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Supermarkets - Europe - November 2018

“Mintel’s report on supermarkets in Europe paints a picture of a sector struggling with the problems of maturity. There is much less scope for new store development in Western Europe, while competition is increasing. Aldi and Lidl are expanding hard on the back of their improved formats, and online competition is eating into non-food sales. There is some scope for expansion in Eastern Europe and Russia, but in the west strategies are increasingly defensive.”
– Richard Perks, Director of Retail Research

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Table of contents

  1. Overview

    • Areas covered in this Report
      • Consumer research coverage
        • Technical notes
          • Consumer spending
            • Retail sales
              • Financial definitions
                • Currencies
                  • Sales tax rates
                    • Figure 1: VAT rates around Europe, 2013-18
                  • Abbreviations
                  • Executive Summary – Europe – The Market

                      • Sector size and forecast
                        • Figure 2: Europe: sales by food retailers, 2013-18
                        • Figure 3: Europe: forecast sales by food retailers 2019-23
                      • Consumer spending
                        • Food and non-alcoholic drinks
                          • Figure 4: Europe: spending on food and non-alcoholic drinks, 2013-17
                        • Alcohol, tobacco and narcotics
                          • Figure 5: Europe: spending on alcoholic drinks, tobacco and narcotics, 2013-17
                        • Health & beauty products
                          • Figure 6: Europe: spending on products for personal care, 2013-17
                        • Spending and retail sales
                            • Figure 7: Europe: spending on food, drink and health & beauty as % all food retailers’ sales, 2012-17
                          • Inflation
                            • Figure 8: Europe: harmonised index of food and non-alcoholic beverages prices, annual % change, 2013-18
                            • Figure 9: Europe: harmonised index of alcohol and tobacco prices, annual % change, 2013-18
                          • Online
                            • Figure 10: EU: proportion of people who have bought groceries online, 2008-17
                            • Figure 11: Europe: proportion of people who have bought groceries online by country, 2013-17
                            • Figure 12: Europe: online grocery sales, 2017
                          • Leading players
                            • Figure 13: Europe: leading food retailers, sales, 2013/14-2017/18
                            • Figure 14: Europe: leading food retailers, outlets, 2013/14-2017/18
                            • Figure 15: Europe: leading food retailers, sales per outlet, 2013/14-2017/18
                          • Market shares
                            • Figure 16: Europe: leading food retailers’ shares of all food retailers’ sales, 2013/14-2017/18
                            • Figure 17: Europe: leading food retailers’ shares of all food retailers’ sales, 2017
                        • Executive Summary – Europe – The Consumer

                            • The research
                              • Where people shop
                                  • Figure 18: Europe: use of stores and online for grocery shopping, September 2018
                                • Where they shop for groceries
                                    • Figure 19: Europe: most used retailer and proportion of shoppers, by country, September 2018
                                    • Figure 20: Europe: top 2 and top 5 food retailers by proportion of shoppers, by country, September 2018
                                  • The discounters
                                      • Figure 21: Europe: use of top 2 discounters for main shop and top-up shopping, September 2018
                                    • Top-up shopping
                                        • Figure 22: Europe: shop most used for top-up shopping, September 2018
                                      • Attitudes to grocery shopping
                                        • Attitudes to fresh foods
                                            • Figure 23: Europe: those agreeing with selected attitudes to fresh foods by country, September 2018
                                          • Food packaging
                                              • Figure 24: Europe: those agreeing with selected attitudes to food packaging by country, September 2018
                                            • Food waste
                                              • Figure 25: Europe: those agreeing to the attitudes to food waste by country, September 2018
                                            • What we think
                                              • Convenience stores
                                                • Online
                                                  • Discounters
                                                    • Concentration
                                                      • Prospects
                                                      • Executive Summary – Europe – Innovation and Launch Activity

                                                        • Voice-enabled grocery shopping
                                                          • Smart shopping trolley
                                                            • Virtual grocery shopping assistant
                                                              • Speedy home grocery delivery
                                                                • Scan and go with mobile payment schemes
                                                                  • Fighting food waste
                                                                    • World's first plastic-free supermarket aisle
                                                                    • France

