Cost-cutting Co-op grows market share

THE Co-operative Group out-performed its rivals in the grocery market growing its sales by 16.3% over the Christmas trading period.

The Manchester-based group – which bought Somerfield last year to take fifth place in the sector – now commands 5.7% of the market. It has nearly 3,000 shops nationwide.

Its strong performance was driven by a £200m package of price cuts and promotions over the festive period, analysts said.

Figures from research group Kantar Worldpanel for the 12 weeks to February 21 reveal that Tesco is the undoubted market leader with 30.4% – having increased its market share by 0.3% over the same period.

Asda is in second place, but saw its markert share dip 0.2% to 17%. Sainsbury’s grew for a 12th successive period and has 16.3%. Morrisons grew by 0.6% to 12.3%.

Iceland, the Deeside-based frozen foods specialist is the ninth- largest grocer in the market and grew its sales 6% to 2% of the total market in period.