                                                                                                                                                                                                                                                                                                                                            • Grocers account for 76% of spending on food and drink
                                                                                                                                                                                                                                                                                                                                                              • 2015 was a better year for food retailers
                                                                                                                                                                                                                                                                                                                                                                • Low growth forecast
                                                                                                                                                                                                                                                                                                                                                                  • Spending and Inflation
                                                                                                                                                                                                                                                                                                                                                                    • Italian economy remains weak
                                                                                                                                                                                                                                                                                                                                                                      • Consumer spending growth picks up
                                                                                                                                                                                                                                                                                                                                                                        • Figure 115: Italy: Consumer spending on food, drink and tobacco (incl. VAT), 2011-16
                                                                                                                                                                                                                                                                                                                                                                      • Inflation
                                                                                                                                                                                                                                                                                                                                                                        • Figure 116: Italy: Consumer prices of food and drink, annual % change, 2011-15
                                                                                                                                                                                                                                                                                                                                                                        • Figure 117: Italy: Consumer prices of food and drink, annual % change, January 2015-October 2016
                                                                                                                                                                                                                                                                                                                                                                      • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                        • Figure 118: Italy: Estimated distribution of spending on food and beverages, 2015
                                                                                                                                                                                                                                                                                                                                                                        • Figure 119: Italy: Estimated distribution of spending on food and beverages, 2011-15
                                                                                                                                                                                                                                                                                                                                                                      • Sector Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                        • 2015 was a better year for food retailers
                                                                                                                                                                                                                                                                                                                                                                          • Figure 120: Italy: Food retailers’ sales (excl. VAT), 2011-16
                                                                                                                                                                                                                                                                                                                                                                          • Figure 121: Italy: Food retailers’ sales forecast (excl. VAT), 2016-21
                                                                                                                                                                                                                                                                                                                                                                        • Leading Players – What You Need To Know
                                                                                                                                                                                                                                                                                                                                                                          • Coop Italia sales stabilise
                                                                                                                                                                                                                                                                                                                                                                            • Aldi to launch in 2017
                                                                                                                                                                                                                                                                                                                                                                              • Outlet numbers continue to decline
                                                                                                                                                                                                                                                                                                                                                                                • Coop loses its market leading position
                                                                                                                                                                                                                                                                                                                                                                                  • Online remains small
                                                                                                                                                                                                                                                                                                                                                                                    • Leading Players
                                                                                                                                                                                                                                                                                                                                                                                      • Conad takes number one position
                                                                                                                                                                                                                                                                                                                                                                                        • Coop Italia sales stabilise
                                                                                                                                                                                                                                                                                                                                                                                          • Esselunga focusing on price