                                                                      • Overview
                                                                        • What you need to know
                                                                          • Areas covered in this Report
                                                                            • Executive summary
                                                                              • The market
                                                                                • Consumer spending
                                                                                  • Figure 26: France: estimated distribution of spending on food and drink by product type, 2017
                                                                                • Sector size and forecast
                                                                                  • Channels of distribution
                                                                                    • Figure 27: France: channels of distribution of spending on food and drink, 2017
                                                                                  • Companies and brands
                                                                                    • Leading players
                                                                                      • Market shares
                                                                                        • Figure 28: France: leading grocers’ shares of all food retailers’ sales, 2017
                                                                                      • Online
                                                                                        • The consumer
                                                                                          • Who shops for groceries
                                                                                            • Figure 29: France: responsibility for grocery shopping, by gender, September 2018
                                                                                          • How they shop for groceries
                                                                                            • Figure 30: France: how they shop for groceries, September 2018
                                                                                          • Where they shop for groceries
                                                                                            • Figure 31: France: grocery retailers where the most money is spent, September 2018
                                                                                          • Attitudes to grocery shopping
                                                                                            • Figure 32: France: attitudes to grocery shopping, September 2018
                                                                                          • What we think
                                                                                            • Issues and insights
                                                                                              • The new “loi alimentation”
                                                                                                • The facts
                                                                                                  • The implications
                                                                                                    • Food waste
                                                                                                      • The facts
                                                                                                        • The implications
                                                                                                          • Plastics and overpackaging
                                                                                                            • The facts
                                                                                                              • The implications
                                                                                                                • The market – What you need to know
                                                                                                                  • Positive economic indicators
                                                                                                                    • Spending on food largely non-discretionary
                                                                                                                      • Retail sector in France is generally low growth
                                                                                                                        • Food specialists outpacing the grocers
                                                                                                                          • Grocers dominate, but specialists significant
                                                                                                                            • Consumer spending
                                                                                                                              • Economic growth picking up
                                                                                                                                • Supermarket spending mainly non-discretionary
                                                                                                                                  • Figure 33: France: consumer spending on food, drink and tobacco (incl. VAT), 2013-18
                                                                                                                                • Sector size and forecast
                                                                                                                                  • Retail sales resilient
                                                                                                                                    • Specialists outpacing the grocers
                                                                                                                                        • Figure 34: France: food retailers, sales (excl. VAT), 2013-18
                                                                                                                                        • Figure 35: France: food retailers, forecast sales (excl. VAT), 2018-23
                                                                                                                                        • Figure 36: France: retail sales by format, annual % growth in value sales, 2013-17
                                                                                                                                      • Inflation
                                                                                                                                        • Figure 37: France: consumer prices * of food and drink, annual % change, 2013-17
                                                                                                                                        • Figure 38: France: consumer prices* of food and drink, annual % change, Jan 2017-Sept 2018
                                                                                                                                      • Channels of distribution
                                                                                                                                        • Figure 39: France: channels of distribution of food and drink products (excluding tobacco), 2015-17
                                                                                                                                      • Leading players – What you need to know
                                                                                                                                        • “Proximity” stores are thriving
                                                                                                                                          • Organics are growing
                                                                                                                                            • Pedestrian drives
                                                                                                                                              • Buying partnerships
                                                                                                                                                • Hypermarkets losing market share as discounters and c-stores gain
                                                                                                                                                  • Home delivery set to drive growth in online grocery
                                                                                                                                                    • Leading players
                                                                                                                                                      • Smaller “proximity” stores are thriving
                                                                                                                                                        • Growing organic sector
                                                                                                                                                          • Pedestrian drives
                                                                                                                                                            • Buying partnerships
                                                                                                                                                                • Figure 40: France: leading grocers, sales (excl. VAT), 2013-17
                                                                                                                                                                • Figure 41: France: leading grocers, outlets, 2013-17
                                                                                                                                                              • Sales per outlet
                                                                                                                                                                • Figure 42: France: leading grocers, sales per outlet (ex VAT), 2014-17
                                                                                                                                                              • Market shares
                                                                                                                                                                • Figure 43: France: leading grocers’ shares of all food retailers’ sales, 2013-17
                                                                                                                                                              • Online
                                                                                                                                                                • Online activity
                                                                                                                                                                  • Figure 44: France: broadband connections (percentage of households), 2010-17
                                                                                                                                                                • Shopping online for food
                                                                                                                                                                  • Figure 45: France: online purchasing, 2008-17
                                                                                                                                                                • Online grocery market size
                                                                                                                                                                  • Leading online players
                                                                                                                                                                    • Figure 46: France: leading online grocery retailers, sales, 2015-17
                                                                                                                                                                  • Drive dominates grocery, for now…..
                                                                                                                                                                    • Home delivery the next battleground
                                                                                                                                                                      • Monoprix
                                                                                                                                                                        • Carrefour’s ambitions
                                                                                                                                                                          • The consumer – What you need to know
                                                                                                                                                                            • Over two-thirds are mainly responsible for shopping
                                                                                                                                                                              • Store-based shopping dominates
                                                                                                                                                                                • Leclerc most shopped
                                                                                                                                                                                  • Lidl best for top-up shopping
                                                                                                                                                                                    • Food wastage and plastic packaging are the biggest concerns
                                                                                                                                                                                      • Who shops for groceries
                                                                                                                                                                                        • Majority of consumers take full responsibility for grocery shopping
                                                                                                                                                                                          • Figure 47: France: responsibility for grocery shopping, September 2018
                                                                                                                                                                                        • Women increasingly sharing responsibility for shopping
                                                                                                                                                                                          • Figure 48: France: responsibility for grocery shopping, by gender, September 2018
                                                                                                                                                                                        • How they shop for groceries
                                                                                                                                                                                          • Store-based shopping dominates
                                                                                                                                                                                            • Figure 49: France: how they shop for groceries, September 2018
                                                                                                                                                                                            • Figure 50: France: how they shop for groceries, by age of children in household, September 2018
                                                                                                                                                                                          • Where they shop for groceries
                                                                                                                                                                                            • Figure 51: France: grocery retailers where the most money is spent, September 2018
                                                                                                                                                                                          • Customer profiles
                                                                                                                                                                                            • Figure 52: France: grocery retailer they spend the most with, by average age and income, September 2018
                                                                                                                                                                                          • Where they also shop
                                                                                                                                                                                            • Figure 53: France: grocery retailers used for top up shopping, September 2018
                                                                                                                                                                                          • Number of retailers used
                                                                                                                                                                                            • Figure 54: France: repertoire of grocery retailers used in a typical month, September 2018
                                                                                                                                                                                          • Retailers used – in-store or online
                                                                                                                                                                                            • Figure 55: France: how they shop for groceries by grocery retailers where most money is spent, September 2018
                                                                                                                                                                                          • Attitudes to grocery shopping
                                                                                                                                                                                            • Food waste
                                                                                                                                                                                              • Figure 56: France: attitudes to food waste, September 2018
                                                                                                                                                                                            • Packaging
                                                                                                                                                                                              • Figure 57: France: attitudes to food packaging, September 2018
                                                                                                                                                                                            • Fresh foods
                                                                                                                                                                                              • Figure 58: France: attitudes to fresh foods, September 2018
                                                                                                                                                                                            • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                              • Abbreviations
                                                                                                                                                                                                • Data sources
                                                                                                                                                                                                • Germany

