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The long-neglected neighbourhood is emerging as one of retail's most exciting battlegrounds. A flurry of M&A activity and organic expansion by major multiples has led to retailing competencies in the neighbourhood significantly improving and prices falling. This has acted as a catalyst for wider consolidation in the sector, as smaller retailers look for strategies through which to maintain a competitive stance. The result is that the top five neighbourhood retailers have increased their share by over 50% in the past five years. As bid activity surrounds Somerfield, the fifth largest player in neighbourhood retailing, Tesco is poised to emulate its grocery market leadership by capturing the neighbourhood market leadership this year. Following a series of acquisitions it is fast catching up on top three players the Co-operative Group, Spar and Musgrave. But the prize is still up for grabs, with a battle royal emerging between the four retailers, each of whom are in with a real chance of gaining the neighbourhood market leadership in 2005.

Table of Contents
KEY FINDINGS................................................................................................................ 1
MAIN CONCLUSIONS .................................................................................................... 2
MARKET ANALYSIS ...................................................................................................... 4
MARKET DEFINITIONS.......................................................................................................... 4
NEIGHBOURHOOD SUMMARY ............................................................................................... 5
MARKET DATA ANALYSIS ........................................................................................... 7
RETAIL SALES..................................................................................................................... 7
STORE NUMBERS.............................................................................................................. 10
SPACE ............................................................................................................................. 11
NEIGHBOURHOOD VS TOTAL RETAIL................................................................................... 12
SALES DENSITIES ............................................................................................................. 13
NEIGHBOURHOOD CHANNELS ............................................................................................ 14
COMPANY DATA ANALYSIS ...................................................................................... 15
NEIGHBOURHOOD MARKET SHARES................................................................................... 15
C-STORE MARKET SHARES................................................................................................ 17
KEY OPERATING STATISTICS ............................................................................................. 18
OUTLOOK ..................................................................................................................... 19
IMPROVING GROWTH PROSPECTS...................................................................................... 19
CONSOLIDATION HITS THE NEIGHBOURHOOD...................................................................... 21
BATTLE FOR NEIGHBOURHOOD LEADERSHIP ....................................................................... 22
2004 – YEAR OF M&A ACTIVITY IN THE NEIGHBOURHOOD................................................... 23
NEIGHBOURHOOD EXPANSION STRATEGIES ........................................................................24
SYMBOL GROUPS’ COUNTERSTRATEGIES............................................................................25
STRENGTHENING CONVENIENCE STORE COMPETITION ........................................................26
C-STORES AND SMALL GROCERS ...........................................................................27
BIG FOOD GROUP .............................................................................................................30
CO-OPERATIVE GROUP......................................................................................................35
COSTCUTTER ....................................................................................................................40
MUSGRAVE .......................................................................................................................45
SAINSBURY .......................................................................................................................50
SOMERFIELD GROUP .........................................................................................................55
SPAR...............................................................................................................................60
TESCO.............................................................................................................................65
CTN OPERATORS ........................................................................................................73
TM RETAIL........................................................................................................................76
FOOD SPECIALISTS.....................................................................................................77
OFF-LICENCES.............................................................................................................81
THRESHER GROUP ............................................................................................................84
PETROL FORECOURTS...............................................................................................87
PHARMACIES................................................................................................................91
LLOYDSPHARMACY ............................................................................................................94
MOSS PHARMACY..............................................................................................................95
GLOSSARY....................................................................................................................96