One of SUPR’s key tenants Tesco has published their Q1 results, demonstrating the resilience of the grocery market despite the challenging economic environment.
Sales are up 8.8%, with large format stores performing particularly strongly, up 9.9% – likely driven by cost conscious shoppers seeking to access promotions and discounts.
Interestingly, sales of Tesco’s Finest range is up 14.9% as customers cut back on dining in restaurants.
Online sales have also grown, up 8.2%, with Tesco’s online market share increasing +75bps to 37%.
SUPR’s portfolio of large format, predominantly omnichannel stores are ideally positioned to benefit from this growth.
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