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Supermarkets: More Than Just Food Retailing - Europe - November 2012

This report series covers the 19 leading economies of Western Europe. In total these countries account for around 95% of all European retail sales, excluding Russia. The remaining ten countries are either too small (e.g. Luxembourg) or are not sufficiently well developed to warrant detailed coverage (e.g. Romania and Bulgaria) in this report. These developing countries plus Russia and Turkey are covered in Mintel’s European Retail Handbook 2012/13 – September 2012 and the report, Retailing in Emerging Markets – July 2011.

This data in its entirety is contained in the single copy 19-country report, which gives a full overview of the food retail sectors in Europe. Single country reports are also available for the UK, France, Germany, Spain and Italy.

As in previous years, the report focuses on the major grocers, because these are the dominant players in the sector. The European grocery sector is highly concentrated, with the continent’s top ten grocers accounting for more than 47% of sector sales in 2011. Each of the top ten European grocers by revenues originates from France, Germany or the UK, reflecting fragmented sectors and underinvestment in other large economies, such as Italy and Spain.

A key aim of this report is to record how far beyond food retailing grocers across Europe have reached, and this is reflected in our company profiles, our estimated sector sales mix data for the big five European markets (the UK, France, Germany, Italy, and Spain), as well as our analysis in the European Summary and Outlook section.

Nevertheless, for each country in this report we provide sector sales and forecasts for all food retailers, as well as the grocers sector (except Poland where a grocers breakdown is not available), and total consumer spending data for food, beverages, and tobacco, which includes expenditure through all channels.

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Table of contents

  1. Executive Summary

      • Figure 1: Europe: Consumer spending on food and beverages (alcoholic and non-alcoholic), 2011
      • Figure 2: Europe: Consumer spending on food and beverages (incl. VAT), per capita, 2011
      • Figure 3: Europe: Estimated grocers sector sales (excl. VAT), 2012
      • Figure 4: Europe: Compound annual growth rates in grocers sector sales, 2007-11
      • Figure 5: Forecast compound annual growth rates in grocers sector sales, 2012-17
      • Figure 6: Europe: Leading grocers’ shares of European grocers sector sales, 2010 and 2011
      • Figure 7: Europe: Leading grocers: Compound annual growth rates in revenues, in reporting currencies, 2007-11
  2. European Summary and Outlook

    • Key points
      • Consumer spending on food and beverages
        • Figure 8: Europe: Consumer spending on food and beverages, 2010 and 2011
        • Figure 9: Europe: Consumer spending on food and beverages (incl. VAT), per capita, 2011
      • Distribution of spending on food, beverages, tobacco
        • Figure 10: Europe: Distribution of consumer spending on food, beverages, and tobacco, selected countries, 2011
      • The grocers: Sector sales and forecasts
        • Figure 11: Europe: Grocers’ sector sales, 2007-12
        • Figure 12: Europe: Compound annual growth rates in grocers’ sector sales, 2007-11
        • Figure 13: Europe: Grocers’ sector sales forecasts, 2012-17
      • The grocers: Beyond food
        • Figure 14: Europe: Grocers’ sector sales as percentage of consumer spending on food and beverages, 2011
        • Figure 15: Europe: Grocers’ sector sales as percentage of all retail sales, 2007, 2012 and 2017
      • The grocers: Sector sales mix
        • Figure 16: Europe: Estimated breakdown of grocers sector sales, selected countries, 2011
      • Europe’s leading grocers
        • Figure 17: Europe: Leading grocers by revenues, 2007-11
        • Figure 18: Europe: Leading grocers: Compound annual growth rates in revenues, in reporting currencies, 2007-11
        • Figure 19: Europe: Leading grocers’ outlet numbers, 2007-11
      • Leading grocers’ market shares
        • Figure 20: Europe: Leading grocers’ shares of European grocers sector sales, 2007-11
      • The consumer: Shopping online
        • Figure 21: Europe: Percentage of all individuals having purchased food/groceries online in the past 12 months, 2010 and 2011
        • Figure 22: Europe: Percentage of respondents agreeing that they are doing more of their grocery shopping online over the last 12 months, selected countries, May 2012
      • The consumer: Shopping habits
        • Figure 23: Europe: Grocery shopping habits, selected countries, May 2012
    • Report Scope and Technical Notes

      • Coverage
        • New report format
          • Technical notes
            • Sector definitions
              • Store definitions
                • Buying groups, voluntary groups and co-operatives
                  • Market sizes
                    • Financial definitions
                      • Currencies
                        • Country codes
                          • VAT
                            • Figure 24: Europe: Standard VAT rates, 2010-12
                          • Abbreviations
                          • Austria

                            • Spending and inflation
                              • Figure 25: Austria: Consumer spending on food, beverages and tobacco, 2007-11
                              • Figure 26: Austria: Harmonised indices of consumer prices: Annual % change, Jan 2011-Oct 2012
                            • Sector size and forecast
                              • Figure 27: Austria: Food retailers’ sales, 2007-11
                              • Figure 28: Austria: Food retailers’ sales forecasts, 2012-17
                            • The retailers: Financials and outlets
                                • Figure 29: Austria: Leading food retailers, by revenues, 2009-11
                                • Figure 30: Austria: Leading food retailers’ outlet numbers, 2009-11
                                • Figure 31: Austria: Leading food retailers’ sales per outlet, 2009-11
                              • The retailers: Market shares
                                • Figure 32: Austria: Leading food retailers’ shares of food retail sales, 2009-11
                            • Belgium

                              • Spending and inflation
                                • Figure 33: Belgium: Consumer spending on food, beverages and tobacco, 2007-11
                                • Figure 34: Belgium: Harmonised indices of consumer prices: Annual % change, Jan 2011-Oct 2012
                              • Sector size and forecast
                                • Figure 35: Belgium: Retailers’ sales, 2007-11
                                • Figure 36: Belgium: Retail sales forecasts, 2012-17
                              • The retailers: Financials and outlets
                                • Figure 37: Belgium: Leading food retailers, by revenues, 2009-11
                                • Figure 38: Belgium: Leading food retailers’ outlet numbers, 2009-11
                                • Figure 39: Belgium: Leading food retailers’ sales per outlet, 2009-11
                              • The retailers: Market shares
                                • Figure 40: Belgium: Leading food retailers’ shares of food retail sales, 2009-11
                            • Czech Republic

                              • Spending and inflation
                                • Figure 41: Czech Republic: Consumer spending on food, beverages and tobacco, 2007-11
                                • Figure 42: Czech Republic: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sep 2012
                              • Sector size and forecast
                                • Figure 43: Czech Republic: Retail sales, 2007-11
                                • Figure 44: Czech Republic: Retail sales forecasts, 2012-17
                              • The retailers: Financials and outlets
                                  • Figure 45: Czech Republic: Leading food retailers, by revenues, 2009-11
                                  • Figure 46: Czech Republic: Leading food retailers ’ outlet numbers, 2009-11
                                  • Figure 47: Czech Republic: Leading food retailers’ sales per outlet, 2009-11
                                • The retailers: Market shares
                                  • Figure 48: Czech Republic: Leading food retailers’ shares of all food retailers sales, 2009-11
                              • Denmark

                                • Spending and inflation
                                  • Figure 49: Denmark: Households consumption expenditure, 2007-11
                                  • Figure 50: Denmark: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sept 2012
                                • Sector size and forecast
                                  • Figure 51: Denmark: Retail sales, 2007-11
                                  • Figure 52: Denmark: Retail sales forecasts, 2012-17
                                • The retailers: Financials and outlets
                                  • Figure 53: Denmark: Leading grocery retailers, by revenues, 2009-11
                                  • Figure 54: Denmark: Leading grocery retailers’ outlet numbers, 2009-11
                                  • Figure 55: Denmark: Leading grocery retailers’ sales per outlet, 2009-11
                                • The retailers: Market shares
                                  • Figure 56: Denmark: Leading grocery retailers’ shares of all food retailers’ sales, 2009-11
                              • Finland

