Tesco, the UK’s current supermarket leaders face stiff competition as its closest rivals increased their market share over the festive and New Year period, figures revealed today.
Rival companies Asda and Sainsbury both started 2007 with a hike in market share, according to data from research group TNS Worldpanel. Asda’s market share increased to 16.8 per cent, followed by Sainsbury in third place with a share of 16.5 per cent.
Tesco maintained its healthy share and lead with a 8 per cent rise from last year’s figures resulting in a 31.5 per cent share of the market .
Morrisons also remained stable in fourth position on the grocery ranking, with a market share of 11 per cent, just slightly down on the 11.1 per cent it held the previous year.
The figures from TNS show how the majority of UK supermarkets have had a great start to New Year with sales up 5 per cent to £20.2 billion (€30.6 billion) in the 12 weeks leading to January 28, compared to the year before.
“The latest figures show that the buoyant market seen over the Christmas period carries into the New Year,” said Edward Garner, TNS director of research.
However low cost supermarket Kwik Save failed to benefit from the festive and New Year periods as it lost more ground on its competitors with a drop in market share, dropping to just 0.2 per cent from 1.5 per cent.
Reports suggest the company may be close to being sold in a rescue deal.