European Food Retail - The Slow View: Jeronimo Martins, Dino Polska & Zabka market share deep-dive

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European Food Retail - The Slow View: Jeronimo Martins, Dino Polska & Zabka market share deep-dive

20 July 2026

European Food Retail

European Food Retail - The Slow View: Jeronimo Martins, Dino

Polska & Zabka market share deep-dive

We deep dive into Dino, Zabka and Jeronimo Martins' markets in this note and take a slow William Woods

+44 20 7676 6806 view across the last 5-10 years to analyse market structure and competitive dynamics. This

william.woods@bernsteinsg.com note covers Poland, Portugal and Colombia, which serves as an overview for anyone wanting

to learn about these markets. The key takeaways are:

Richard Trainor

+44 20 7762 1050 1) In Poland, Biedronka (JMT) has absolute dominance in the market with 28% share, richard.trainor@bernsteinsg.com

1.8x vs.#2 (Lidl), and +400bps since 2020 but we think there’s more room for this to

Alice Buckley grow as there has been competitive weakness with hypermarket formats that have been

+44 20 7676 6739 donating share to the discounters in the Polish food market. Plus, the market remains

alice.buckley@bernsteinsg.com discounter driven, with limited disruption from online grocery. Biedronka is an excellent

executor and operator with high store productivity at (c. +20% higher than Lidl) and has

Rhea Gudiwala seen high quality growth supported by productivity improvements. +44 20 7676 7293

rhea.gudiwala@bernsteinsg.com

2) Zabka and Dino have both accelerated their market share positioning over the

Specialist Sales last 10 years, gaining a significant foothold in the retail space (with a combined market

share of 15%), driven by rapid store openings. Both players operate with high levels of

Alix Turner store productivity, which we expect to be maintained as further store rollouts continue. We +44 20 7762 4044