The UK’s largest retailer just got even bigger. Hot on the heels of its acquisition of wholesale group Booker last month, Tesco’s renewed strength was again demonstrated by its annual results published last week. With revenues up 2.3% to GBP50.99bn (EUR62.22bn), a jump in profits and like-for-like measures improving across all European markets and all UK formats, the retailer is on track to increase its leadership. LZ Retailytics forecasts show that Tesco will not only grow market share in the UK. It is also set to surpass Carrefour and become Europe’s third largest grocery retailer by 2023.
As Tesco continues to move forward and create the ‘UK’s leading food business’ what changes can we expect and what will be the impact on the rest of the market?
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