Tesco thrives and Asda slides as supermarket prices rise

Tesco has solidified its dominance as Britain’s largest grocer, achieving its highest market share in seven years.

The supermarket chain captured 28.1 per cent of the grocery market in the 12 weeks to December 1, up from 27.4 per cent a year ago, according to new figures from the market researcher Kantar. This was Tesco’s highest recorded market share since December 2017.

The retailer’s sales surged by 5.2 per cent during the period, driven by its competitive pricing, loyalty scheme and robust store performance.

Ken Murphy, its chief executive, has been shortlisted for the Sunday Times business person of the year for helping the company accelerate a turnaround plan initiated by his predecessor, Dave Lewis.

Tesco’s market share milestone comes amid a backdrop of