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News
Tesco A Go-Go
Tesco PLC has cemented its position as Britain’s favourite supermarket and continues to steal market share from Morrison’s, according to a recent survey conducted by Taylor Nelson Sofres.
The results show that Tesco grabbed a record market share of 30.5% of the UK spend on groceries in the 12 weeks to August 14, compared to the previous record best of 30.4% last month, and 28.1% last year. Morrison’s has issued a series of profit warnings this year following last year’s takeover of the Safeway chain, which saw its slice of the market fall to a new all-time low of 11.3%, down from 13.9% last year. Asda, in second place, edged its portion of the UK food and drink market up to 16.7% in the 12 weeks to August 14, up from 16.6% last year.
Meanwhile, Sainsbury’s share fell slightly to 15.7%, from 15.9% last month, which is still above last year’s 15.4% share. Number-five chain Somerfield PLC, (currently thought to be the subject of two potential takeover bids), saw its share rise another 0.1 points on the year to 5.9%.