Norway Fines Grocery Chains €420m In Antitrust Case
ESM - European Supermarket Magazine
The industry magazine for C-suite executives and procurement managers working in the European grocery retail sector.
Norway's competition watchdog has fined the country's top three grocery store chains a combined NOK 4.9 billion (€420 million) for breaking antitrust rules in a way which may have led to higher prices, the regulator has said.
The decision was in line with a preliminary ruling made by the Norwegian Competition Authority this year.
"The illegal collaboration has weakened competition between the grocery chains for many years," the authority's director general Tina Soereide told a press conference.
"Consumers may have experienced higher prices as a result of this," she added.
The three companies – Norgesgruppen, REMA 1000 and Coop – denied any wrong doing.
British upmarket supermarket group Waitrose & Partners plans to invest ￡1 billion (€1.17 billion) in new and existing shops over the next three years.
The chain, part of the employee-owned John Lewis Partnership, said it would open up to 100 convenience shops across the UK over the next five years. It currently trades from 329 stores and also trades online.
Waitrose lost some market share through the cost-of-living crisis, but industry data published in July showed it edged higher for the first time since January 2022.
It had a market share of 4.5%, according to the latest data from market researcher Kantar, published last week.
Our July/August edition sees the return of ESM's annual Europe's Finest report, celebrating the most innovative new stores and refurbishments across Europe. In addition, we meet Ken Murphy, chief executive of Tesco;?we chat to Bel Group CEO Cécile Beliot-Zind, a pioneer when it comes to promoting healthy snacking; we learn about Nestlé’s e-commerce ambitions, and a lot more besides.
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Nestlé's new CEO Laurent Freixe's will focus on increasing sales at the food giant by gaining market share and investing in its brands, he told investors on Friday.
"The focus will be on driving the current portfolio. Primarily organic growth is of the essence," said Freixe, whose appointment was announced late on Thursday.
"On the portfolio there might be of course adjustment but again top priority is absolutely organic growth," he added, saying acquisitions were not at the centre of the company's strategy.
Nestlé shares were expected to fall early on Friday following the abrupt departure of CEO Mark Schneider from the world's biggest foodmaker and his replacement by Freixe.
Discounter Aldi is on track to displace Asda as the UK's third largest grocer within the next five years, according to GlobalData.
“Asda must redefine itself with a clear differentiation from discounters to secure its position in the UK food and grocery market," commented Eleanor Simpson-Gould, senior retail analyst at GlobalData. "The grocer must focus on its online capabilities this year to reestablish itself as a dominant player in the market and set itself apart from Aldi.
"Without immediate action, it risks dropping out of the coveted 'big three' position even sooner.”
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Our July/August edition sees the return of ESM's annual Europe's Finest report , celebrating the most innovative new stores and refurbishments across Europe. In addition, we meet Ken Murphy, chief executive of Tesco;?we chat to Bel Group CEO Cécile Beliot-Zind, a pioneer when it comes to promoting healthy snacking; we learn about Nestlé’s e-commerce ambitions, and a lot more besides.
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