ICA with a tough year, Maxi struggling most
The Swedish grocery giant ICA had another challenging quarter. The company has lost to market growth for five consecutive quarters and eight out of the last nine quarters.
ICA was the big winner during the pandemic with the hypermarket chain Maxi and rapid online orders growth.
Now as online has returned to more normal levels and price has become an important topic, ICA has struggled to match the market growth, let alone inflation growth.
In the online channel, ICA is not declining as profoundly as it used to some half a year ago. However, ICA is still declining more rapidly than the overall online market. Thus, ICA is losing market share both online and offline.
The biggest challenge for each has come from the price lead retailers, Willy’s of Axfood and Lidl. Willy’s has outgrown ICA Maxi rather consistently since the start of 2019. The six pandemic quarters (Q2/2020 - Q3/2021) temporarily relieved Maxi.
During the last years, Willy’s has gained Maxi’s lead. With this kind of growth, Willys can overtake this year.
Find more about ICA from our archives:
Willy’s continues phenomenal growth in high inflationary times (1.2.2023)
ICA Sweden losing market share online & offline (27.10.2022)
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