ICA Sweden losing market share online & offline

Swedish grocery giant ICA has been losing market share for four consecutive quarters. Only twice has the company been able to grow faster than the market since Q1/2020.

The same development applies for the online business. ICA has lost to the market for six consecutive quarters.

Despite the -25% decline for the Last Twelve Months (LTM), the online arm is still almost double the size compared to the pre-pandemic online revenues. Online stands currently at 2,7% of overall ICA revenue.

The hypermarket chain ICA Maxi (best selling ICA chain) was the best performing chain over the pandemic. However, after the pandemic it has been losing to other ICA chains in growth. Especially hard it has been losing to the Willy’s chain, which is the price fighter chain for the Axfood. ICA Maxi has traditionally been the ICA chain with the lowest prices.