                                                                                                                                                                                                  • Overview
                                                                                                                                                                                                    • What you need to know
                                                                                                                                                                                                      • Areas covered in this Report
                                                                                                                                                                                                        • Executive summary
                                                                                                                                                                                                          • The market
                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                              • Figure 59: Germany: growth in consumer spending on food, drink and tobacco, 2013-18
                                                                                                                                                                                                            • Inflation
                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                • Figure 60: Germany: food retailers’ sales, (excl. VAT), 2014-23
                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                • Figure 61: Germany: estimated distribution of spending on food, drink and tobacco, 2017
                                                                                                                                                                                                              • Companies and brands
                                                                                                                                                                                                                • Leading players
                                                                                                                                                                                                                  • Figure 62: Germany: leading grocers, sales, 2017
                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                  • Figure 63: Germany: leading grocers’ shares of all food retailers’ sales, 2017
                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                  • Figure 64: Germany: online food sales, incl. VAT, 2017
                                                                                                                                                                                                                • The consumer
                                                                                                                                                                                                                  • Who shops for groceries
                                                                                                                                                                                                                    • Figure 65: Germany: who shops for groceries, by age and gender, September 2018
                                                                                                                                                                                                                  • How they shop
                                                                                                                                                                                                                    • Figure 66: Germany: how they shop for groceries, by age and gender, September 2017/18
                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                    • Figure 67: Germany: grocery retailers where the most money is spent, September 2018
                                                                                                                                                                                                                    • Figure 68: Germany: where else they shop for groceries, September 2017/18
                                                                                                                                                                                                                  • Attitudes to grocery shopping
                                                                                                                                                                                                                    • Fresh foods
                                                                                                                                                                                                                      • Figure 69: Germany: attitudes to fresh foods at grocery retailers, September 2018
                                                                                                                                                                                                                    • Food waste
                                                                                                                                                                                                                      • Figure 70: Germany: attitudes to food waste at grocery retailers, September 2018
                                                                                                                                                                                                                    • Food packaging
                                                                                                                                                                                                                      • Figure 71: Germany: attitudes to food packaging, September 2018
                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                      • Issues and insights
                                                                                                                                                                                                                        • Is grocery e-commerce stalling already?
                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                              • Rethinking plastic
                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                    • The market – What you need to know
                                                                                                                                                                                                                                      • Spending on groceries set to grow 4.9% in 2018
                                                                                                                                                                                                                                        • Inflation peaks in 2017 but remains high in 2018
                                                                                                                                                                                                                                          • Growth at the grocers reflects increase in household spending
                                                                                                                                                                                                                                            • Retailers’ sales forecast to reach €230 billion by 2023
                                                                                                                                                                                                                                              • Discounters account for 43% of consumer spending
                                                                                                                                                                                                                                                • Consumer spending
                                                                                                                                                                                                                                                  • A strong economy and higher prices drives up spending
                                                                                                                                                                                                                                                    • Figure 72: Germany: consumer spending on food, drink and tobacco (incl. VAT), 2013-18
                                                                                                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                                                                                                    • Grocery retailers grow in line with spending
                                                                                                                                                                                                                                                      • Figure 73: Germany: grocery retailers, sales (excl. VAT), 2013-18
                                                                                                                                                                                                                                                    • Food retailers’ sales forecast to hit €230 billion by 2023
                                                                                                                                                                                                                                                      • Figure 74: Germany: grocery retailers, forecast sales (excl VAT), 2018-23
                                                                                                                                                                                                                                                    • Inflation
                                                                                                                                                                                                                                                      • Figure 75: Germany: harmonized index of consumer prices (HICP), annual % change, 2013-17
                                                                                                                                                                                                                                                      • Figure 76: Germany: harmonized index of consumer prices (HICP), annual % change on previous year, January 2017-September 2018
                                                                                                                                                                                                                                                    • Channels of distribution
                                                                                                                                                                                                                                                      • Figure 77: Germany: estimated distribution of spending on food, drink and tobacco, 2017
                                                                                                                                                                                                                                                    • Leading players – What you need to know
                                                                                                                                                                                                                                                      • Edeka the largest food retailer
                                                                                                                                                                                                                                                        • Rewe experiences strong growth
                                                                                                                                                                                                                                                          • Aldi the strongest of the discounters in 2017
                                                                                                                                                                                                                                                            • Leading players account for growing share of sales
                                                                                                                                                                                                                                                              • Online penetration of food grows at a slower rate
                                                                                                                                                                                                                                                                • Online sales reach €1.1 billion
                                                                                                                                                                                                                                                                  • Leading players
                                                                                                                                                                                                                                                                    • Rewe enjoys strongest growth
                                                                                                                                                                                                                                                                      • Edeka also continues to grow
                                                                                                                                                                                                                                                                        • Aldi the stronger of the discounters in 2017
                                                                                                                                                                                                                                                                          • Figure 78: Germany: leading grocers, sales, 2014-17
                                                                                                                                                                                                                                                                        • Acquisitions increase store numbers
                                                                                                                                                                                                                                                                          • Figure 79: Germany: leading grocers, outlets, 2014-17
                                                                                                                                                                                                                                                                          • Figure 80: Germany: leading grocers, sales per outlet, 2014-17
                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                          • Figure 81: Germany: leading grocers’ shares of all food retailers’ sales, 2015-17
                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                          • Shopping online for food
                                                                                                                                                                                                                                                                            • Historical limitations to online growth in grocery
                                                                                                                                                                                                                                                                              • Penetration slows again after a jump in 2016
                                                                                                                                                                                                                                                                                • Figure 82: Germany: online purchasing, 2008-17
                                                                                                                                                                                                                                                                              • Online grocery market size
                                                                                                                                                                                                                                                                                • Figure 83: Germany: online food sales, incl. VAT, 2017
                                                                                                                                                                                                                                                                              • Leading online players
                                                                                                                                                                                                                                                                                • EDEKA develops online capability
                                                                                                                                                                                                                                                                                  • Rewe expands collection service and tweaks home delivery options
                                                                                                                                                                                                                                                                                    • Real expands drive-in and collect offer
                                                                                                                                                                                                                                                                                      • Schwarz Group pulls the plug on e-commerce
                                                                                                                                                                                                                                                                                        • Amazon Fresh
                                                                                                                                                                                                                                                                                          • Bünting launches online grocery services for combi.de
                                                                                                                                                                                                                                                                                            • Globus partners with a start-up to relaunch online
                                                                                                                                                                                                                                                                                              • Dohle looks to launch e-commerce
                                                                                                                                                                                                                                                                                                • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                  • Women take the lead on grocery shopping
                                                                                                                                                                                                                                                                                                    • Store-based shopping dominates
                                                                                                                                                                                                                                                                                                      • Edeka most popular for majority spend
                                                                                                                                                                                                                                                                                                        • Aldi leads as a secondary shopping location
                                                                                                                                                                                                                                                                                                          • Quality of fresh food a key driver of choice
                                                                                                                                                                                                                                                                                                            • Grocery shoppers are concerned about food waste
                                                                                                                                                                                                                                                                                                              • Reducing plastics to appeal to grocery shoppers
                                                                                                                                                                                                                                                                                                                • Who shops for groceries
                                                                                                                                                                                                                                                                                                                  • Women take the lead on grocery shopping
                                                                                                                                                                                                                                                                                                                    • Figure 84: Germany: who shops for groceries, by age and gender, September 2018
                                                                                                                                                                                                                                                                                                                  • How they shop for groceries
                                                                                                                                                                                                                                                                                                                    • Store-based shopping dominates
                                                                                                                                                                                                                                                                                                                      • Online buying falls back
                                                                                                                                                                                                                                                                                                                        • Figure 85: Germany: how they shop for groceries, by age and gender, September 2017/18
                                                                                                                                                                                                                                                                                                                      • Younger consumers are more likely to shop online
                                                                                                                                                                                                                                                                                                                        • Figure 86: Germany: how they shop for groceries, by age and gender, September 2018
                                                                                                                                                                                                                                                                                                                      • Where they shop for groceries
                                                                                                                                                                                                                                                                                                                        • Aldi is the most popular grocery retailer
                                                                                                                                                                                                                                                                                                                          • Figure 87: Germany: where they shop for groceries (net main or secondary grocery shopping), September 2018
                                                                                                                                                                                                                                                                                                                        • Edeka takes the lead for main shopping trips
                                                                                                                                                                                                                                                                                                                          • Figure 88: Germany: grocery retailers where the most money is spent, September 2017/18
                                                                                                                                                                                                                                                                                                                        • Edeka’s customer base is older and more affluent
                                                                                                                                                                                                                                                                                                                          • Figure 89: Germany: where they spend the most on groceries, by shopper profile, September 2018
                                                                                                                                                                                                                                                                                                                        • Aldi leads, but top-up shopping loses its appeal
                                                                                                                                                                                                                                                                                                                          • Figure 90: Germany: where else they shop for groceries, September 2017/18
                                                                                                                                                                                                                                                                                                                        • Higher income households are most likely to split shopping
                                                                                                                                                                                                                                                                                                                          • Figure 91: Germany: repertoire of where they shop for groceries, by household income, September 2018
                                                                                                                                                                                                                                                                                                                        • Attitudes to grocery shopping
                                                                                                                                                                                                                                                                                                                          • Quality of fresh foods drives choice of retailer
                                                                                                                                                                                                                                                                                                                            • Figure 92: Germany: attitudes to fresh foods at grocery retailers, September 2018
                                                                                                                                                                                                                                                                                                                          • Edeka shoppers are most concerned with fresh food
                                                                                                                                                                                                                                                                                                                            • Figure 93: Germany: attitudes to fresh foods at grocery retailers, by where they spend the most, September 2018
                                                                                                                                                                                                                                                                                                                          • Food waste is a concern for all
                                                                                                                                                                                                                                                                                                                            • Figure 94: Germany: attitudes to food wastage at grocery retailers, September 2018
                                                                                                                                                                                                                                                                                                                          • Aldi shoppers are most concerned about food waste
                                                                                                                                                                                                                                                                                                                            • Figure 95: Germany: attitudes to food wastage at grocery retailers, by where they spend the most, September 2018
                                                                                                                                                                                                                                                                                                                          • Rethinking plastics
                                                                                                                                                                                                                                                                                                                            • Figure 96: Germany: attitudes to food packaging, September 2018
                                                                                                                                                                                                                                                                                                                          • Supermarket shoppers are most concerned about packaging
                                                                                                                                                                                                                                                                                                                            • Figure 97: Germany: attitudes to food packaging, by where they spend the most, September 2018
                                                                                                                                                                                                                                                                                                                          • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                            • Abbreviations
                                                                                                                                                                                                                                                                                                                              • Data sources
                                                                                                                                                                                                                                                                                                                              • Italy