                                                                                                                                                                                                                                                                                                                                                                                            • Aldi to launch in 2017
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 122: Italy: Leading grocers, by sales (excl. VAT), 2013-15
                                                                                                                                                                                                                                                                                                                                                                                            • Outlet numbers continue to decline
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 123: Italy: Leading grocers, outlet numbers, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 124: Italy: Leading grocers, sales per outlet, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                            • Market Shares
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 125: Italy: Leading grocers’ shares of all food retailers’ sales, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                                                                                                                              • Online sales in Italy
                                                                                                                                                                                                                                                                                                                                                                                                • Shopping online for food
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 126: Italy: Percentage of all individuals purchasing online in the past 12 months, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 127: Italy: Online purchasing in the past 12 months, European comparisons, 2015
                                                                                                                                                                                                                                                                                                                                                                                                • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                  • The Consumer – What You Need To Know
                                                                                                                                                                                                                                                                                                                                                                                                    • More consumers taking responsibility for grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                      • Italians are regular shoppers
                                                                                                                                                                                                                                                                                                                                                                                                        • Coop Italia still the most popular primary shopping destination
                                                                                                                                                                                                                                                                                                                                                                                                          • Price and convenience the main reasons for shopping
                                                                                                                                                                                                                                                                                                                                                                                                            • Who Shops for Groceries
                                                                                                                                                                                                                                                                                                                                                                                                              • Taking on more responsibility
                                                                                                                                                                                                                                                                                                                                                                                                                • Italians share responsibility more than their European peers
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 128: Italy: Who is responsible for grocery shopping, September 2015/September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                • 25-34 year-olds take greater responsibility
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 129: Italy: Who is responsible for grocery shopping, by age, September 2015/September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 130: Italy: Who is responsible for grocery shopping, by age and gender, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                • How They Shop for Groceries
                                                                                                                                                                                                                                                                                                                                                                                                                  • Italians are frequent shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 131: Italy: Frequency of grocery shopping, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                  • In-store versus online
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 132: Italy: In-store vs online grocery shopping, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                  • Effort saving benefits of online shopping
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 133: Italy: Reasons for shopping for groceries online, Q1 2016
                                                                                                                                                                                                                                                                                                                                                                                                                  • Italians prefer to stick to what they know
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 134: Italy: Reasons for not shopping for groceries online, Q1 2016
                                                                                                                                                                                                                                                                                                                                                                                                                  • Online services struggling to convince shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 135: Italy: Grocery purchasing services used in the past/interested in using in the future, Q1 2016
                                                                                                                                                                                                                                                                                                                                                                                                                  • Bargain hunting on the rise
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 136: Italy: Grocery shopping habits, Q3 2016
                                                                                                                                                                                                                                                                                                                                                                                                                  • Where They Shop for Groceries
                                                                                                                                                                                                                                                                                                                                                                                                                    • Coop Italia still the most popular grocery retailer
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 137: Italy: Grocery retailer they spend the most with in a typical month, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                    • Conad Group closes the gap