                                • Spending and inflation
                                  • Figure 57: Finland: Households consumption expenditure, 2007-11
                                  • Figure 58: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sep 2012
                                • Sector size and forecast
                                  • Figure 59: Finland: Retail sales, 2007-11
                                  • Figure 60: Finland: Retail sales forecasts, 2012-17
                                • The retailers: Financials and outlets
                                    • Figure 61: Finland: Leading grocery retailers, by revenues, 2009-11
                                    • Figure 62: Finland: Leading grocery retailers outlet numbers, 2009-11
                                    • Figure 63: Finland: Leading grocery retailers’ sales per outlet, 2009-11
                                  • The retailers: Market shares
                                    • Figure 64: Finland: Leading grocery retailers’ shares of all food retailers’ sales, 2009-11
                                • France

                                  • Executive summary
                                    • Spending and inflation
                                      • Key points
                                        • Consumer spending
                                          • Figure 65: France: Households consumption expenditure, 2007-11
                                        • Consumer prices inflation
                                          • Figure 66: France: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sep 2012
                                        • Distribution of spending
                                          • Figure 67: France: Estimated distribution of spending on food, beverages, and tobacco, 2011
                                        • Sector size and forecast
                                          • Key points
                                            • Sector sales
                                              • Figure 68: France: Retail sales, 2007-11
                                              • Figure 69: France: Retail sales forecasts, 2012-17
                                            • Enterprises and employment
                                              • Figure 70: France: Number of retail enterprises, 2008-10
                                              • Figure 71: France: Number of full-time-equivalent employees in retailing, 2008-10
                                            • Sector sales mix
                                              • Figure 72: France: Estimated sales mix for the grocers’ sector, 2011
                                            • The retailers: Financials and outlets
                                              • Key points
                                                • Carrefour versus Leclerc
                                                  • Investing to drive growth
                                                    • Figure 73: France: Leading grocery retailers, by revenues, 2009-11
                                                    • Figure 74: France: Leading grocery retailers’ outlet numbers, 2009-11
                                                    • Figure 75: France: Leading grocery retailers’ sales per outlet, 2009-11
                                                  • The retailers: Market shares
                                                    • Figure 76: France: Leading grocery retailers’ shares of all food retailers sales, 2009-11
                                                  • The consumer: Where they shop
                                                    • Key points
                                                      • Main-shop destinations
                                                          • Figure 77: France: Grocers used for a main shop, September 2012
                                                        • Main-shop consumers by demographics
                                                          • Figure 78: France: Leading grocers’ main-shop consumers, by average age and affluence, September 2012
                                                          • Figure 79: France: Leading grocers’ main-shop consumers, by gender, September 2012
                                                        • Top-up shop destinations
                                                          • Figure 80: France: Grocers used for top-up shops, September 2012
                                                        • Top-up shoppers by demographics
                                                          • Figure 81: France: Leading grocers’ top-up consumers, by average age and affluence, September 2012
                                                        • The consumer: Shopping habits
                                                          • Key points
                                                            • Mintel’s tracker
                                                                • Figure 82: France: Grocery shopping habits, May 2012
                                                                • Figure 83: France: Grocery shopping habits, by average age and affluence, May 2012
                                                              • Online
                                                                • Key points
                                                                  • Who is shopping online?
                                                                    • Figure 84: France: Percentage of all individuals having purchased online in the past 12 months, selected categories, 2007-11
                                                                    • Figure 85: France: Percentage of individuals having purchased food/groceries online in the past 12 months, by age band, 2011
                                                                  • Leading grocers online
                                                                    • Leading websites
                                                                      • Figure 86: Leading grocers’ websites, May 2012
                                                                  • Germany

                                                                    • Executive summary
                                                                      • Spending and inflation
                                                                        • Key points
                                                                          • Consumer spending
                                                                            • Figure 88: Germany: Households consumption expenditure, 2007-11
                                                                            • Figure 89: Germany: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sep 2012
                                                                          • Distribution of spending
                                                                              • Figure 90: Germany: Estimated distribution of spending on food, beverages and tobacco, 2011
                                                                            • Sector size and forecast
                                                                              • Key points
                                                                                • Sector sales
                                                                                  • Figure 91: Germany: Retail sales, 2007-11
                                                                                  • Figure 92: Germany: Retail sales forecasts, 2012-17
                                                                                • Enterprises, outlets, and employment
                                                                                  • Figure 93: Germany: Number of retail enterprises, 2007-10
                                                                                  • Figure 94: Germany: Number of retail outlets, 2007-10
                                                                                  • Figure 95: Germany: Number of full-time-equivalent employees in retailing, 2008-10
                                                                                • Sector sales mix
                                                                                    • Figure 96: Germany: Estimated sales mix for the grocers’ sector, 2011
                                                                                  • The retailers: Financials and outlets
                                                                                    • Key points
                                                                                      • Major investments from the discounters
                                                                                        • Figure 97: Germany: The six major grocery discounters’ shares of grocers sector sales, 2009-11
                                                                                      • Innovation in the convenience sub-sector
                                                                                        • Edeka leads
                                                                                          • Rewe soars, Real stagnates
                                                                                            • Regionality remains
                                                                                              • Figure 98: Germany: Leading grocery retailers, by revenues, 2009-11
                                                                                              • Figure 99: Germany: Leading grocery retailers’ outlet numbers, 2009-11
                                                                                              • Figure 100: Germany: Leading grocery retailers’ sales per outlet, 2009-11
                                                                                            • The retailers: Market shares
                                                                                              • Figure 101: Germany: Leading grocery retailers’ shares of all food retailers sales, 2009-11
                                                                                            • The consumer: Where they shop
                                                                                              • Key points
                                                                                                • Main-shop destinations
                                                                                                    • Figure 102: Germany: Main grocery shop retailers, September 2012
                                                                                                  • Main-shop consumers by demographics
                                                                                                    • Figure 103: Germany: Leading grocers’ main-shop consumers, by average age and affluence, September 2012
                                                                                                    • Figure 104: Germany: Leading grocers’ main-shop consumers, by gender, September 2012
                                                                                                  • Top-up shop destinations
                                                                                                      • Figure 105: Germany: Grocery retailers used for top-up shops, September 2012
                                                                                                    • Top-up shoppers by demographics
                                                                                                      • Figure 106: Germany: Leading grocers’ top-up consumers, by average age and affluence, September 2012
                                                                                                    • The consumer: Shopping habits
                                                                                                      • Key points
                                                                                                        • Mintel’s Tracker
                                                                                                            • Figure 107: Germany: Grocery shopping habits, May 2012
                                                                                                            • Figure 108: Germany: Grocery shopping habits, by average age and affluence, May 2012
                                                                                                          • Online
                                                                                                            • Key points
                                                                                                              • Who is shopping online?
                                                                                                                • Figure 109: Germany: Percentage of all individuals having purchased online in the past 12 months, selected categories, 2007-11
                                                                                                                • Figure 110: Germany: Percentage of individuals having purchased food/groceries online in the past 12 months, by age band, 2011
                                                                                                              • Leading grocers online
                                                                                                                • Leading websites
                                                                                                                  • Figure 111: Leading grocers’ websites, May 2012
                                                                                                              • Greece

                                                                                                                • Spending and inflation
                                                                                                                  • Figure 112: Greece: Consumer spending on food, beverages and tobacco, 2007-11
                                                                                                                  • Figure 113: Greece: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sep 2012
                                                                                                                • Sector size and forecast
                                                                                                                  • Figure 114: Greece: Retail sales, 2007-11
                                                                                                                  • Figure 115: Greece: Retail sales forecasts, 2012-17
                                                                                                                • The retailers: Financials and outlets
                                                                                                                    • Figure 116: Greece: Leading food retailers, by revenues, 2009-11
                                                                                                                    • Figure 117: Greece: Leading food retailers’ outlet numbers, 2009-11
                                                                                                                    • Figure 118: Greece: Leading food retailers’ sales per outlet, 2009-11
                                                                                                                  • The retailers: Market shares
                                                                                                                    • Figure 119: Greece: Leading food retailers’ shares of food retail sales, 2009-11
                                                                                                                • Hungary