                                                                                                                                                                                                                                                                                                                                • Overview
                                                                                                                                                                                                                                                                                                                                  • What you need to know
                                                                                                                                                                                                                                                                                                                                    • Areas covered in this Report
                                                                                                                                                                                                                                                                                                                                      • Executive summary
                                                                                                                                                                                                                                                                                                                                        • The market
                                                                                                                                                                                                                                                                                                                                          • Consumer spending
                                                                                                                                                                                                                                                                                                                                            • Figure 98: Italy: annual percentage change in consumer spending on food and beverages, 2013-17
                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                            • Figure 99: Italy: food retailers, sales (ex VAT), 2013-22
                                                                                                                                                                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                                                                                                                                                                            • Figure 100: Italy: estimated distribution of spending on food and beverages, 2017
                                                                                                                                                                                                                                                                                                                                          • Companies and brands
                                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                                              • Figure 101: Italy: top 10 grocers’ shares of all food retailers’ sales, 2017
                                                                                                                                                                                                                                                                                                                                            • Leading players
                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                • Figure 102: Italy: online purchasing, 2008-17
                                                                                                                                                                                                                                                                                                                                              • The consumer
                                                                                                                                                                                                                                                                                                                                                • Who shops for groceries
                                                                                                                                                                                                                                                                                                                                                  • How they shop
                                                                                                                                                                                                                                                                                                                                                    • Figure 103: Italy: how they shop for groceries, September 2018
                                                                                                                                                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                                                                                                                                                    • Figure 104: Italy: where they shop for groceries, September 2018
                                                                                                                                                                                                                                                                                                                                                  • Attitudes to shopping for groceries
                                                                                                                                                                                                                                                                                                                                                    • Figure 105: Italy: attitudes to buying groceries, September 2018
                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                    • Issues and insights
                                                                                                                                                                                                                                                                                                                                                      • The rise of the discounters
                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                            • The opportunity that lies in food waste reduction
                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                  • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                    • Spending falling in real terms
                                                                                                                                                                                                                                                                                                                                                                      • Growth in the sector held back by smaller players
                                                                                                                                                                                                                                                                                                                                                                        • Grocers remain dominant
                                                                                                                                                                                                                                                                                                                                                                          • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                            • Consumer spending growth slows
                                                                                                                                                                                                                                                                                                                                                                              • Figure 106: Italy: consumer spending on food, drink and tobacco (inc VAT), 2013-18
                                                                                                                                                                                                                                                                                                                                                                            • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                              • Sector expected to grow just 0.3% in 2018
                                                                                                                                                                                                                                                                                                                                                                                • Figure 107: Italy: food retailers, sales (ex VAT), 2013-18
                                                                                                                                                                                                                                                                                                                                                                              • Growth forecast to accelerate in 2019
                                                                                                                                                                                                                                                                                                                                                                                • Figure 108: Italy: food retailers, forecast sales (ex VAT), 2018-23
                                                                                                                                                                                                                                                                                                                                                                              • Inflation
                                                                                                                                                                                                                                                                                                                                                                                • Figure 109: Italy: consumer prices* of food and drink, annual % change, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                • Figure 110: Italy: consumer prices* of food and drink, annual % change, January 2017-October 2018
                                                                                                                                                                                                                                                                                                                                                                              • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                • Non-specialists gaining market share
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 111: Italy: estimated distribution of spending on food and beverages, 2017
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 112: Italy: estimated distribution of spending on food and beverages, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                  • A new leading player in the Italian grocery sector
                                                                                                                                                                                                                                                                                                                                                                                    • Discounters increase market share
                                                                                                                                                                                                                                                                                                                                                                                      • Online spending expected to reach €626 million
                                                                                                                                                                                                                                                                                                                                                                                        • Leading players
                                                                                                                                                                                                                                                                                                                                                                                          • Conad replaces Coop Italia as the leading player
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 113: Italy: leading grocers, sales (ex VAT), 2015-17
                                                                                                                                                                                                                                                                                                                                                                                          • Discounters continue to expand
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 114: Italy: leading grocers, outlets, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                          • Sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 115: Italy: leading grocers, sales per outlet (ex VAT), 2015-17
                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                            • Consolidation in the grocery sector
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 116: Italy: leading grocers shares of all food retailers sales, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                                                • Online activity
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 117: Italy: online purchasing, 2008-17
                                                                                                                                                                                                                                                                                                                                                                                                • Online grocery market size
                                                                                                                                                                                                                                                                                                                                                                                                  • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                      • Grocery shopping habits vary by age
                                                                                                                                                                                                                                                                                                                                                                                                        • Online remains small
                                                                                                                                                                                                                                                                                                                                                                                                          • Coop Italia, Conad and Lidl most used
                                                                                                                                                                                                                                                                                                                                                                                                            • Reiterating the importance of sustainability and fresh produce
                                                                                                                                                                                                                                                                                                                                                                                                              • Who shops for groceries
                                                                                                                                                                                                                                                                                                                                                                                                                • More than half take responsibility for grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 118: Italy: who shops for groceries, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                • How they shop for groceries
                                                                                                                                                                                                                                                                                                                                                                                                                  • Most still shop in-store, but online usage growing
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 119: Italy: how they shop for groceries, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop for groceries
                                                                                                                                                                                                                                                                                                                                                                                                                    • Coop Italia is the most-used grocery retailer
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 120: Italy: where they shop for groceries, net of responses, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                    • Lidl is a popular secondary retailer
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 121: Italy: where they shop for groceries, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading players attract older, more affluent customer base
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 122: Italy: where they shop for groceries, net of responses, by age and income, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                    • Most people shop with multiple retailers
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 123: Italy: repertoire of grocery retailers used, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                    • Coop shoppers show an appetite for purchasing online
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 124: Italy: how they shop for groceries by grocery retailers where the most money is spent, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                    • Attitudes to grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                      • Fresh produce is a key driver in where people choose to shop
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 125: Italy: attitudes to fresh foods, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                      • Most think food waste is a problem
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 126: Italy: attitudes to food waste, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                      • Concerns over plastic packaging are notable
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 127: Italy: attitudes to food packaging, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                          • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                            • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                            • Spain