                                                                                                                                                                                                                                                                                                                                                                                                                      • Discounters capturing primary shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 138: Italy: Grocery retailer they spend the most with in a typical month, September 2015/ September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                      • Conad attracts the oldest shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 139: Italy: Grocery retailer they spend the most with in a typical month, by average age and income, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                      • Reasons for Shopping at Most-Used Retailer
                                                                                                                                                                                                                                                                                                                                                                                                                        • Price and convenience the main draws
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 140: Italy: Reasons for shopping at the retailer they spend the most with in a typical month, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                        • Priorities driven by necessity
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 141: Italy: Primary reason for shopping at grocery retailers, by average age and income, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                        • Coop Italia shoppers favour range and reliability
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 142: Italy: Reasons for shopping at Coop Italia, net any rank percentage point difference from the overall average, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                        • Conad shoppers want promotions and convenience
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 143: Italy: Reasons for shopping at Conad, net any rank percentage point difference from the overall average, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                        • Eurospin is all about the money
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 144: Italy: Reasons for shopping at Eurospin, net any rank percentage point difference from the overall average, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                        • Lidl has a broader appeal
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 145: Italy: Reasons for shopping at Lidl, net any rank percentage point difference from the overall average, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                        • Carrefour offers a fast and friendly shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 146: Italy: Reasons for shopping at Carrefour, net any rank percentage point difference from the overall average, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                        • 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
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 147: Spain: Annual % change in consumer spending, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 148: Spain: Consumer prices of food and drink, annual % change, April 2015 – September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 149: Spain: Estimated distribution of spending on food, drink and tobacco, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 150: Spain: Leading grocers’ shares of all food retailers’ sales, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 151: Spain: Percentage of individuals buying online in the past 12 months, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Who shops for groceries
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 152: Spain: Who is responsible for grocery shopping, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                • How they shop for groceries
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 153: Spain: Frequency of grocery shopping, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Where they shop for groceries
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 154: Spain: Grocery retailer they spend the most with in a typical month, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Reasons for shopping at most-used retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Issues and Insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strengthening multichannel offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tapping into changing shopping habits
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Market – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer spending boosted by economic recovery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Food price inflation continues to rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Grocers account for more than two-thirds of spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail sales growth at food specialists set to slow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Spending and Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The economy in Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer spending on food and drink
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 155: Spain: Consumer spending on food, drink and tobacco (incl. VAT), 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 156: Spain: Consumer prices of food and drink, annual % change, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 157: Spain: Consumer prices of food and drink, annual % change, April 2015 – September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Grocers account for 71% of food and drink market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 158: Spain: Estimated distribution of spending on food, drink and tobacco, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sector Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Growth of food specialists outpacing grocers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 159: Spain: Food retailers’ sales (excl. VAT), 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 160: Spain: Forecast food retailers’ sales (excl. VAT), 2016-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading Players – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mercadona continues to dominate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Smaller, more frequent grocery shopping drives growth in convenience operations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Discounters grow market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online remains untapped
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading Players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mercadona maintains market leading position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retailers grow convenience operations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Discounters continue to strengthen their position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 161: Spain: Leading grocers, by sales (excl. VAT), 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 162: Spain: Leading grocers, outlet numbers, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 163: Spain: Leading grocers, sales per outlet, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market Shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consolidation continues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 164: Spain: Leading grocers’ shares of all food retailers sales, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online sales in Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 165: Spain: Estimated online sales by product category, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Shopping online for food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 166: Spain: Percentage of all individuals purchasing online in the past 12 months, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 167: Spain: Online purchasing, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 168: Europe: Percentage of all individuals purchasing online in the past 12 months, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Leading players in online grocery retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Amazon growing its fresh grocery offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The Consumer – What You Need To Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Responsibility falls on female consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Two-thirds of people shop more than once a week
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumers still reluctant to embrace online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mercadona holds its dominant position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Who Shops for Groceries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A rise in the number of people responsible for food shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 169: Spain: Who is responsible for grocery shopping, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 170: Spain: Who is responsible for grocery shopping, September 2015 and September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Two-thirds of women take responsibility for grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 171: Spain: Who is responsible for grocery shopping, by gender, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The gender gap most pronounced amongst older consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 172: Spain: Who is responsible for grocery shopping, by age and gender, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • How They Shop for Groceries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Two-thirds of consumers shop more than once a week