                                                                                                                  • Spending and inflation
                                                                                                                    • Figure 120: Hungary: Consumer spending on food, beverages & tobacco, 2007-11
                                                                                                                    • Figure 121: Hungary: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sep 2012
                                                                                                                  • Sector size and forecast
                                                                                                                    • Figure 122: Hungary: Retail sales, 2007-11
                                                                                                                    • Figure 123: Hungary: Retail sales forecast, 2012-17
                                                                                                                  • The retailers: Financials and outlets
                                                                                                                      • Figure 124: Hungary: Leading food retailers, by revenues, 2009-11
                                                                                                                      • Figure 125: Hungary: Leading food retailers’ outlet numbers, 2009-11
                                                                                                                      • Figure 126: Hungary: Leading food retailers’ sales per outlet, 2009-11
                                                                                                                    • The retailers: Market shares
                                                                                                                      • Figure 127: Hungary: Leading food retailers’ shares of all food retailers sales, 2009-11
                                                                                                                  • Ireland

                                                                                                                    • Spending and inflation
                                                                                                                      • Figure 128: Republic of Ireland: Consumer spending on food, beverages and tobacco, 2007-11
                                                                                                                      • Figure 129: Ireland: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sep 2012
                                                                                                                    • Sector size and forecast
                                                                                                                      • Figure 130: Republic of Ireland: Retail sales, 2007-11
                                                                                                                      • Figure 131: Republic of Ireland: Retail sales forecasts, 2012-17
                                                                                                                    • The retailers: Financials and outlets
                                                                                                                        • Figure 132: Republic of Ireland: Leading food retailers, by revenues, 2009-11
                                                                                                                        • Figure 133: Republic of Ireland: Leading food retailers’ outlet numbers, 2009-11
                                                                                                                        • Figure 134: Republic of Ireland: Leading food retailers’ sales per outlet, 2009-11
                                                                                                                      • The retailers: Market shares
                                                                                                                        • Figure 135: Republic of Ireland: Leading food retailers’ shares of all food retailers sales, 2009-11
                                                                                                                    • Italy

                                                                                                                      • Executive summary
                                                                                                                        • Spending and inflation
                                                                                                                          • Figure 136: Italy: Households’ consumption expenditure, 2007-11
                                                                                                                          • Figure 137: Italy: Harmonised indices of consumer prices: Annual % change, Jan 2011-Oct 2012
                                                                                                                        • Distribution of spending
                                                                                                                          • Figure 138: Italy: Channels of distribution for food and drink, 2011
                                                                                                                        • Sector size and forecast
                                                                                                                          • Figure 139: Italy: Retail sales, 2007-11
                                                                                                                          • Figure 140: Italy: Retail sales forecasts, 2012-17
                                                                                                                        • Enterprises and employment
                                                                                                                          • Figure 141: Italy: Number of retail enterprises, 2008 and 2009
                                                                                                                          • Figure 142: Italy: Number of full-time-equivalent employees in retailing, 2008 and 2009
                                                                                                                        • Sector sales mix
                                                                                                                          • Figure 143: Italy: Grocers sales mix, 2011
                                                                                                                        • The Retailers: Financials and outlets
                                                                                                                          • Figure 144: Italy: Leading grocery retailers, by revenues (excl vat), 2009-11
                                                                                                                          • Figure 145: Italy: Leading grocery retailers’ outlet numbers, 2009-11
                                                                                                                          • Figure 146: Italy: Leading grocery retailers’ sales per outlet, 2009-11
                                                                                                                        • The retailers: Market shares
                                                                                                                          • Figure 147: Italy: Leading food retailers’ share of all food retailers’ sales, 2009-11
                                                                                                                        • The consumer: Where they shop
                                                                                                                          • Main-shop destinations
                                                                                                                            • Figure 148: Italy: Grocers used for a main shop, September 2012
                                                                                                                          • Main-shop consumers by demographics
                                                                                                                            • Figure 149: Italy: Leading grocers’ main-shop consumers, by average age and income, September 2012
                                                                                                                            • Figure 150: Italy: Leading grocers’ main-shop consumers, by gender, September 2012
                                                                                                                          • Top-up shop destinations
                                                                                                                            • Figure 151: Italy: Grocers used for top-up shops, September 2012
                                                                                                                          • Top-up shoppers by demographics
                                                                                                                            • Figure 152: Italy: Leading grocers’ top-up consumers, by average age and income, September 2012
                                                                                                                          • The consumer: Shopping habits
                                                                                                                              • Figure 153: Italy: Grocery shopping habits, May 2012
                                                                                                                              • Figure 154: Italy: Grocery shopping habits, by average age and affluence, May 2012
                                                                                                                            • Online
                                                                                                                              • Figure 155: Italy: Percentage of all individuals having purchased online in the past 12 months, selected categories, 2007-11
                                                                                                                              • Figure 156: Italy Percentage of individuals having purchased food/groceries online in the past 12 months, by age band, 2011
                                                                                                                          • The Netherlands

                                                                                                                            • Spending and inflation
                                                                                                                              • Figure 157: The Netherlands: Consumer spending on food, beverages & tobacco, 2007-11
                                                                                                                              • Figure 158: The Netherlands: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sep 2012
                                                                                                                            • Sector size and forecast
                                                                                                                              • Figure 159: The Netherlands: Retail sales, 2007-11
                                                                                                                              • Figure 160: Netherlands: Retail sales forecast, 2012-17
                                                                                                                            • The retailers: Financials and outlets
                                                                                                                                • Figure 161: Netherlands: Leading food retailers, by revenues, 2009-11
                                                                                                                                • Figure 162: Netherlands: Leading food retailers’ outlet numbers, 2009-11
                                                                                                                                • Figure 163: The Netherlands: Leading food retailers’ sales per outlet, 2009-11
                                                                                                                              • The retailers: Market shares
                                                                                                                                • Figure 164: The Netherlands: Leading food retailers’ shares of food retailers’ sales, 2009-11
                                                                                                                            • Norway

                                                                                                                              • Spending and inflation
                                                                                                                                • Figure 165: Norway: Households consumption expenditure, 2007-11
                                                                                                                                • Figure 166: Norway: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sept 2012
                                                                                                                              • Sector size and forecast
                                                                                                                                • Figure 167: Norway: Retail sales, 2007-11
                                                                                                                                • Figure 168: Norway: Retail sales forecasts, 2012-17
                                                                                                                              • The retailers: Financials and outlets
                                                                                                                                  • Figure 169: Norway: Leading grocery retailers, by revenues, 2009-11
                                                                                                                                  • Figure 170: Norway: Leading grocery retailers, outlet numbers, 2009-11
                                                                                                                                  • Figure 171: Norway: Leading grocery retailers, sales per outlet, 2009-11
                                                                                                                                • The retailers: Market shares
                                                                                                                                  • Figure 172: Norway: Leading grocery retailers’ shares all food retailers’ sales, 2009-11
                                                                                                                              • Poland

                                                                                                                                • Spending and inflation
                                                                                                                                  • Figure 173: Poland: Consumer spending on food, beverages & tobacco (incl vat), 2007-11
                                                                                                                                  • Figure 174: Poland: Harmonised indices of consumer prices: Annual % change, Jan 2011-Oct 2012
                                                                                                                                • Sector size and forecast
                                                                                                                                  • Figure 175: Poland: Retail sales (excl Vat), 2007-11
                                                                                                                                  • Figure 176: Poland: Retail’ sales forecast, 2012-17
                                                                                                                                • The retailers: Financials and outlets
                                                                                                                                    • Figure 177: Poland: Leading food retailers by revenues (excl vat), 2009-11
                                                                                                                                    • Figure 178: Poland: Leading food retailers, outlet numbers, 2009-11
                                                                                                                                    • Figure 179: Poland: leading food retailers, sales per outlet, 2009-11
                                                                                                                                  • The retailers: Market shares
                                                                                                                                    • Figure 180: Poland: leading food retailers share of all food retailers’ sales, 2009-11
                                                                                                                                • Portugal

