“Britain’s biggest supermarket groups must close one in five shops in order to turn around their performance, analysts at Goldman Sachs have warned.
In a damning report on the grocery industry, the Goldman analysts said closing stores is the “only viable solution” if the major food retailers are to grow profits again. The comments came after Waitrose boss Mark Price told The Telegraph that the “Big Four” supermarkets could be forced to start closing shops as the industry faces its biggest transformation since the 1950s.
Shares in Tesco, Sainsbury’s and Morrisons, the listed supermarket groups, have already fallen by 50pc over the last year as their sales have slumped. However, the Goldman analysts, led by Rob Joyce, warned: “We believe the major decisions that will shape the future of the UK grocery market are yet to be taken.”
East Devon Watch 