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 173: Spain: Frequency of grocery shopping, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • In-store vs online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 174: Spain: In store vs online grocery shopping, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Changing grocery shopping behaviour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 175: Spain: Grocery shopping habits, by gender and age, Q3 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Reasons for not shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 176: Spain: Grocery shopping habits, by gender and age, Q1 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Where They Shop for Groceries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Mercadona the go-to-retailer for a third of consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 177: Spain: Grocery retailer they spend the most with in a typical month, September 2015-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Primary retailer impacted by financial situation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 178: Spain: Grocery retailer they spend the most with in a typical month, by average age and income, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Reasons for Shopping at Most-Used Retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Convenience influences where consumers choose to shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 179: Spain: Reasons for shopping at the retailer they spend the most within a typical month (net any rank), September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 180: Spain: Reasons for shopping at the retailer they spend the most with in a typical month, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dia and Carrefour’s loyalty cards attract shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 181: Spain: Reasons for shopping at the retailer they spend the most with in a typical month (net any rank), by retailer, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Appendix – Data Sources, Abbreviations and Supporting Information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Products covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Executive Summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Confidence: bouncing back following Brexit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Record deflation in the food categories but price rises imminent
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 182: Food and drink inflation, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer spending on food takes a dive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 183: Annual % change in the value, volume and prices in the food category, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Supermarkets’ sales falling but positive growth on the horizon
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 184: Supermarkets market size (inc. VAT), 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Increased choice has chipped away at sector share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 185: Estimated breakdown of sector sales, by channel, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The big four continue to lose market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 186: Leading grocery retailers: Share of sector sales, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Continued growth in online could hurt supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 187: Leading online grocery retailers’ estimated market shares (excluding VAT), 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Morrisons and Waitrose lead on fresh food allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 188: UK leading food retailers: food and drink categories as a percentage of total space allocated to food and drink, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Improved levels of trust at Tesco, Sainsbury’s and Morrisons
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 189: Attitudes towards and usage of selected brands, October and January 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Most shop multiple times per week
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 190: Frequency of grocery shopping, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Most still spend the most in supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 191: Formats where the most money is spent in a typical month, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tesco the dominant player
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 192: Primary and secondary usage by grocery, retailer used, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Why they shop in supermarkets…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 193: Why they spend the most in supermarkets, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …and why they don’t
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 194: Why they do not spend the most in supermarkets, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Availability a core concern for supermarket shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 195: Areas that supermarkets shoppers would like to see improved, any rank, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Shoppers in favour of the move to EDLP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 196: Attitudes towards pricing and promotions, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Own-brand the differentiator
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 197: Attitudes towards range reduction and own-brand, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brexit is likely to place greater scrutiny on sourcing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 198: Attitudes towards sourcing and the effect of Brexit, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Issues and Insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Will Brexit cause a greater focus on sourcing?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Own-brand: more important than ever?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Non-foods: an increasingly competitive battleground
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The Market – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Confidence rising steadily
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Deflation persists but price rises on the horizon
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer spending on food and drink falls in 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Supermarkets sector continues to see sales decline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Supermarkets have lost sector share consistently since 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market Drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer confidence rises steadily
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 199: Consumer confidence: Current financial situation vs sentiment for the coming year, January 2014-September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Inflation remains low
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 200: Food and drink inflation, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Growth in the number of convenience stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 201: Store numbers of the leading convenience operators, by operation, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Growth in other channels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 202: Market size for online grocery retailing and discounter grocers, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumers prepared for increasing cost of living
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 203: Consumer views on the impact of Brexit, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Private renting increases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 204: UK household tenure status, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer Spending on Food and Drink
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 205: Consumer spending on core food and drink categories, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spending on food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 206: Annual % change in the value, volume and prices in the food category, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • How food spending breaks down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 207: Composition of consumer spending on food, categories as a % of total spending, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spending on non-alcoholic drinks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 208: Annual % change in the value, volume and prices in the non-alcoholic beverages category, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spending on alcoholic drinks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 209: Annual % change in the value, volume and prices in the alcoholic beverages category, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 210: Composition of consumer spending on alcoholic drinks, categories as a % of total spending, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sector sales slowed by deflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 211: All food retail sales (inc. VAT), 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 212: All food retail sales, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Supermarkets’ sales fall once more in 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 213: Supermarkets’ market size and forecast (inc. VAT), 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 214: Supermarkets: market size and forecast (inc. VAT), 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Supermarket share predicted to continue to fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 215: Percentage of grocer sector sales accounted for by supermarkets, 2011-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The impact of the EU referendum vote on the grocery sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The grocery sector has been resilient in previous slowdowns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 216: Alternative market scenarios for the post-Brexit grocery sector, at current prices, 2016-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 217: Detailed post-Brexit scenarios for the grocery sector, at current prices, 2016-21