                                                                                                                                  • Spending and inflation
                                                                                                                                    • Figure 181: Portugal: Households consumption expenditure, 2007-11
                                                                                                                                    • Figure 182: Portugal: Harmonised indices of consumer prices: Annual % change, Jan 2011-Oct 2012
                                                                                                                                  • Sector size and forecast
                                                                                                                                      • Figure 183: Portugal: Retail sales, 2007-11
                                                                                                                                      • Figure 184: Portugal: Retail sales forecasts, 2012-17
                                                                                                                                    • The retailers: Financials and outlets
                                                                                                                                        • Figure 185: Portugal: Leading grocery retailers, by revenues, 2009-11
                                                                                                                                        • Figure 186: Portugal: Leading grocery retailers’ outlet numbers, 2009-11
                                                                                                                                        • Figure 187: Portugal: Leading grocery retailers’ sales per outlet, 2009-11
                                                                                                                                      • The retailers: Market shares
                                                                                                                                        • Figure 188: Portugal: Leading grocery retailers’ shares of all food retailers’ sales, 2009-11
                                                                                                                                    • Spain

                                                                                                                                      • Executive summary
                                                                                                                                        • Spending and inflation
                                                                                                                                          • Key points
                                                                                                                                            • Consumer spending
                                                                                                                                              • Figure 189: Spain: Households consumption expenditure, 2007-11
                                                                                                                                            • Consumer prices inflation
                                                                                                                                              • Figure 190: Spain: Harmonised indices of consumer prices: Annual % change food and drink, Jan 2011-Sep 2012
                                                                                                                                              • Figure 191: Spain: Harmonised indices of consumer prices: Annual % change tobacco, Jan 2011-Sep 2012
                                                                                                                                            • Distribution of spending
                                                                                                                                              • Figure 192: Spain: Estimated distribution of spending on food, beverages and tobacco, 2011
                                                                                                                                            • Sector size and forecast
                                                                                                                                              • Key points
                                                                                                                                                • Sector sales
                                                                                                                                                  • Figure 193: Spain: Retail sales, 2007-11
                                                                                                                                                  • Figure 194: Spain: Retail sales forecasts, 2012-17
                                                                                                                                                • Sector sales mix
                                                                                                                                                  • Figure 195: Spain: Estimated sales mix for the grocers’ sector, 2011
                                                                                                                                                • Enterprises and employment
                                                                                                                                                  • Figure 196: Spain: Number of retail enterprises, 2008-09
                                                                                                                                                  • Figure 197: Spain: Number of full-time-equivalent employees in retailing, 2008-09
                                                                                                                                                • The retailers: Financials and outlets
                                                                                                                                                  • Key points
                                                                                                                                                    • Mercadona the star performer
                                                                                                                                                      • Discounters gain ground
                                                                                                                                                        • Hypermarkets – what does the future hold?
                                                                                                                                                          • Carrefour has the scale and potential to recover
                                                                                                                                                            • Regional supermarkets gain ground
                                                                                                                                                              • Figure 198: Spain: Leading grocery retailers, by sales, 2009-11
                                                                                                                                                              • Figure 199: Spain: Leading grocery retailers’ outlet numbers, 2009-11
                                                                                                                                                              • Figure 200: Spain: Leading grocery retailers’ estimated sales per outlet, 2009-11
                                                                                                                                                            • The retailers: Market shares
                                                                                                                                                              • Figure 201: Spain: Leading grocery retailers’ shares of all food retailers sales, 2009-11
                                                                                                                                                            • The consumer: Where they shop
                                                                                                                                                              • Key points
                                                                                                                                                                • Main-shop destinations
                                                                                                                                                                  • Figure 202: Spain: Grocers used for a main shop, September 2012
                                                                                                                                                                • Main-shop consumers by demographics
                                                                                                                                                                  • Figure 203: Spain: Leading grocers’ main-shop consumers, by average age and affluence, September 2012
                                                                                                                                                                • Top-up shop destinations
                                                                                                                                                                    • Figure 204: Spain: Grocers used for top-up shops, September 2012
                                                                                                                                                                  • Top-up shoppers by demographics
                                                                                                                                                                    • Figure 205: Spain: Leading grocers’ top-up consumers, by average age and affluence, September 2012
                                                                                                                                                                  • The consumer: Shopping habits
                                                                                                                                                                    • Key points
                                                                                                                                                                      • Consumers change their shopping patterns
                                                                                                                                                                        • Driven by price consumer are switching retailer
                                                                                                                                                                          • Figure 206: Spain: Grocery shopping habits, May 2012
                                                                                                                                                                        • Shopping habits by demographic
                                                                                                                                                                          • Figure 207: Spain: Selected Grocery shopping habits, by socio-economic group, May 2012
                                                                                                                                                                          • Figure 208: Those that have switched some of their grocery shopping to a cheaper value retailer by where they shop, May 2012
                                                                                                                                                                        • Online
                                                                                                                                                                          • Key points
                                                                                                                                                                            • Who shops online?
                                                                                                                                                                              • Figure 209: Spain: Percentage of all individuals having purchased online in the past 12 months, selected categories, 2007-11
                                                                                                                                                                              • Figure 210: Spain: Percentage of individuals having purchased food/groceries online in the past 12 months, by age band, 2007-11
                                                                                                                                                                            • Leading websites
                                                                                                                                                                              • Figure 211: Leading grocers’ websites, May 2012
                                                                                                                                                                          • Sweden

                                                                                                                                                                            • Spending and inflation
                                                                                                                                                                              • Figure 212: Sweden: Households consumption expenditure, 2007-11
                                                                                                                                                                              • Figure 213: Sweden: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sept 2012
                                                                                                                                                                            • Sector size and forecast
                                                                                                                                                                              • Figure 214: Sweden: Retail sales, 2007-11
                                                                                                                                                                              • Figure 215: Sweden: Retail sales forecasts, 2012-17
                                                                                                                                                                            • The retailers: Financials and outlets
                                                                                                                                                                                • Figure 216: Sweden: Leading grocery retailers, by revenues, 2009-11
                                                                                                                                                                                • Figure 217: Sweden: Leading grocery retailers’ outlet numbers, 2009-11
                                                                                                                                                                                • Figure 218: Sweden: Leading grocery retailers’ sales per outlet, 2009-11
                                                                                                                                                                              • The retailers: Market shares
                                                                                                                                                                                • Figure 219: Sweden: Leading grocery retailers’ shares of all food retailers’ sales, 2009-11
                                                                                                                                                                            • Switzerland

                                                                                                                                                                              • Spending and inflation
                                                                                                                                                                                  • Figure 220: Switzerland: Households consumption expenditure, 2007-11
                                                                                                                                                                                  • Figure 221: Switzerland: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sept 2012
                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                    • Figure 222: Switzerland: Retail sales, 2007-11
                                                                                                                                                                                    • Figure 223: Switzerland: Retail sales forecasts, 2012-17
                                                                                                                                                                                  • The retailers: Financials and outlets
                                                                                                                                                                                    • Figure 224: Switzerland: Leading grocery retailers, by revenues, 2009-11
                                                                                                                                                                                    • Figure 225: Switzerland: Leading grocery retailers’ outlet numbers, 2009-11
                                                                                                                                                                                    • Figure 226: Switzerland: Leading grocery retailers’ sales per outlet, 2009-11
                                                                                                                                                                                  • The retailers: Market shares
                                                                                                                                                                                    • Figure 227: Switzerland: Leading grocery retailers’ shares of all food retailers’ sales, 2009-11
                                                                                                                                                                                • United Kingdom