                                                                                                                                                                                                                                                                                                                                                                                                                              • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Areas covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                      • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 128: Spain: estimated distribution of food, drink and tobacco spending, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 129: Spain: leading grocers’ shares of all food retailers’ sales, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online still only a small part of the sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 130: Spain: online purchasing, 2008-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • How they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 131: Spain: food shopping, in-store vs online, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 132: Spain: food retailer most money spent with, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Attitudes to grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 133: Spain: attitudes to grocery shopping, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online may be a slow burn, but it is a real opportunity
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The opportunity for the hard discounters
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Spending falling in real terms
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Supermarkets holding on to share of retail sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Supermarkets dominant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 134: Spain: consumer spending on food, drink and tobacco (incl. VAT), 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 135: Spain: food retailers, sales (excl. VAT), 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 136: Spain: food retailers, forecast sales (excl. VAT), 2019-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 137: Spain: consumer prices of food and drink, annual % change, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 138: Spain: consumer prices of food and drink, annual % change, Jan 2017-Sept 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 139: Spain: estimated distribution of spending on food, drink and tobacco, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Mercadona dominant
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Carrefour, the number two
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Discounters growing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online still only a small part of the sector.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mercadona leads the way
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 140: Spain: leading food retailers, sales, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 141: Spain: leading food retailers, outlets, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 142: Spain: leading food retailers, sales per outlet, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 143: Spain: leading grocers’ shares of all food retailers’ sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 144: Spain: online purchasing, 2008-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online grocery market size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Stores still most important
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mercadona in the lead
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • There’s too much packaging and too much waste
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • How they shop for groceries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 145: Spain: how they shop for groceries, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where they shop for groceries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 146: Spain: food retailer most money spent with, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 147: Spain: grocery retailer they spend the most with, by average age and income, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where they also shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 148: Spain: grocery retailers used for top up shopping, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Number of retailers used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 149: Spain: number of different food retailers used, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retailers used – in-store or online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 150: Spain: how they shop for groceries by grocery retailers where the most money is spent, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Attitudes to grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Food waste
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 151: Spain: attitudes to food waste, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Packaging
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 152: Spain: attitudes to food packaging, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fresh foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 153: Spain: attitudes to fresh foods, September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes to food shopping by where people shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Products covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Grocery sector expected to see sales accelerate in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 154: All food retail sales (inc. VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Supermarket sector is growing once more…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 155: Supermarkets’ market size and forecast (inc. VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …but growth remains slower than the wider sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 156: Estimated breakdown of sector sales, by channel, 2012-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Inflation eases, allowing real incomes to grow once more
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 157: Average weekly earnings, by consumer price index, January 2015-September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tesco remains the market leader but Sainsbury’s and Asda will create stiff competition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 158: Leading grocery retailers: share of all grocery retail sales, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Aldi brand in rude health
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 159: Key metrics for selected brands, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Most combine a main shop with a top-up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 160: Household grocery buying behaviours, 2015-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Two thirds still spend the most in supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 161: Store format where the most is spent in a typical month, 2016-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The majority of grocery shoppers shop with Tesco in a typical month
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 162: Grocery retailers used for primary and secondary shops, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Almost nine in 10 purchase non-foods from supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 163: Non-food products purchased in-store or online in the past 12 months, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Just under three quarters use food counters
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 164: Food counter and café services used in supermarkets, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • 38% of grocery shoppers are very satisfied with their retailer of choice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 165: Satisfaction with grocery retailer where the most is spent in a typical month, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Quality of fresh a key area, but consumers are worried about levels of food waste
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 166: Attitudes towards shopping for groceries, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Asda and Sainsbury’s merger: 2+3=1?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What does the future of supermarkets look like?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Waste not, want not: Where do supermarkets sit in the fight against food waste?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Inflation eases, allowing real incomes to grow once more
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spending on food holding up well
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Supermarket sector returns to growth in 2017…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …but growth remains slower than the wider sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Inflation high throughout 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 167: Food and drink inflation, 2013-August 18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Real wages showing signs of growth in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 168: Average weekly earnings, by consumer price index, January 2015-September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer confidence dips at end of summer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 169: Consumer confidence: current financial situation vs sentiment for the coming year, January 2016-September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Increasing number of private renters
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 170: UK household tenure status, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer spending on food and drink
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 171: Consumer spending on core food and drink categories, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Spending on food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 172: Annual % change in the value, volume and prices in the food category, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • How food spending breaks down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 173: Composition of consumer spending on food, categories as % of total spending, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Spending on non-alcoholic drinks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 174: Annual % change in the value, volume and prices in the non-alcoholic beverages category, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 2017 sees an uplift in alcoholic drink sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 175: Annual % change in the value, volume and prices in the alcoholic beverages category, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 176: Composition of consumer spending on alcoholic drinks, categories as a % of total spending, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Grocery sector sees growth accelerate driven by inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 177: All food retail sales (inc. VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 178: All food retail sales (inc. VAT), market size and forecast, in current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Supermarket sector size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 179: Supermarkets’ market size and forecast (inc. VAT), 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 180: Supermarkets: market size and forecast (inc. VAT), in current and constant prices, 2013-23
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Despite competition, supermarkets still account for half the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 181: Estimated channels of distribution for grocery retail sales, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Is the decline bottoming out?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 182: Estimated breakdown of sector sales, by channel, 2012-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Most combine a main shop with a top-up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Two thirds still spend the most in supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The majority of grocery shoppers shop with Tesco in a typical month
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tesco primary shoppers skew younger, whilst Sainsbury’s skew older
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Almost nine in 10 purchase non-foods from supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Just under three quarters use food counters
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • 38% of grocery shoppers are very satisfied with their retailer of choice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Quality of fresh a key area, but consumers are worried about levels of food waste
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • How they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Nine in 10 responsible
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Most combine a main shop with a top-up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 183: Household grocery buying behaviours, 2015-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Habits are not static
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 184: Household grocery buying behaviours, March 2016-September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Older consumers more likely to shop on a top-up basis…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 185: Household grocery buying behaviours, by age, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • …leading to most shopping multiple times per week
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 186: Frequency of household grocery buying, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 187: Household grocery buying behaviours, by frequency of grocery shop, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Types of stores used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Growth in use of discounters and online has led to less reliance on supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 188: Store format where the most is spent in a typical month, 2016-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Who spends the most in supermarkets?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 189: Store format where the most is spent in a typical month, by age. August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 190: Attitudes towards justification of supermarket visitation, by age, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Large families, large baskets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 191: Store format where the most is spent in a typical month, by parental status and gender, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco is leading the way…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 192: Grocery retailers used, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …but Aldi is the big winner
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 193: Trend of grocery retailers used, 2016-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco attracts both primary and secondary shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 194: Grocery retailers used for primary and secondary shops, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Just 7% are loyal to one retailer only
