Supermarket giant Tesco has cheered its best market share since 2016 after notching up a jump in festive sales and record trading in the week before Christmas. Photograph: Jonathan Brady/PA WireTesco said its UK market share reached the highest since 2016 as strong food sales drove volume growth at the grocer.
Tesco has been gaining ground in recent months, as moves to price-match against discount retailers such as Aldi and the promotion of its Clubcard loyalty program drew in shoppers. It has also benefited by missteps by rivals including Asda, which has struggled since its takeover by private equity firm TDR Capital and brothers Mohsin and Zuber Issa in 2021.
The strong results come despite warnings from the wider sector about the impact of a flagging economy weighing on consumer sentiment, as well as looming tax rises announced in the Labour government’s first budget.