                                                                                                                                                                                  • Introduction
                                                                                                                                                                                    • Report change
                                                                                                                                                                                      • ONS data and definitions
                                                                                                                                                                                        • Financial definitions
                                                                                                                                                                                          • Abbreviations
                                                                                                                                                                                            • Executive summary
                                                                                                                                                                                              • The market
                                                                                                                                                                                                • Figure 228: Grocers’ retail sales (incl. VAT), 2007-17
                                                                                                                                                                                              • Market factors
                                                                                                                                                                                                • Companies, brands and innovation
                                                                                                                                                                                                    • Figure 229: Leading ten grocers’ shares of grocers’ sector sales, 2010 and 2011
                                                                                                                                                                                                  • Price and competition
                                                                                                                                                                                                    • The consumer
                                                                                                                                                                                                      • Figure 230: Usage of the Big Four supermarkets for the main weekly shop, 2008-12
                                                                                                                                                                                                      • Figure 231: Customer base of main shoppers, by age and socio-economic group, August 2012
                                                                                                                                                                                                      • Figure 232: Big Four supermarkets, customer profile, 1996, 2006 and 2012
                                                                                                                                                                                                    • Online
                                                                                                                                                                                                      • Non-foods
                                                                                                                                                                                                        • Figure 233: Most frequently bought non-food items bought from a supermarket or grocery store, September 2012
                                                                                                                                                                                                      • Attitudes to buying non-foods
                                                                                                                                                                                                          • Figure 234: Attitudes to buying non-foods in the supermarket used for the main shop, September 2012
                                                                                                                                                                                                        • Services
                                                                                                                                                                                                          • Figure 235: Services bought or would consider buying from a supermarket, September 2012
                                                                                                                                                                                                          • Figure 236: Leading food retailers: Major services offered, November 2012
                                                                                                                                                                                                        • Brands
                                                                                                                                                                                                          • Figure 237: Attitudes towards and usage of brands in the food retail sector, August 2012
                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                          • Issues in the market
                                                                                                                                                                                                            • Non-foods – once the driver, now where?
                                                                                                                                                                                                              • Food – Are C-stores the future?
                                                                                                                                                                                                                • Problem businesses – what are the lessons?
                                                                                                                                                                                                                  • Price – is it being taken out of the equation?
                                                                                                                                                                                                                    • Where next for food retailers?
                                                                                                                                                                                                                      • Trend application
                                                                                                                                                                                                                        • Trend: Home of the Sense
                                                                                                                                                                                                                          • Trend: Carnivore, Herbivore, Locavore
                                                                                                                                                                                                                            • 2015 trend: Access Anything, Anywhere
                                                                                                                                                                                                                              • The market environment
                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                  • Inflation
                                                                                                                                                                                                                                    • Figure 238: Consumer prices indices: annual percentage changes, Sep 2011-Sep 2012
                                                                                                                                                                                                                                    • Figure 239: Year-on-year change in CPI for food, beverages and tobacco, and year-on-year change in grocers’ sector sales, 2007-11
                                                                                                                                                                                                                                    • Figure 240: Consumer prices indices: annual percentage changes, selected categories, Sep 2011-Sep 2012
                                                                                                                                                                                                                                    • Figure 241: Annual % change in CPI versus annual % change in average weekly earnings, Sep 2011-Aug/Sep 2012
                                                                                                                                                                                                                                  • Consumer confidence
                                                                                                                                                                                                                                    • Figure 242: Consumer confidence levels, Nov 2011-Oct 2012
                                                                                                                                                                                                                                    • Figure 243: Gross domestic product: Annual % change, Q1 2010-Q2 2012
                                                                                                                                                                                                                                  • Consumer spending
                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                      • Consumer spending on food, beverages, and tobacco
                                                                                                                                                                                                                                        • Figure 244: Consumer spending on in-home food, beverages, and tobacco, (inc vat), 2007-12
                                                                                                                                                                                                                                      • Consumer spending on non-food FMCGs
                                                                                                                                                                                                                                        • Figure 245: Consumer spending on personal care, household, and over-the-counter pharmaceutical products, 2007-12
                                                                                                                                                                                                                                      • Total potential grocery market
                                                                                                                                                                                                                                        • Consumer spending on general merchandise
                                                                                                                                                                                                                                          • Figure 246: Consumer spending on general merchandise categories, 2007-12
                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                            • Growth lags inflation
                                                                                                                                                                                                                                              • Forecasting to 2017
                                                                                                                                                                                                                                                • Figure 247: Grocers’ retail sales (incl. VAT), 2007-17
                                                                                                                                                                                                                                                • Figure 248: Grocers’ retail sales, at current and constant prices, 2007-17
                                                                                                                                                                                                                                              • Technical note
                                                                                                                                                                                                                                                • The Mintel forecast
                                                                                                                                                                                                                                                  • Strengths and weaknesses
                                                                                                                                                                                                                                                    • Strengths
                                                                                                                                                                                                                                                      • Weaknesses
                                                                                                                                                                                                                                                        • Who’s innovating?
                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                            • Virtual airport supermarket
                                                                                                                                                                                                                                                              • Asda identifies ‘hot’ areas for students
                                                                                                                                                                                                                                                                • Personalised pricing in-store
                                                                                                                                                                                                                                                                  • In-store scan and shop
                                                                                                                                                                                                                                                                    • Enhancing the in-store experience
                                                                                                                                                                                                                                                                      • Tesco’s prestige beauty halls
                                                                                                                                                                                                                                                                        • Drive-through grocery stores
                                                                                                                                                                                                                                                                          • ‘Food deserts’ create an opportunity for innovation
                                                                                                                                                                                                                                                                            • NFC-enabled grocery shop and order wall
                                                                                                                                                                                                                                                                              • Sainsbury’s opens in-hospital pharmacies
                                                                                                                                                                                                                                                                                • That’s entertainment
                                                                                                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                      • Distribution of spending on food, beverages, and tobacco
                                                                                                                                                                                                                                                                                        • Figure 249: Distribution of consumer spending on food, beverages, and tobacco by retail channel/outlet type, 2010-11
                                                                                                                                                                                                                                                                                        • Figure 250: Distribution of consumer spending on food, beverages, and tobacco by retail channel, 2007-11
                                                                                                                                                                                                                                                                                      • Space allocation summary
                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                            • Figure 251: Space allocation of food and non-foods, October 2012
                                                                                                                                                                                                                                                                                            • Figure 252: Asda, Tesco space allocation estimates, October 2012
                                                                                                                                                                                                                                                                                            • Figure 253: Sainsbury’s, Morrisons, Waitrose, Co-op, Aldi, Lidl, space allocation estimates, October 2012
                                                                                                                                                                                                                                                                                          • Retail product mix
                                                                                                                                                                                                                                                                                              • Figure 254: Asda, Sainsbury, Tesco: Sales area by format, 2012
                                                                                                                                                                                                                                                                                              • Figure 255: Major food retailers: Total sales area estimates, 2012
                                                                                                                                                                                                                                                                                              • Figure 256: Major food retailers: product mix (inc vat), 2011/12
                                                                                                                                                                                                                                                                                              • Figure 257: Major food retailers sales density by broad product area**, 2011/12
                                                                                                                                                                                                                                                                                              • Figure 258: Major category market sizes, 2011
                                                                                                                                                                                                                                                                                              • Figure 259: Major food retailers, market shares, by category, 2011
                                                                                                                                                                                                                                                                                            • The retailers – Financials and outlets
                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                • The Big Four
                                                                                                                                                                                                                                                                                                  • Some retailers soar
                                                                                                                                                                                                                                                                                                    • …while others face difficulties
                                                                                                                                                                                                                                                                                                      • Revenues
                                                                                                                                                                                                                                                                                                        • Figure 260: Leading 25 grocers, by revenues (excl vat), 2007-11
                                                                                                                                                                                                                                                                                                        • Figure 261: Leading grocers: CAGR in revenues, 2007-11
                                                                                                                                                                                                                                                                                                      • Outlet numbers
                                                                                                                                                                                                                                                                                                        • Figure 262: Leading retailers: Outlet numbers, 2007-11
                                                                                                                                                                                                                                                                                                      • Sales per outlet
                                                                                                                                                                                                                                                                                                        • Figure 263: Leading retailers Average annual sales per outlet (excl vat), 2007-11
                                                                                                                                                                                                                                                                                                        • Figure 264: Leading retailers: CAGR in average annual sales per outlet, 2007-11
                                                                                                                                                                                                                                                                                                      • Sales area and average store sizes
                                                                                                                                                                                                                                                                                                        • Figure 265: Selected leading retailers: Total sales area and average store size, 2007-11
                                                                                                                                                                                                                                                                                                        • Figure 266: Selected leading retailers: CAGR in total sales area, 2007-11
                                                                                                                                                                                                                                                                                                      • Sales densities
                                                                                                                                                                                                                                                                                                        • Figure 267: Selected leading retailers: Average annual sales per sq m, 2007-11
                                                                                                                                                                                                                                                                                                        • Figure 268: Selected leading retailers: CAGR in sales per sq m, 2007-11