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 195: Repertoire of secondary retailers used, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Discounters appeal in a secondary capacity to Asda shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 196: Where leading retailers’ primary shoppers also shop, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retailer demographic comparison
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Tesco attracts the young in a secondary capacity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 197: Leading grocery retailers used for primary and secondary shops, by age, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 198: The discounters: primary and secondary shoppers, by age, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Large towns a hotspot for Asda
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 199: Leading grocery retailers used for primary and secondary shops, by location, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Aldi is making inroads in the North
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 200: Leading retailers’ primary shoppers, by region live in, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 201: Leading retailers’ secondary shoppers, by region live in, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Asda usage prevalent amongst lower income groups
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 202: Leading grocery retailers used for primary and secondary shops, by household income bracket, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 203: Aldi and Lidl, primary and secondary grocery shoppers, by household income bracket, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Non-foods in supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • More than four in five purchased non-foods in-store at supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 204: Non-food products purchased in-store or online in the past 12 months, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • George the most shopped from brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 205: Supermarket brand shopped with in-store or online in the past 12 months, by categories of clothing, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Only a third of supermarket shoppers are influenced by non-foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 206: Behaviours in supermarkets, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Counter services and non-food services in supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Three quarters (73%) of supermarket shoppers use food counters
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 207: Food counter and café services used in supermarkets, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Most see food counters as more important than non-food areas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 208: Attitudes towards food counts in supermarkets, by age, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Refreshing the counter line-up could engage younger consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 209: Food counter and café services used in supermarkets, by age, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 210: Repertoire of food-based services typically used in supermarkets, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Morrisons shoppers far more likely to use counter services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 211: Food counter and café services used in supermarkets, by retailer where the most is spent with in a typical month, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Three quarters have used an in-store service in the past year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 212: Services used in supermarkets in the past year, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Satisfaction with the grocery shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Just over a third say they are very satisfied with their retailer of choice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 213: Satisfaction with grocery retailer where the most is spent in a typical month, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Scope to give more information about where products are sourced
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 214: Key drivers of overall satisfaction with grocery retailers, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retailer comparison
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 215: Overall satisfaction with the retailer where the most is spent in a typical month, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 216: Satisfaction with select factors at the retailer where the most is spent in a typical month, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 217: Satisfaction with select factors at the retailer where the most is spent in a typical month, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key driver analysis: methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 218: Overall satisfaction with grocery retailers – Key driver output, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Attitudes towards fresh foods, food waste and plastics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Most feel fresh is the most important consideration when choosing where to shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 219: Attitudes towards fresh foods in supermarkets, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 220: Agreement with attitudes towards fresh foods in supermarkets, by channel where the most is spent in a typical month, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Vast majority feel food waste is an important concern
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 221: Attitudes towards food waste in supermarkets, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Grocers should be leading on plastic reduction and education
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 222: Attitudes towards plastics and packaging at grocery retailers, August 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Leading retailers – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Morrisons posts strongest growth in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sainsbury’s and Asda will push Tesco, but it retains its leading market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Tesco also the market leader online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Aldi and Lidl still have the edge on value-for-money perceptions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading grocery retailers – Key metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 223: Leading grocery retailers, net sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 224: Leading grocery retailers: Store numbers, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 225: Leading grocery retailers: annual sales per outlet, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sales areas and densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 226: Leading grocery retailers: total sales area, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 227: Leading grocery retailers: annual sales per sq m, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 228: Leading grocery retailers: operating profits, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 229: Leading grocery retailers: operating margins, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Tesco remains the market leader…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 230: Leading grocery retailers: share of all grocery retail sales, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …but Sainsbury’s plus Asda would create a challenge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 231: Leading grocery retailers: share of all grocery retail sales, 2013-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A note on our market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Around half of consumers do some online grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 232: Usage of online grocery shopping, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online grocery only accounts for 6% of sector sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 233: Estimated breakdown of sector sales, by channel, 2012-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The in-store experience matters
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 234: Why users shop online for groceries, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Same-day delivery comes at a cost
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 235: Attitudes towards same-day delivery services, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tesco is losing market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 236: Leading online grocery retailers’ estimated market shares, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Summary data and classifications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 237: Food, non-food standard classifications, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Convenience comparison overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 238: UK leading food retailers’ hypermarket store format: convenience comparison overview split, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 239: UK leading food retailers’ superstore format: convenience comparison overview split, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 240: UK leading food retailers’ smaller supermarkets and discounters: convenience comparison overview split, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Detailed convenience comparison split
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 241: UK leading food retailers’ hypermarket store format: convenience comparison detailed split, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 242: UK leading food retailers’ superstore format: convenience comparison detailed split, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 243: UK leading food retailers’ smaller supermarkets and discounters: convenience comparison detailed split, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Food and drink categories split
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 244: Waitrose, Finchley Road, London, Sushi Daily, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 245: UK leading food retailers: food and drink categories as a percentage of total space allocated to food and drink, November 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 246: Leading food retailers, estimated Sales Mix, 2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 247: Leading food retailers: category sales as % total sales, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 248: Leading food retailers, sales density by broad category, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 249: Leading food retailers: estimated share of key product markets, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Innovation and launch activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Extended non-grocery offering to encourage consumers to visit supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tapping into consumer demand for locally produced food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Helping customers make healthier food choices when grocery shopping in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Eco-conscious grocery shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Food-to-go experiences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E-bike grocery home delivery service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Speeding up the supermarket checkout process
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Advertising and marketing activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Total sector advertising down 8.2% year on year in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 250: Recorded above-the-line, online display and direct mail total advertising expenditure by UK supermarket and online grocers, 2014-18*
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tesco ramps up advertising spend in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 251: Recorded above-the-line, online display and direct mail total advertising expenditure, by leading UK supermarket and online grocers, 2014-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Advertising spend peaks around key seasonal events in the retail calendar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 252: Recorded above-the-line, online display and direct mail total advertising expenditure by UK supermarket and online grocers, by month, 2016 and 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • TV grabs the biggest share of advertising expenditure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 253: Percentage media type split of recorded above-the-line, online display and direct mail total advertising expenditure by UK supermarkets and online grocers, 2014-18*
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we’ve seen so far in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 254: Attitudes towards and usage of selected brands, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 255: Key metrics for selected brands, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand attitudes: Aldi and Lidl’s image highly associated with good value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 256: Attitudes, by brand, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand personality: Co-op moving away from boring sentiment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 257: Brand personality – Macro image, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Aldi, Lidl and Iceland still regarded as somewhat basic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 258: Brand personality – Micro image, October 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Another good year for Tesco
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sainsbury’s/Asda potential branding dilemma
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Asda showing signs of recovery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Morrisons’ accessibility is improving
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Aldi is positively endorsed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Co-op’s brand image overhaul is working
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Lidl still marginally behind Aldi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • M&S Simply Food as stylish as ever
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Iceland pushing eco-credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Exclusivity helps Waitrose stand out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ocado is highly recommended
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Amazon widely accessible
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer research methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Key driver analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Interpretation of results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 259: Overall satisfaction with grocery retailers – Key driver output, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 260: Satisfaction with grocery retailers, July 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Appendix – Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ahold Delhaize

