Challenging market marked by rising inflation and falling volumes
For ICA Sweden, 2022 was increasingly characterised by a market undergoing great changes. The significant and increasing impact of high inflation, changes in consumer behaviour, higher logistics and transport costs, and fierce competition from discount operators brought many challenges. In response to this, in the second half of the year in particular the focus was on various initiatives with a bearing on price and value for money, customer loyalty and costs. At the end of the year a comprehensive efficiency improvement programme was also launched.
About ICA Sweden
With 1,267 stores and a market share of around 35%* (for 2020), ICA Sweden is the leading grocery retail actor in the country. The independent ICA retailers own and operate their own stores but have agreements with ICA Sweden in areas such as coordinated sourcing, logistics, market communication and store development.
*Share of total grocery consumption, 2021
Source: Statistics Sweden, HUI, ICA analysis