                                                                                                                                                                                                                                                                                                      • Operating profits and margins
                                                                                                                                                                                                                                                                                                          • Figure 269: Selected leading retailers: Operating profits, 2007-11
                                                                                                                                                                                                                                                                                                          • Figure 270: Selected leading retailers: operating margins, 2007-11
                                                                                                                                                                                                                                                                                                        • The retailers: Market shares
                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                            • In brief: The top ten
                                                                                                                                                                                                                                                                                                              • Figure 271: Leading ten grocers’ shares of grocers’ sector sales, 2010 and 2011
                                                                                                                                                                                                                                                                                                            • In detail: The top 20
                                                                                                                                                                                                                                                                                                                • Figure 272: Leading 20 grocers’ shares of grocers’ sector sales, 2007-11
                                                                                                                                                                                                                                                                                                              • Technical note: Non-retail revenues
                                                                                                                                                                                                                                                                                                                • Figure 273: Leading grocers’ estimated percentage of turnover deriving from non-retail revenues, 2007-11
                                                                                                                                                                                                                                                                                                                • Figure 274: Leading grocers’ revenues, adjusted for estimated non-retail income, (excl. VAT), 2007-11
                                                                                                                                                                                                                                                                                                              • Online and social media
                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                  • The online market
                                                                                                                                                                                                                                                                                                                    • Online grocery sales
                                                                                                                                                                                                                                                                                                                      • Figure 275: Online grocery sales, 2007-12
                                                                                                                                                                                                                                                                                                                    • Leading online grocers
                                                                                                                                                                                                                                                                                                                        • Figure 276: Leading online grocers’ estimated revenues (excl. VAT) and shares of the online grocery sector, 2010 and 2011
                                                                                                                                                                                                                                                                                                                      • Online general merchandise
                                                                                                                                                                                                                                                                                                                          • Figure 277: Leading grocers’ online general merchandise ranges, major categories, November 2012
                                                                                                                                                                                                                                                                                                                        • Profiling online visitors
                                                                                                                                                                                                                                                                                                                          • Figure 279: Profile of visitors to leading grocery retailers’ websites, by age group, three month average to August 2012
                                                                                                                                                                                                                                                                                                                          • Figure 280: Profile of visitors to leading grocery retailers’ websites, by socio-economic group, three month average to August 2012
                                                                                                                                                                                                                                                                                                                          • Figure 281: Profile of visitors to leading grocery retailers’ websites, by sex, three month average to August 2012
                                                                                                                                                                                                                                                                                                                        • Leading sites by visitor numbers
                                                                                                                                                                                                                                                                                                                          • Figure 282: Leading food retail websites, by total unique visitors, three-month average to August 2012
                                                                                                                                                                                                                                                                                                                        • The consumer: Shopping online by category
                                                                                                                                                                                                                                                                                                                          • Figure 283: UK: What has been bought online in the last 12 months, leading categories, May 2012
                                                                                                                                                                                                                                                                                                                        • The consumer: shopping online by device
                                                                                                                                                                                                                                                                                                                          • Figure 284: UK: Percentage of consumers having shopped online (for any goods) in the last three months, July 2012
                                                                                                                                                                                                                                                                                                                        • Social media
                                                                                                                                                                                                                                                                                                                          • Figure 285: UK: Social media websites visited, April 2012
                                                                                                                                                                                                                                                                                                                          • Figure 286: Ways in which people have made contact with or share thoughts about new food products or brands, April 2012
                                                                                                                                                                                                                                                                                                                          • Figure 287: Reasons for online engagement with food brands, April 2012
                                                                                                                                                                                                                                                                                                                          • Figure 288: Ways in which people have made contact with or share thoughts about new food products or brands, by demographics, April 2012
                                                                                                                                                                                                                                                                                                                        • Social media follower numbers
                                                                                                                                                                                                                                                                                                                          • Figure 289: Leading retailers’ follower numbers on selected social media, October 2012
                                                                                                                                                                                                                                                                                                                        • The consumer – Retail customer profile comparison
                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                              • Figure 290: Age profile of main customers of leading food retailers, September 2012
                                                                                                                                                                                                                                                                                                                              • Figure 291: Socio-economic profile of main customers of leading food retailers, September 2012
                                                                                                                                                                                                                                                                                                                              • Figure 292: Lifestage profile of main customers of leading food retailers, September 2012
                                                                                                                                                                                                                                                                                                                              • Figure 293: Regional profile of main customers of leading food retailers, September 2012
                                                                                                                                                                                                                                                                                                                              • Figure 294: ACORN special group profile of main customers of leading food retailers, September 2012
                                                                                                                                                                                                                                                                                                                            • The consumer – Who shops where
                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                • Main shop
                                                                                                                                                                                                                                                                                                                                  • Figure 295: Retailers used for main weekly shop, August 2012
                                                                                                                                                                                                                                                                                                                                  • Figure 296: Usage of the Big Four supermarkets for the main weekly shop, 2018-2012
                                                                                                                                                                                                                                                                                                                                • Customer profile by main shoppers
                                                                                                                                                                                                                                                                                                                                  • Figure 297: Customer base of main shoppers, by age and socio-economic group, September 2012
                                                                                                                                                                                                                                                                                                                                • Changes in customer profile, 1996-2012
                                                                                                                                                                                                                                                                                                                                  • Figure 298: Big Four supermarkets, customer profile, 1996, 2006 and 2012
                                                                                                                                                                                                                                                                                                                                • Top-up shopping
                                                                                                                                                                                                                                                                                                                                  • Figure 299: Usage of outlets for top-up shopping, September 2012
                                                                                                                                                                                                                                                                                                                                • Profile of top-up customers
                                                                                                                                                                                                                                                                                                                                  • Figure 300: Customer profile of Top-up shoppers, September 2012
                                                                                                                                                                                                                                                                                                                                • The consumer – Grocery shopping: Frequency, location and transport
                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                    • Frequency
                                                                                                                                                                                                                                                                                                                                      • Figure 301: Frequency of buying food, drink and household products, 2004-12
                                                                                                                                                                                                                                                                                                                                      • Figure 302: Average number of shopping trips PA, 2004-12
                                                                                                                                                                                                                                                                                                                                      • Figure 303: Frequency of buying food, drink and household products, 2004-12
                                                                                                                                                                                                                                                                                                                                      • Figure 304: Frequency of buying food, drink and household products, 2004-12
                                                                                                                                                                                                                                                                                                                                      • Figure 305: Regular and top-up grocery shopping trips, 2004-12
                                                                                                                                                                                                                                                                                                                                    • Mode of transport
                                                                                                                                                                                                                                                                                                                                      • Figure 306: Mode of transportation used, 2004-12
                                                                                                                                                                                                                                                                                                                                    • Types of outlets used
                                                                                                                                                                                                                                                                                                                                      • Figure 307: Type of outlets visited, 2008-12
                                                                                                                                                                                                                                                                                                                                      • Figure 308: Type of outlets visited regularly, 2008-12
                                                                                                                                                                                                                                                                                                                                      • Figure 309: Type of outlets visited occasionally, 2008-12
                                                                                                                                                                                                                                                                                                                                    • Money spent
                                                                                                                                                                                                                                                                                                                                      • Figure 310: Average spend on grocery shopping, 2010 and 2012
                                                                                                                                                                                                                                                                                                                                      • Figure 311: Money spent on food and drink, and household products in the last 12 months, 2010-12
                                                                                                                                                                                                                                                                                                                                      • Figure 312: Money spent on food and drink, and household products in the last 12 months, 2010-12
                                                                                                                                                                                                                                                                                                                                      • Figure 313: Money spent on food and drink, and household products in the last 12 months, 2010-12
                                                                                                                                                                                                                                                                                                                                    • Key factors in choosing a supermarket
                                                                                                                                                                                                                                                                                                                                      • Figure 314: Most important factors in choosing a supermarket, 2012
                                                                                                                                                                                                                                                                                                                                      • Figure 315: Important factors while shopping for groceries, 2004-12
                                                                                                                                                                                                                                                                                                                                      • Figure 316: Important factors while shopping for groceries, 2004-12
                                                                                                                                                                                                                                                                                                                                    • Attitudes to grocery shopping
                                                                                                                                                                                                                                                                                                                                        • Figure 317: Attitudes towards shopping, 2004-12
                                                                                                                                                                                                                                                                                                                                      • Grocery buying habits – Recent trends
                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                            • Figure 318: I look out for more bargains (eg buy one get one free), March-September, 2012
                                                                                                                                                                                                                                                                                                                                            • Figure 319: I have switched from branded to cheaper own-label groceries, March-September 2012