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The grocery sector is more insulated from economic slowdown than other sectors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The effect on supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Same again?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Changes in methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Channels of Distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Despite falling share, supermarkets remain the dominant force
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 218: Estimated channels of distribution for grocery retail sales, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 219: Estimated breakdown of sector sales, by channel, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The Consumer – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The majority shop multiple times per week
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Many still spend the most in supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco is the dominant player
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Historical strengths remain but increased choice is hurting supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Availability a core concern for supermarket shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shoppers in favour of the move to EDLP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brexit is likely to place greater scrutiny on sourcing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • How They Shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Who does the shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 220: Who is responsible for grocery shopping, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Most combine a main shop with a top-up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 221: Grocery shopping behaviours, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Older consumers more likely to shop purely on a top-up basis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 222: Grocery shopping behaviours, by age, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Frequency of shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 223: Frequency of grocery shopping, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Changing definition of what constitutes a main shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 224: Frequency of shop, by shopping behaviour, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Age affects shopping frequency…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 225: Frequency of shop, by age, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • …as does the area lived in
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 226: Frequency of shop, by area lived in, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where They Shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Despite falling market share the majority spend the most in supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 227: Formats where the most money is spent in a typical month, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Younger consumers more likely to look elsewhere
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 228: Formats where the most money is spent in a typical month, by age, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Discounters have made up the most ground in the North
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 229: Format where the most money is spent, by region, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Top-ups taking away market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 230: Formats where the most money is spent in a typical month, by frequency of shop, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Which Retailers Do They Use?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco out in front
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 231: Total grocery retailer usage, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco also grabs the most primary shops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 232: Primary and secondary usage, by grocery retailer used, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Main shop trend: Asda losing shoppers fast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 233: Retailer spent most money with, trend data, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Secondary shop trend: small changes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 234: Secondary usage, by grocery retailer used, 2015 and 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Discounters taking more secondary shops from Asda and Morrisons
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 235: Where leading players’ primary shoppers also shop, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shopper profiles: primary shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 236: Retailers used for primary shops, by average age and socio-economic group, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 237: Retailers’ primary shoppers, by region lived in, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shopper profiles: secondary shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 238: Retailers used for secondary shops, by average age and socio-economic group, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 239: Retailers used for secondary shops, by region lived in, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 240: Retailers used for secondary shops, by region lived in, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Repertoire of secondary shops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 241: Number of retailers used for secondary shops, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Why They Do (and Do Not) Spend the Most in Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Historical strengths ring true for supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 242: Why they spend the most in supermarkets, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key reasons by age
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 243: Leading reasons why they spend the most in supermarkets, by age, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Reasons by retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 244: Reasons for spending the most in a supermarket in a typical month, by retailer where the most is spent in a typical month, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Increased choices are driving some away
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 245: Why they do not spend the most in supermarkets, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Those living in urban areas more likely to have an alternative
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 246: Why they do not spend the most in supermarkets, by area lived in, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What They Would Change About Where They Shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Availability a concern
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 247: Areas that grocery shoppers would like to see improved, any rank, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 248: Areas that grocery shoppers would like to see improved, by rank, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retailer-specific concerns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Tesco: Quality concerns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 249: Overall ranking of factors supermarket shoppers would like to see improved, by total and by Tesco shoppers, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 250: What Tesco shoppers would improve, any rank, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sainsbury’s: Range a positive, but more information is needed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 251: Overall ranking of factors supermarket shoppers would like to see improved, by total and by Sainsbury’s shoppers, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 252: What Sainsbury’s shoppers would improve, any rank, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Asda: A good deal of change needed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 253: Overall ranking of factors supermarket shoppers would like to see improved, by total and by Asda shoppers, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 254: What Asda shoppers would improve, any rank, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Morrisons: Range of non-foods singled out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 255: Overall ranking of factors supermarket shoppers would like to see improved, by total and by Morrisons shoppers, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 256: What Morrisons shoppers would improve, any rank, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Aldi: Quality of goods a real strength
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 257: Overall ranking of factors supermarket shoppers would like to see improved, by total and by Aldi shoppers, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 258: What Aldi shoppers would improve, any rank, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Attitudes Towards Pricing and Promotions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumers in favour of the move to EDLP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 259: Attitudes towards pricing and promotions, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sainsbury’s shoppers less convinced by EDLP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 260: Agreement with statements around pricing and promotions, by retailer where the most money is spent, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Younger consumers far less price-aware
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 261: Agreement with the statement ‘I rarely pay attention to prices when in a grocery stores’, by gender and age, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • In an EDLP world own-brand will be increasingly important
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 262: Attitudes towards range reduction and own-brand, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tesco shoppers see own-brand as a bigger differentiator
