TESCO may be losing market share in the UK, but the supermarket chain is forecast to grow faster than its three main global rivals over the next three years, according to research by retail analyst IGD.
The grocer is set to grow at an annual rate of 6.8 per cent between 2011 and 2015, compared with Walmart at 4.85 per cent, Metro at five per cent and Carrefour at 4.2 per cent, IGD said.
However, Asda’s owner Walmart will still keep its title as world’s largest retailer with sales of €387m (£323m) by 2015. That is nearly triple the value of Carrefour’s sales of €134m over the same period, while Tesco’s turnover will be €98m and Metro’s €81m.
“The key to growth for these global retailers will be presence in the right markets at the right time. The domestic markets remain critical for Carrefour, Metro, Tesco and Walmart, but they are also increasingly relying on emerging markets to sustain strong growth,” Joanne Denney-Finch, IGD’s chief executive, said.
Tesco’s international markets, particularly China, Turkey and India, will be key to driving long-term growth.