- Tesco reported its worst sales figures for 40 years last week.
- The British Retail Consortium reported food sales in the UK are declining for the first time in six years by 0.2%.
- A recent survey from The Institute of Grocery Distribution estimates that between 2012 and 2017 sales at superstores will grow by just 6%, approximately £3.3bn.
- Over the same period, takings at convenience formats are expected to rise by more than 28%.
- Discount retailers will see a growth of 65% and online is expected to rise by a whopping 97.7%.
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The announcement is part of a £500 million cost-cutting drive which will take place over three years.