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 263: Agreement with the statement ‘The main difference between supermarket retailers is their own-brands’, by retailer where the most money is spent, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Attitudes towards Brexit, Sourcing and Ethical Products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Over a third expecting price rises post-Brexit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 264: Attitudes towards the effect of Brexit on pricing, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sourcing is likely to be thrown into the spotlight in a post-Brexit market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 265: Attitudes towards sourcing and the effect of Brexit, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Aldi shoppers want more locally sourced products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 266: Attitudes towards sourcing and the effect of Brexit, by retailer where the most is spent, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Younger consumers particularly aware of potential price rises
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 267: Agreement with the statement “Leaving the European Union will mean we pay more for groceries in the UK”, by age, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ethical products perceived at coming at a (unfair) cost
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 268: Attitudes towards ethical products, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Younger consumers have concerns over the ethics of the discounters
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 269: Agreement with the statement “The discounters, Aldi and Lidl, are less ethical (eg free-range, fair trade etc) than other supermarkets”, by age, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading Retailers – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The big four continue to lose market share, but losses are slowing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online: increasingly a channel in its own right
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail product mix: room to grow non-foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Advertising spend falls in 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Improved levels of trust at Tesco, Sainsbury’s and Morrisons
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Innovation and Launch Activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Making supermarkets a destination again
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 270: Habitat shop-in-shop, Sainsbury’s Nine Elms, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Groceries delivered straight to the fridge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Pop-up wine bars
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Cycle delivery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 271: Sainsbury’s Chop Chop, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Inclusive shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tackling food waste
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Fresh as can be
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 272: INFARM high-tech kitchen garden in Metro store, Berlin, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Free fruit for kids
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Driverless trolleys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Leading Grocery Retailers – Key Metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • 2015: Another challenging year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 273: Leading grocery retailers: Net sales, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store numbers and sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 274: Leading grocery retailers: Store numbers, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 275: Leading grocery retailers: Annual sales per outlet, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sales area and densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 276: Leading grocery retailers: Total sales area, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 277: Leading grocery retailers: Annual sales per sq m, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 278: Leading grocery retailers: Operating profits, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 279: Leading grocery retailers: Operating margins, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market Shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 280: Leading grocery retailers: Share of sector sales, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 281: Leading grocery retailers: Share of sector sales, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 282: Market shares: the big four grocery multiples vs the discounters, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • A note on our market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Space allocation and retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Around half do some online grocery shopping…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 283: Usage of online grocery shopping, December 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …but online only accounts for 5.3% of sector sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 284: Online grocery sales as a % of all grocery retailers’ sector sales, 2011-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Delivery passes: a double-edged sword?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 285: Ownership and interest in delivery passes, December 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 286: Leading online grocery retailers’ estimated market shares (excluding VAT), 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What about Amazon?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 287: Attitudes towards shopping online for groceries from Amazon, December 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Space Allocation Summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Summary data and classifications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 288: Food, non-food standard classifications, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Convenience comparison overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 289: UK leading food retailers’ hypermarket store format: Convenience comparison overview split, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 290: UK leading food retailers’ superstore format: Convenience comparison overview split, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 291: UK leading food retailers’ smaller supermarkets and discounters: Convenience comparison overview split, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Detailed convenience comparison split
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 292: UK leading food retailers’ hypermarket store format: Convenience comparison detailed split, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 293: UK leading food retailers’ superstore format: Convenience comparison detailed split, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 294: UK leading food retailers’ smaller supermarkets and discounters: Convenience comparison detailed split, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Food and drink split
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 295: UK leading food retailers: food and drink categories as a percentage of total space allocated to food and drink, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Detailed space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail Product Mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 296: Leading food retailers: Estimated sales mix, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 297: Leading food retailers: Category sales as % of total sales, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 298: Sales density, by broad category (ex VAT), 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 299: Major food retailers: Estimated market share of key categories, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand Research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 300: Attitudes towards and usage of selected brands, October and January 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 301: Key metrics for selected brands, October and January 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand attitudes: Lidl and Aldi lead on value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 302: Attitudes, by brand, October and January 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand personality: Co-op struggles, but shows signs of improvement
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 303: Brand personality – macro image, October and January 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Discounters are seen as basic, but trendsetting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 304: Brand personality – micro image, October and January 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A good year for Tesco
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A Morrisons renaissance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Asda’s reputation for value continues to dissipate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Lidl and Aldi increasingly seen to offer more than just value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Exclusivity of Waitrose and M&S Food helps them stand out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Co-op behind but moving in the right direction
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Iceland improves its image
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ocado, small but highly recommended