                                                                                                                                                                                                                                                                                                                                            • Figure 320: I plan my shopping more carefully to avoid food waste, March-September 2012
                                                                                                                                                                                                                                                                                                                                          • And September?
                                                                                                                                                                                                                                                                                                                                            • The consumer and grocers’ non-foods
                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                  • Figure 321: Non-food items bought from a supermarket or grocery store, September 2012
                                                                                                                                                                                                                                                                                                                                                • Who buys what
                                                                                                                                                                                                                                                                                                                                                  • Figure 322: Profile of purchasers of non-foods, September 2012
                                                                                                                                                                                                                                                                                                                                                • Numbers of items bought
                                                                                                                                                                                                                                                                                                                                                  • Figure 323: Non-food items bought from a supermarket or grocery store, September 2012
                                                                                                                                                                                                                                                                                                                                                  • Figure 324: Non-food items bought from a supermarket or grocery store, by repertoire of non-food items bought from a supermarket or grocery store, September 2012
                                                                                                                                                                                                                                                                                                                                                • Products bought and shops used
                                                                                                                                                                                                                                                                                                                                                    • Figure 325: Non-food items bought from a supermarket or grocery store, by usage of outlets for most of the households food and grocery shopping, September 2012
                                                                                                                                                                                                                                                                                                                                                  • Consumers and supermarket services
                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                        • Figure 326: Services bought or would consider buying from a supermarket, September 2012
                                                                                                                                                                                                                                                                                                                                                        • Figure 327: Leading food retailers: Major services offered, November 2012
                                                                                                                                                                                                                                                                                                                                                        • Figure 328: Principal supermarkets services bought or would be considered, September 2012
                                                                                                                                                                                                                                                                                                                                                      • Who uses them?
                                                                                                                                                                                                                                                                                                                                                          • Figure 329: Profile of those who use, or would use, supermarket services, September 2012
                                                                                                                                                                                                                                                                                                                                                        • Services and retailers
                                                                                                                                                                                                                                                                                                                                                          • Figure 330: Services bought or would consider buying from a supermarket, by usage of outlets for most of the households food and grocery shopping, September 2012
                                                                                                                                                                                                                                                                                                                                                          • Figure 331: Services bought or would consider buying from a supermarket, by most popular usage of outlets for top-up shopping, September 2012
                                                                                                                                                                                                                                                                                                                                                          • Figure 332: Services bought or would consider buying from a supermarket, by next most popular usage of outlets for top-up shopping, September 2012
                                                                                                                                                                                                                                                                                                                                                        • Consumer attitudes to buying non-foods
                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                              • Figure 333: Attitudes towards buying non-food items in supermarkets or grocery stores, September 2012
                                                                                                                                                                                                                                                                                                                                                              • Figure 334: Profile of consumers attitudes, September 2012
                                                                                                                                                                                                                                                                                                                                                              • Figure 335: Attitudes towards buying non-food items in supermarkets or grocery stores, by usage of outlets for most of the households food and grocery shopping, September 2012
                                                                                                                                                                                                                                                                                                                                                            • Advertising and promotion
                                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                                • Growth in ad spend slows
                                                                                                                                                                                                                                                                                                                                                                    • Figure 336: Main media advertising spend, by leading grocery retailers, 2008-11
                                                                                                                                                                                                                                                                                                                                                                  • Spending relative to turnover
                                                                                                                                                                                                                                                                                                                                                                    • Figure 337: Leading grocers’ advertising spend as % of turnover, 2008-11
                                                                                                                                                                                                                                                                                                                                                                  • Spending by media type
                                                                                                                                                                                                                                                                                                                                                                    • Figure 338: Leading grocers’ main media advertising distribution, by media, 2011
                                                                                                                                                                                                                                                                                                                                                                  • Advertising content
                                                                                                                                                                                                                                                                                                                                                                    • Brand research
                                                                                                                                                                                                                                                                                                                                                                      • Brand map
                                                                                                                                                                                                                                                                                                                                                                          • Figure 339: Attitudes towards and usage of brands in the food retail sector, August 2012
                                                                                                                                                                                                                                                                                                                                                                        • Correspondence analysis
                                                                                                                                                                                                                                                                                                                                                                          • Brand attitudes
                                                                                                                                                                                                                                                                                                                                                                            • Figure 340: Attitudes by food retail brand, August 2012
                                                                                                                                                                                                                                                                                                                                                                          • Brand personality
                                                                                                                                                                                                                                                                                                                                                                            • Figure 341: Food retail brand personality – macro image, August 2012
                                                                                                                                                                                                                                                                                                                                                                            • Figure 342: Food retail brand personality – micro image, August 2012
                                                                                                                                                                                                                                                                                                                                                                          • Brand experience
                                                                                                                                                                                                                                                                                                                                                                            • Figure 343: Food retail brand usage, August 2012
                                                                                                                                                                                                                                                                                                                                                                            • Figure 344: Satisfaction with various food retail brands, August 2012
                                                                                                                                                                                                                                                                                                                                                                            • Figure 345: Consideration of food retail brands, August 2012
                                                                                                                                                                                                                                                                                                                                                                            • Figure 346: Consumer perceptions of current food retail brand performance, August 2012
                                                                                                                                                                                                                                                                                                                                                                            • Figure 347: Food retail brand recommendation – Net Promoter Score, August 2012
                                                                                                                                                                                                                                                                                                                                                                          • Brand index
                                                                                                                                                                                                                                                                                                                                                                            • Figure 348: Food retail brand index, August 2012
                                                                                                                                                                                                                                                                                                                                                                            • Figure 349: Food retail brand index vs. recommendation, August 2012
                                                                                                                                                                                                                                                                                                                                                                          • Target group analysis
                                                                                                                                                                                                                                                                                                                                                                            • Figure 350: Target groups, August 2012
                                                                                                                                                                                                                                                                                                                                                                            • Figure 351: Food retail brand usage, by target groups, August 2012
                                                                                                                                                                                                                                                                                                                                                                          • Group One – Conformists
                                                                                                                                                                                                                                                                                                                                                                            • Group Two – Simply the Best
                                                                                                                                                                                                                                                                                                                                                                              • Group Three – Shelf Stalkers
                                                                                                                                                                                                                                                                                                                                                                                • Group Four – Habitual Shoppers
                                                                                                                                                                                                                                                                                                                                                                                  • Group Five – Individualists
                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Consumer – Who shops where?
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 352: Usage of outlets for most of the households food and grocery shopping, by demographics, July/Aug 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 353: Most popular usage of outlets for top-up shopping, by demographics, September 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 354: Next most popular usage of outlets for top-up shopping, by demographics, September 2012
                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Consumers and supermarkets services
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 355: Most popular services bought or would consider buying from a supermarket, by demographics, September 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 356: Next most popular services bought or would consider buying from a supermarket, by demographics, September 2012
                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Consumers and grocers’ non-foods
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 357: Most popular non-food items bought from a supermarket or grocery store, by demographics, September 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 358: Next most popular non-food items bought from a supermarket or grocery store, by demographics, September 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 359: Other non-food items bought from a supermarket or grocery store, by demographics, September 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 360: Least popular non-food items bought from a supermarket or grocery store, by demographics, September 2012
                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Consumer attitudes to buying non-foods
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 361: Most popular attitudes towards buying non-food items in supermarkets or grocery stores, by demographics, September 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 362: Next most popular attitudes towards buying non-food items in supermarkets or grocery stores, by demographics, September 2012
                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – The consumer – grocery shopping: Frequency, location and transport
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 363: Frequency of buying food, drink and household products, by demographics, 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 364: Frequency of buying food, drink and household products, by demographics, 2008
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 365: Mode of transportation used, by demographics, 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 366: Mode of transportation used, by demographics, 2008
                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Further analysis
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 367: Repertoire of non-food items bought from a supermarket or grocery store, by demographics, September 2012
                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Brand research
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 368: Brand usage, August 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 369: Brand usage, August 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 370: Brand commitment, August 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 371: Brand commitment, August 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 372: Brand momentum, August 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 373: Brand momentum, August 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 374: Brand diversity, August 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 375: Brand diversity, August 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 376: Brand satisfaction, August 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 377: Brand satisfaction, August 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 378: Brand recommendation, August 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 379: Brand recommendation, August 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 380: Brand attitude, August 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 381: Brand attitude, August 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 382: Brand image – Macro image, August 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 383: Brand image – Macro image, August 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 384: Brand image – Micro Image, August 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 385: Brand image – Micro image, August 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 386: Profile of target groups, by demographics, August 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 387: Psychographic segmentation, by target group, August 2012
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 388: Brand usage, by target groups, August 2012
                                                                                                                                                                                                                                                                                                                                                                                    • Brand index
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 389: Brand index, August 2012
                                                                                                                                                                                                                                                                                                                                                                                  • Ahold Group

