Online grocer Ocado's stock market value has risen to £21.66 billion – briefly making it the UK's most valuable retailer, ahead of Britain's biggest grocery chain, Tesco.
But it is uncertain how long this boom in grocery delivery will last after overall UK online food sales fell nearly 5% between July and August.Grocery e-commerce service Ocado accounts for just a fraction of every pound spent on shopping in Britain, but is vying with supermarket group Tesco for the position of the country's most valuable retailer, having briefly overtaken its larger rival on Thursday.
Ocado is now worth twice the combined value of Sainbury's and Morrisons – Britain's second and fourth biggest supermarket chains - and has seen its share price double over the course of this year, thanks in large part to a surge in the number of people opting for online grocery deliveries since the outbreak of the coronavirus pandemic earlier this year.
Tesco is in the middle of a change in management this week. CEO Dave Lewis stepped down after six years and, from Thursday, will be replaced by Ken Murphy.in the quarter to August, with an average of 345,000 weekly sales.to facilitate online orders because of "exceptional growth" in sales.
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