UK Food Retail: Market share - Underlying slowdown on tough seasonal comps but M&S strong

Research evidence excerpt

UK Food Retail: Market share - Underlying slowdown on tough seasonal comps but M&S strong

Equity Research

27 May 2026

UK Food Retail

Market share - Underlying

slowdown on tough seasonal

European Food Retailcomps but M&S strong

NEUTRAL

On an 8w view to look through Easter timing, market growth European General Retail

slowed to +1.2% (vs +2.6% previously). Summer product NEUTRAL

volumes under pressure against tough comps and amid European Food Retail Matthew Clements

unsupportive weather. Big four see the largest slowdown, +44 (0)20 7773 6018

likely due to overindexing on seasonal, while M&S and Ocado matthew.clements@barclays.comBarclays, UK

accelerate. Imogen Doyle

+44 (0)20 7773 2605

imogen.doyle@barclays.com

Barclays, UK

Key headlines from this data set

European General Retail

Easter timing distorts trends on a four-week view, so we look to 8-week trends instead. On this Matthew Clements

basis, the market slowed from +2.6% to +1.2% in the eight weeks to 17 May 2026. Volumes on +44 (0)20 7773 6018

summer products were under pressure as the market comped strong seasonal performance last matthew.clements@barclays.com

year and weather was unsupportive in early May. Looking at retailers, the big four have seen the Barclays, UK

biggest slowdown in market share performance, likely reflecting overindexing to seasonal Imogen Doyle

categories (e.g. versus the discounters). M&S and Ocado both saw an acceleration in both +44 (0)20 7773 2605

growth and market share. The next four-week period will include the second May bank holiday imogen.doyle@barclays.com

with more supportive weather and should be clean from a calendar perspective. Barclays, UK

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covered in its research reports.