Tesco holds on to top spot in list of UK's top 10 retail supermarket chains
The UK retail market has changed dramatically over the past year.2023 At the beginning of 2023, inflation in the UK was at its highest level for over forty years, but as 2024 progresses there are clear signs that the cost of living situation for shoppers is easing.
In June 2024, UK headline inflation was unchanged at 2.0 per cent, with food inflation falling by 0.2 percentage points to 1.5 per cent, marking the end of a two-year period of high inflation. This stabilisation in inflation data could force the Bank of England to cut interest rates in the coming weeks.
Despite this apparent stability, retailers in the UK remain cautious. Kris Hamer, director of the British Retail Consortium, points out that many of the underlying factors contributing to high inflation are still present.
‘Energy prices have fallen back from their peak, but the UK's dependence on imported energy remains a vulnerability,’ he said. ‘Similarly, the impact of climate change on harvests at home and abroad, as well as rising geopolitical tensions, could push up commodity prices and translate into higher inflation in the future.’
In the grocery sector, grocery price inflation fell to 1.6 per cent in the four weeks to 7 July, the lowest level since September 2021, data from consultancy Kantar showed.
Accompanying the drop in inflation was a rapid increase in monthly traffic this year, with UK shoppers visiting supermarkets 2 per cent more often compared to the same period last year, partly due to the Euro 2024 football tournament. Notably, sales of branded products increased by 3.6 per cent, outpacing own-label sales of 2.7 per cent.
However, overall consumer spending in the UK contracted in June due to adverse weather conditions. Barclays reported that spending on its credit and debit cards fell by 0.6 per cent on an annualised basis, the first decline since February 2021, the bank said.
KPMG also believes that the economic climate in the UK is improving, but emphasised that many retailers are still struggling. Official figures show that retail sales, excluding petrol, are still slightly below pre-outbreak levels. There was a glimmer of optimism about the appointment of a new prime minister following the landslide victory of the Labour Party led by Keir Starmer in the parliamentary elections on 4 July.
Welcoming the new prime minister in July, Helen Dickinson, chief executive of the British Retail Consortium, noted that Labour's manifesto made a number of key promises for the retail sector, including reforms to business rates, planning and the apprenticeship levy, and that ‘we are now waiting to see how we can move forward with these details’.
Today I came to take a look at the recent situation of the UK's top ten supermarkets to see what their future prospects for development.1, Tesco turnover: £ 34.15 billion Tesco (Tesco) tops the list with a turnover of £ 34.15 billion in 2023, an increase of 5 per cent over the 32.52 billion in 2022.
2, Sainsbury's turnover: £32.721bn Sainsbury's was ranked second with a turnover of £32.721bn in 2023.
1. In third place was Asda, with year-on-year sales growth of 5.4 per cent in 2023 and total sales (excluding fuel) up 7.1 per cent to Pound21.9 billion.
2. Aldi UK is ranked fourth, with sales of £15.5bn in 2023, operating over 1,000 Aldi supermarkets and employing more than 43,000 people.
3. Morrisons turnover: £14.9bnMorrisons' revenues grew by 2.7% to £14.9bn in FY2023, excluding fuel. It currently operates 497 Morrisons supermarkets and 704 Morrisons Daily convenience stores.
4. Co-op turnover: £11.3bn There are more than 2,500 supermarkets, convenience stores and medium-sized shops under the Co-op umbrella, with an annual turnover of more than £11.3bn.
5. Lidl turnover: £9.3bn Lidl UK has an annual turnover of £9.3bn in 2023, placing it in seventh place.
6. Waitrose & Partners Turnover: €8.12bn (2022) With annual sales of more than €6.9bn, Waitrose Supermarkets, part of the John Lewis company, is eighth on the list and operates 360 shops in the UK.
7. Iceland turnover: £4.2bn Iceland is renowned for its frozen food products, with a turnover of over £4.2bn in 2022. It operates more than 1,000 shops in the UK and employs more than 28,000 people.
8. SPAR Turnover: £3.14bn SPAR Supermarkets is a Dutch multinational retailer founded in 1932 with around 12,500 shops in 42 countries around the world. Currently, SPAR has over 2,600 shops in the UK with an annual turnover of over £3.14bn.
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