ICA losing market share online & offline

Year 2021 was a difficult one for ICA in Sweden. The company grew slower than the market both in the stores and online. For the stores, the growth of the low-priced concepts hurt the growth of ICA. Especially Willy’s by Axfood has grown faster than ICA for many years.

The online growth was challenged by very difficult comparison numbers from 2020. For the second part of 2021, ICA’s online business has declined. In Q4 online dropped by -22%.

After Q1/2020, Axfood has been performing better also online and has grown to challenge ICA’s dominance online.

During the last two years ICA has grown slower than the market during six quarters out of total of eight quarters. ICA best performing chain has been the hypermarket chain Maxi, which is also biggest ICA chain.