Trolley Trends: Week 13: Tesco boasts cheapest trolley by record margin

Research evidence excerpt

Trolley Trends: Week 13: Tesco boasts cheapest trolley by record margin

J P M O R G A N Europe Credit Research

30 July 2026

Trolley Trends

Week 13: Tesco boasts cheapest trolley by record

margin

Europe Corporate Credit - Retailing Tesco was the cheapest supermarket for the third week in a row, increasing its

& Consumer Products

gap over second placed Asda to £8.98 or 3.6%. This is a record margin since

we began publishing and only once since we began tracking has the gap been Neill Keaney AC

cheapest and second cheapest been higher (on 28 April, Asda screened £10.17 (44 20) 7134-2002

neill.keaney@jpmorgan.com

or 4% cheaper than Tesco). Interestingly, as spend naturally drops post the J.P. Morgan Securities plc

World Cup splurge, the Big Four all reduced prices this week by an average European Food Retail

of £1.57 or 0.6%, led by Tesco which cut prices by 1.1%. These price cuts

Borja Olcese

remain overwhelmingly promotion driven with a record 45 items or almost

(34-91) 516-1511

half the 92-strong trolley offering some sort of deal. As a reminder, we do not borja.olcese@jpmorgan.com

include multi-buy promotions so if these were to be included, Tesco’s J.P. Morgan Securities plc

promotional rate would screen even higher. This high level of promotional Palak Garg

intensity meant that Asda retained top spot in our composite ranking, (91-22) 6157-5102

followed by Sainsbury’s with Tesco in third place. palak.x2.garg@jpmorgan.com

J.P. Morgan India Private Limited

European General Retail

Table 1: Trolley Trends Scorecard

Georgina Johanan, ACA

Premium (44-20) 7134-5791

Composite Total (vs Pricing vs Pricing vs 4 Promo

georgina.s.johanan@jpmorgan.com

Retailer Score (/100) Basket cheapest) Last Week Weeks Ago Availability intensity

J.P. Morgan Securities plc