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Investing in unique in-store experiences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Checkout-free store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New small store format dedicated to fulfil local customers’ demand for convenience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Updated brand positioning driving like-for-like sales at Delhaize Belgium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Testing fresh foods vending machine
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Seamless and convenient online shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Expanding fulfilment capabilities to support e-commerce growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Voice-activated shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Commitment to eradicate plastic waste
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 261: Ahold Delhaize: group financial performance*, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 262: Ahold Delhaize: outlet data, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Aldi

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Encouraging ‘one-stop shopping’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Launching in Italy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Growing harmonisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 263: Aldi: estimated group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 264: Aldi: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Asda Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Sainsbury’s merger: not the end for the Asda brand but is it good for Sainsbury’s?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Abandoning price guarantee shouldn’t impact perceptions of competitiveness
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A greater focus on sustainability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • More flexible on customers’ specific needs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Digital offer refinements
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 265: Asda Group Ltd: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 266: Asda Stores Ltd: breakdown of revenue between sale of goods and fuel, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 267: Asda Group Ltd: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 268: Asda Group Ltd: outlets, by type, 2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Auchan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Growing focus on proximity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Single brand transformation continues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Horizon alliance offers opportunity to boost buying power
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recovering lost ground on digital
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 269: Auchan: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 270: Auchan: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Carrefour