                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                        • Belgium and Germany earmarked for expansion
                                                                                                                                                                                                                                                                                                                                                                                          • Further market entries also on the cards
                                                                                                                                                                                                                                                                                                                                                                                            • Pushing growth in Europe through the c-store channel
                                                                                                                                                                                                                                                                                                                                                                                              • Focus on online offer across its European markets
                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 390: Ahold Group: Retail division financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 391: Ahold Group: Outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                  • Aldi

                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 392: Aldi: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 393: Aldi: Outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                          • Asda

                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                • Re-establishing its position at the lower end of the market
                                                                                                                                                                                                                                                                                                                                                                                                                  • Driving home the price message
                                                                                                                                                                                                                                                                                                                                                                                                                    • Building multi-channel capability
                                                                                                                                                                                                                                                                                                                                                                                                                      • Sales growth likely to slow
                                                                                                                                                                                                                                                                                                                                                                                                                        • Non-foods earmarked for further development
                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 395: Asda Group Ltd: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 396: Asda Group Ltd: Outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                            • Auchan

                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Eastwards shift
                                                                                                                                                                                                                                                                                                                                                                                                                                    • A strong foundation
                                                                                                                                                                                                                                                                                                                                                                                                                                      • With decentralised operations
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strong own-brand
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Commitment to e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Non-food activities
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • By region
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • By activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 398: Auchan: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 399: Auchan: Estimated European sales, by country, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • First half 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 400: Auchan: European grocery stores outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Carrefour

                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dreadful results but brighter prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Cutting the global footprint to improve liquidity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What does the future hold for hypermarkets?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Multi-channel strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 401: Carrefour (Europe): Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 402: Carrefour (Europe): Directly-operated outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 403: Carrefour (Europe): Total European outlet numbers by format (incl. franchise/partner stores), 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Casino

                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Focus on multi-channel for growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bringing online instore
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Convenience stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 404: Casino: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 405: Casino: Outlet data (excluding franchises), 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Co-operative Group (Food)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Share slipping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Facing increasing c-store competition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Greater emphasis on price
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Non-food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 406: The Co-operative Food: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 407: The Co-operative Food: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Delhaize Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Rivals’ failure in Greece is Delhaize’s gain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Looking to build market share on the Balkans
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strengthening the convenience and discount offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 409: Delhaize Group: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 410: Delhaize Group: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Edeka

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Acclerating store expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • And targeting food lovers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Own label investment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Netto’s c-store network is downscaled
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Managers and stores well supported and serviced
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 411: Edeka Group Germany: Sales performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 412: Edeka Group Germany: Outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store format
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 413: Edeka: Food outlet data and range by format type, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • E. Leclerc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Solid track record based on offering consistently low prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strong hypermarket performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Non-foods and drive-thru boost growth too
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Accelerated capital investment will drive market share gains
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What risks?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 414: E. Leclerc: Group sales performance, 2007-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 415: Estimated International sales by country, 2010 and 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 416: E. Leclerc: Group outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Non-food formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 417: E Leclerc: Non-food outlets, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Groupement des Mousquetaires (Intermarché, Netto)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Decent 2011 performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New multi-format strategy paying off
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Creating point of difference
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Potential growth drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 418: Groupement des Mousquetaires: Sales performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 419: Groupement des Mousquetaires: Group outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 420: Groupement des Mousquetaires: Food outlet data and range by format type, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Iceland Foods Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The curse of the coupons
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online ahead
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Clearly targeted marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • International opportunities?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Non-food offer lacking
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 421: Iceland Foods Ltd: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 422: Iceland Foods Ltd: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Jerónimo Martins

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 423: Jerónimo Martins (retail): Financial performance, 2007-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 424: Jerónimo Martins (retail): Outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Lidl/Kaufland (Schwarz Group)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Can Lidl’s online non-foods offer be exported?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 425: Schwarz Group: Lidl stores per million capita, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Prospects in Germany: Lidl
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Prospects for Kaufland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Scaling back hard-discount in France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Outpaced by Aldi in the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 426: Schwarz Group: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 427: Schwarz Group: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Marks & Spencer (food)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • How high is too high?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Scope for Food On The Move?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Non-food offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 429: Marks & Spencer (food): Group sales performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 430: Marks & Spencer (food): Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 431: Marks & Spencer (food): Food outlets by format, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mercadona

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A well run business with an outstanding track record
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Continued investment and expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pro-actively engaging with customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 432: Mercadona: financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 433: Mercadona: Directly-operated outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ocado Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Offer is as strong as ever
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Losing share where it matters
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A long time coming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New fulfilment centre facilitates push into general merchandise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 434: Ocado Ltd: Group financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Real (Metro Food Retail)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Up for sale…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Own-brand/profitability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Eastern Europe – a mixed bag
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Non-food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 436: Real: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 437: Real: Outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Q1-Q3 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 438: Real: European store portfolio, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Rewe (Food Retail)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Reviving Penny in Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Penny appeals in Eastern Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Rewe’s spectacular growth in Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • And Billa/Merkur robust internationally
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online and non-foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 439: Rewe: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 440: Rewe: Outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 441: Rewe: Food formats, 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sainsbury’s

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Gaining market share through the downturn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Driving general merchandise sales and space
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • And convenience stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online initiatives
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Quality and enhanced value credentials are working
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 442: Sainsbury’s supermarkets: Financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 443: Sainsbury’s supermarkets: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 444: Sainsbury’s supermarkets: Outlet numbers and space by store size, 2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spar Europe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 446: Spar International: Year of entry, by country
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 447: SPAR International: Retail sales by country, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 448: SPAR International: Outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tesco Plc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What went wrong
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recovery plans
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Price
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Non-foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Banking
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mobile phones
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Continental Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Reasons to be optimistic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Addendum
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 449: Tesco Plc: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 450: Tesco Plc: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 451: Tesco store portfolio by store size, Feb 2012 and Aug 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Waitrose Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A deserving winner
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Convenience and online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Non-food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Overseas expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 453: Waitrose Ltd: Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 454: Waitrose Ltd: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Wm Morrison Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bringing new life to stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Non-food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Tentative steps into e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • C-store push
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 456: Wm Morrison Group: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 457: Wm Morrison Group: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 459: Europe: Population, by age group, 2005
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 460: Europe: Population, by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 461: Europe: Population, by age group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 462: Europe: Population, by age group, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • GDP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 463: Europe: GDP (current prices), 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 464: Europe: Year-on-year growth in GDP (current prices), 2002-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 465: Europe: Year-on-year growth in GDP (constant prices), 2002-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 466: Europe: Households’ consumer spending (current prices), 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 467: Europe: Year-on-year growth in households’ consumption expenditure (current prices), 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 468: Europe: Year-on-year growth in households’ consumption expenditure (constant prices), 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 469: Europe: Harmonised index of consumer prices, 2001-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Unemployment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 470: Europe: Average rate of unemployment, 2002-2012 Q2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Interest rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 471: Europe: Interest rates, 2007-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 472: Europe: Consumer confidence, Oct 2011-Sep 2012

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Aldi Stores Ltd (UK & Ireland)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Costcutter Supermarkets Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Lidl (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Spar UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Wm Morrison Supermarkets

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Supermarkets: More Than Just Food Retailing - Europe - November 2012

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              £2,895.00 (Excl.Tax)