Swedish grocery market growth adjusted – ICA comes out as loser

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The growth in Swedish grocery retail sector is higher than previously reported. With the new numbers – 1.3 percentage units more than first reported, the chain concepts did not gain as many market shares as calculated.
For example, ICA now has grown slower than the market this year.

HUI has revised its Swedish Retail Sales Index for the second and third quarters of this year. The market’s growth has been revised upwards from 1.7 percent to 3.0 percent for the second quarter and from 2.9 percent to 4.2 percent for the third quarter.

The Retail Sales Index is used by ICA Group to assess the performance of ICA stores compared to the market in general. The new figures show that sales in the Swedish ICA stores grew at a slower rate than the market in the second and third quarters of this year.

ICA had accumulated growth including VAT of 3.8 percent from January to October. HUI now assesses that the market grew by 3.9 percent over the same period.

In a recent report from Market and Icanyheter, 45 percent of Swedish ICA merchants had a lower growth than the market in 2014 due to increased competition.