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Bompard era and Carrefour 2022 transformation plan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New blood
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The hypermarket format
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Remodellings and transformations in all countries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Partnerships
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Specialist e-commerce sites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Organics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 271: Carrefour: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 272: Carrefour: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 273: Carrefour: store numbers by country, December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 274: Carrefour (Europe): outlet numbers by format, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Casino

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New concepts to make stores more appealing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Casino and L'Oréal team up to launch beauty stores in Paris
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Delivery options expanded
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tie up with Ocado to help build digital commerce capabilities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Instant ordering through voice-command technology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lifestyle hub for urban consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 275: Casino: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 276: Casino (France): outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The Co-operative Food

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Further move into wholesale brings scale
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Facing a challenge in its traditional territory
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Local sourcing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Growing closer to the community
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 277: The Co-operative Food: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 278: The Co-operative Food: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Dia

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Shop and go
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Combining forces to remain competitive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Focusing on online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 279: Dia: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 280: Dia: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 281: Dia: store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Edeka Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Luxurious supermarket shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Groceries delivered straight into customers’ fridges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Teams up with one click recipe app in new online grocery venture
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Quick and easy payment options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Focusing on health and wellness offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Laser labelling to reduce plastic packaging
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 282: Edeka Group: food retail sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 283: Edeka Group: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Iceland Foods

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New-generation high street stores show above-average performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Swooping on vacant property to expand Food Warehouse format
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Reaching out to new customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Partnership with JD.com to launch an online flagship store in China
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Looking to satisfy demand for vegetarian and vegan options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Awardwinning Luxury range helping change perceptions of the brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Reducing plastic usage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Bans palm oil from its own-brand foods in UK first
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 284: Iceland Foods Ltd: UK financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 285: Iceland Foods Ltd: UK outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Jerónimo Martins

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Groceries and cooked meals home delivery service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Frictionless payment solution to speed up checkout process
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New app to make shopping easier and more convenient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Biedronka consolidates market-leading position with acquisition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Expanded own-label product offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Reducing the environmental impact of packaging
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 286: Jerónimo Martins: European retail financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 287: Jerónimo Martins: European retail outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • E. Leclerc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tackling the lucrative Paris market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Pedestrian Drive to capitalise on growing urbanisation and demand for convenience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Standalone store concept dedicated to organic food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Instant ordering through Google’s voice assistant platform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New online channel to make shopping convenient for Spanish customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 288: E Leclerc: France, estimated sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 289: E Leclerc: outlets and estimated sales per outlet, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Marks & Spencer (UK food)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Digital first strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • M&S and Decoded open data science academy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Social-first video content
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Responding to the increasing demand for convenience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 290: Marks & Spencer (UK food): Group sales performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 291: Marks & Spencer (UK Food): food outlets, by format, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 292: Marks & Spencer (UK food): Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mercadona

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Stores: the focus is on efficient and fresh
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online development being addressed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 293: Mercadona: group financial performance, excl. VAT, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 294: Mercadona: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Les Mousquetaires (Intermarché)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Evolution of online grocery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Relaunch of website
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Urban stores to fulfil every need
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Encouraging healthy eating
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • All change on promotions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 295: Les Mousquetaires: grocery operations – Estimated sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 296: Les Mousquetaires: grocery outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ocado Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sobeys deal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Kroger deal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • War on plastics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Food redistribution strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 297: Ocado Group plc: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 298: Ocado Group plc: key performance metrics, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Real

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • METRO plans to sell its struggling Real hypermarket business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A more enhanced in-store shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New forecasting and replenishment planning tool to reduce food wastage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Non-food rental scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Plans to significantly reduce its plastic footprint
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 299: Real (Germany): group sales performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 300: Real (Germany): outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Rewe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • More prominence for German goods and animal welfare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Continued focus on sustainability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • EU directive threatens structure of Rewe and similar businesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 301: Rewe: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 302: Rewe: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • J Sainsbury (UK)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • ‘Combination’ with Asda has potential to transform the business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Beauty and clothing sectors targeted for expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Improving payment options to reduce checkout queues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Delivery enhancements help to refine online offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Expanding reach
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • More reasons to shop in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Taking full control of Nectar opens up possibilities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 303: J Sainsbury (UK): group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 304: J Sainsbury (UK): outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Schwarz Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Tight controls the key
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Problems in fresh foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Lessons from the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 305: Schwarz Group: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 306: Schwarz Group: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spar International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Focused expansion of ultra-convenient stores in high-footfall locations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Targeting higher-spending customers with new Market fascia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online shopping platforms launched in Austria, Slovenia, France and Russia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • One-click payment solutions to skip the checkout queue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Capitalising on wellbeing trend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Enhanced in-store shopping environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Reducing the impact of the business on the environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 307: Spar International: Western Europe and Central & Eastern Europe retail sales, by country, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 308: Spar International: Western Europe and Central & Eastern Europe stores, by country, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 309: Spar International: Western Europe and Central & Eastern Europe retail sales area, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Cutting costs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Looking for growth - Booker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Cutting back on general merchandise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Discounting and Jack’s
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • So what could go wrong?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 310: Tesco: like-for-like growth by UK format, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 311: Tesco Central Europe and Asia, like-for-like growth, 2016/17-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 312: Tesco Plc: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 313: Tesco Plc: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Waitrose & Partners

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • All in for online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Improving the in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • C-store sector looks a struggle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Environment and plastics a key focus of change
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Health and wellbeing takes centre stage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 314: Waitrose: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 315: Waitrose: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wm Morrison Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Fresh Look store makeover driving supermarket sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Morrisons.com expands online delivery catchment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wholesale extending the reach of Morrisons and making the brand accessible to more consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Voice-enabled shopping through Alexa
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tapping into meat-free tastes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Expanded non-food product offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • War on plastic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Preparing for Brexit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 316: Wm Morrison Group: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 317: Wm Morrison Group: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Supermarkets - Europe - November 2018

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              US $3,703.57 (Excl.Tax)