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Advertising and Marketing Activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Total advertising spend falls in 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 305: Recorded above-the-line, online display and direct mail total advertising expenditure by UK supermarket and online grocers, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Asda and Lidl lead advertising spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Changing advertising strategies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Co-op increases adspend to focus on convenience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Competition leads to disputes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 306: Recorded above-the-line, online display and direct mail total advertising expenditure by leading UK grocery retailers, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • TV increases its dominance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 307: Percentage media type split of recorded above-the-line, online display and direct mail total advertising expenditure by UK supermarkets and online grocers, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lidl and Iceland boost spending on TV advertising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ocado prefers press advertising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 308: Percentage of recorded above-the-line, online display and direct mail total advertising expenditure by the UK’s leading grocery retailers, by media type, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Data Sources, Abbreviations and Supporting Information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • VAT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer research methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Detailed space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 309: UK leading food retailers hypermarket store format: detailed space allocation, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 310: UK leading food retailers superstore format: detailed space allocation, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 311: UK leading food retailers smaller supermarkets and discounters: detailed space allocation, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Appendix – Sector Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Forecast Methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ahold Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ahold and Delhaize merger completed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Rebrand of Red Market stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Expanding private-label ranges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Renovation of Albert Heijn XL stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 312: Ahold Europe: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 313: Ahold Europe: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Aldi

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Simpler is better
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 314: Aldi joint advertising campaign, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Slowing growth in the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Entering the Italian market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Experimenting with online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 315: Aldi: Estimated group sales performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 316: Aldi: Number of outlets, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Asda Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Gross margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Cost cutting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Falling market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 317: Asda Group Ltd: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 318: Asda Group Ltd: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Auchan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Making the best of its store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Potential in Central and Eastern Europe despite headwinds
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where now?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 319: Auchan: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 320: Auchan: Outlet data (Europe only), 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Carrefour

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hypermarkets the ongoing weak spot
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online growing in importance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Looking beyond Drive for online grocery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 321: Carrefour: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 322: Carrefour: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 323: Carrefour (Europe): Outlet numbers 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 324: Carrefour: Store numbers by country, December 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 325: Carrefour: European hypermarket numbers (directly operated stores only), 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 326: Carrefour: European supermarket numbers (directly operated stores only), 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 327: Carrefour: European c-store numbers (directly operated stores only), 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Casino

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Casino supermarkets launch new concept for foodies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Hypermarket format recovery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Innovative new click-and-collect service for seafarers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New express home delivery food service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Flexible store format enables grocery shopping at work
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New loyalty scheme with additional benefits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 328: Casino: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 329: Casino: Outlet data and estimated sales per outlet, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Co-operative Food

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New luxe brand to inspire and encourage customers to re-appraise The Co-op Food own-brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tailoring food ranges to local communities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Adapting its stores to make the top-up grocery shopping experience easier and quicker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Price cuts eating into profits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Award winning food-to-go product range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tapping into health issues upper most in consumers' minds
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tackling food waste
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 330: The Co-operative Food: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 331: The Co-operative Food: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Dia

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Investment in new and existing retail formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strengthening buying power with buying groups
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Selling online with Amazon
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Investment in international
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 332: Dia: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 333: Dia: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 334: Dia: Store Formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Edeka Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Independent store operators with local knowledge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Edeka-Kaiser’s Tengelmann deal one step closer to being finalised
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Targeting the growing convenience channel with a new store format
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Inspiring customers to be more adventurous with their cooking
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New decentralised e-commerce concept
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • In-store supermarket burger bar tapping into the food-to-go market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The battle for Kaiser’s Tengelmann
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 335: Edeka Group: Food retail sales performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 336: Edeka Group: Food retail outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Iceland Foods

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Three areas of future focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New concept store provides pointers to future direction of Iceland brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Power of Frozen campaign seeks to change perceptions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Food Warehouse brand taps into retail park popularity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online business shows potential
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 337: Iceland Foods Ltd: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 338: Iceland Foods Ltd: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Intermarché/Netto/ITM Entreprises (Groupement des Mousquetaires)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Territorial store strength focused on proximity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Expansion of 24/7 click-and-collect points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • More generous Intermarché loyalty scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Own brand drive supported by in-house R&D team
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New easier to navigate supermarket store format deployed in Portugal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Innovative store design for French consumers who have less time to shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A more personalised online shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 339: Groupement des Mousquetaires (Intermarché/ITM Entreprises): European retail and supermarkets sales performance, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 340: Groupement des Mousquetaires (Intermarché /ITM Entreprises): European supermarket outlet data, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Jerónimo Martins

