Trolley Trends Week 6: Perfect Competition?

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Trolley Trends Week 6: Perfect Competition?

J P M O R G A N Europe Credit Research

11 June 2026

Trolley Trends

Week 6: Perfect Competition?

Europe Corporate Credit - Retailing Just 46p (0.2%) separated Asda’s cheapest trolley from third-placed

& Consumer Products

Sainsbury’s this week, with Morrisons’ second-cheapest offering just 9p more

expensive than the market leader. Including Tesco, the gap across the Big Four Neill Keaney AC

was £4.75 versus an average of £8.68 over the last 12 weeks. Given the level (44 20) 7134-2002

neill.keaney@jpmorgan.com

of competition – in addition to the fact that Aldi and Lidl, which now hold a J.P. Morgan Securities plc

combined market share of 20% and typically screen >10% cheaper than the Alice Rossini, CFA

Big Four – we think that price is becoming less of a differentiator between the (44 20) 7134 0478

traditional players. Illustrating this point is Morrisons, which was again let alice.rossini@jpmorgan.com

down by just 91% availability, which dropped it to fifth place in our composite J.P. Morgan Securities plc

rankings despite the aforementioned pricing and a perfect delivery score for European Food Retail

a third week in a row. Borja Olcese

(34-91) 516-1511

borja.olcese@jpmorgan.com

Table 1: Trolley Trends Scorecard

J.P. Morgan Securities plc

Premium Palak Garg

Composite Total (vs Pricing vs Pricing vs 4 Promo (91-22) 6157-5102

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

palak.x2.garg@jpmorgan.com

Asda 97.0 £258.97 0.0% 1.0% 1.3% GOOD LOW J.P. Morgan India Private Limited

Sainsbury's 96.1 £259.43 0.2% -0.7% -1.3% EXCELLENT HIGH

Tesco 95.1 £263.72 1.8% 1.2% 2.9% GOOD MEDIUM European General Retail

Ocado 94.4 £273.77 5.7% -0.3% 0.0% EXCELLENT LOW Georgina Johanan, ACA