Tesco Plc, the largest U.K. retailer, said a decline in domestic sales resumed in the third quarter as shoppers tightened their purse strings and turned toward both discount grocers and more upscale competitors.
U.S. stocks rose for an eighth straight week, driving the Standard & Poor’s 500 Index to the longest rally in almost a decade, as data on employment and consumer sentiment boosted confidence in economic growth.
Marks & Spencer Group Plc’s decline in general merchandise sales accelerated in the three months to the end of October, as the retailer pulled forward its mid- season sale, Nomura said, citing Kantar Worldpanel data.
All of the U.K.’s four big food retailers lost market share for the first time since records began in the last three months, emphasizing the shift toward discounters Aldi and Lidl, and the upscale Waitrose chain.
William Morrison Supermarkets Plc, the smallest of the U.K.’s four main grocery chains, reported its seventh straight quarter of declining same-store sales after losing more ground to discounters such as Aldi and Lidl.
William Morrison Supermarkets Plc’s share of the U.K. grocery market dropped to a five-year low this month, indicating that a lack of convenience stores and an online offering continue to weigh on business.