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Possible expansion into Romania
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online grocery shopping not a priority yet, for either brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Vending machine for 24/7 grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Biedronka trialling a new city centre, on-the-go store concept in Warsaw
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pingo Doce’s refurbished stores offer an enhanced shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Biedronka helping customers to shop more efficiently
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 341: Jerónimo Martins: Group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 342: Jerónimo Martins: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • E Leclerc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Forming buying groups to strengthen position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Drive format continues to fuel growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Investment in stores and product range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 343: E Leclerc: Group sales performance, excl. VAT, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 344: E Leclerc: Outlet data and sales per outlet, excl. VAT, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marks & Spencer (UK food)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Convenience food for treats and special occasions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Finding the right balance with availability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Innovation key to keeping offer fresh
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Refocusing on the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 345: Marks & Spencer (UK food): Group sales performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 346: Marks & Spencer (UK food): Food outlets, by format, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 347: Marks & Spencer (UK food): Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mercadona

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Digital Transformation Project
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Continuing to invest in store network
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • International expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 348: Mercadona: Group financial performance, excl. VAT, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 349: Mercadona: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wm Morrison Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Cutting prices…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …to better compete with discounters…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …and address shoppers’ pricing concerns post-Brexit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • More reasons to visit Morrisons stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tailoring product offering to suit local tastes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A more rewarding loyalty card scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Flagging up the in-store skills of its trained butchers, bakers and fishmongers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Morrisons.com expanding home delivery coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 350: Wm Morrison Group: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 351: Wm Morrison Group: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ocado

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Scaling up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK grocery home delivery competition intensifies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Still no news on international partner
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pressure builds for more distribution centres
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 352: Ocado group plc: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Real (Metro Group)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spin-off preparations on track
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • One-stop quick fix in-store curated recipe-based shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New cashless payment method to speed up transaction process and reduce queues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Bolstering freshness credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Piloting a new hybrid store concept
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hitmeister acquisition spurs online sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Planned expansion of drive-through concept into more densely populated areas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 353: Real: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 354: Real: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rewe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Click-and-collect
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Accelerated roll-out of self-checkout technology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fierce competition drives development of group-wide store brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Meeting time-strapped consumers’ needs for convenient meal solutions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Expansion of smaller convenience food store format
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Discount supermarket USP in Italy and Romania
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Getting in on the Kaiser’s Tengelmann deal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 355: Rewe: Group sales performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 356: Rewe: Outlet data and estimated sales per outlet, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 357: Rewe: Full-range stores and discount stores by country, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • J. Sainsbury

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Argos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Distraction
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Modest optimism
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 358: Sainsbury’s: Quarterly sales performance, Q1 2016-Q2 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pharmacy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 359: J. Sainsbury: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 360: J. Sainsbury: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Schwarz Group (Lidl, Kaufland)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Chasing Aldi in key markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Changing strategy in France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Plans to break America
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tentative moves online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The Lidl shopper
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 361: Schwarz Group: Group sales performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 362: Schwarz Group: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Spar International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Top-up grocery shopping opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • More reasons to visit Spar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Supporting consumers healthy food and lifestyle choices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New grocery delivery services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Own brand drive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Digital Leadership Store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 363: Spar International: Retail sales by country, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 364: Spar International: Outlets, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 365: Spar International: Retail sales area, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 366: Spar International: Sales per sq m, by country, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Success
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Credit where it is due
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Making the most of its assets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retailing against the hard discounters
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The problems of maturity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Outside the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 367: Tesco: Like-for-like sales performance (excluding fuel), H1 2015/16-H1 2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 368: Tesco, sales and share of food retailers sales, by country, 2014/15 and 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • RoI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Central Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 369: Tesco: European businesses, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 370: Central Europe: Store portfolios, October 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Fuel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tesco Bank
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tesco Mobile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 371: Tesco Plc: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 372: Tesco Plc: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Waitrose

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store investment focus shifts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Re-affirming its core values
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Waitrose 1 helps consolidates premium ranges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Experiential shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 373: Waitrose: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 374: Waitrose: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Supermarkets - Europe - November 2016

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                US $3,843.69 (Excl.Tax)