UK Food Retail: Market share - Tesco performance steady on a 2Y view, M&S strength continues

Research evidence excerpt

UK Food Retail: Market share - Tesco performance steady on a 2Y view, M&S strength continues

Equity Research

23 June 2026

UK Food Retail

Market share - Tesco performance

steady on a 2Y view, M&S strength

European Food Retailcontinues

NEUTRAL

Worldpanel restatement distorts 12-week trends. On a 4w European General Retail

view, Tesco continues to lose share on a 1Y view, though gains NEUTRAL

accelerate on a 2Y view. Sainsbury swings to gains and ASDA European Food Retail Matthew Clements

losses ease. M&S share gains accelerate on a 1Y view, with +44 (0)20 7773 6018

some cyber-related disruption in the base. matthew.clements@barclays.comBarclays, UK

Imogen Doyle

+44 (0)20 7773 2605

Key headlines from this data set imogen.doyle@barclays.comBarclays, UK

Worldpanel appears to have restated data (particularly apparent for both Tesco and Ocado),

European General Retailwith the latest 12-week data not aligning with the previously reported four-week periods. We

Matthew Clements

have not yet been provided with the restated data but it appears that the main part of the

+44 (0)20 7773 6018

restatement affects the period to 19 April 2026, which affects analysis of sequential trends on a matthew.clements@barclays.com

12-week view. For this reason, we steer clear of pointing to 12-week data until we have access to Barclays, UK

the restatements.

Looking at the most recent four weeks on a Till Roll basis, Tesco lost c. -20bps of market share, +44 (0)20 7773 2605

imogen.doyle@barclays.comwhich is broadly consistent with its losses in the period ending four weeks earlier (c. -17bps). On

Barclays, UK

a 2Y view, Tesco market share gains appear to have accelerated slightly in the most recent four

weeks (from +21bps to +28bps). Tesco is aiming to gain market share for the year overall,