ICA struggles to keep up with grocery market

Over the last years the Swedish grocery giant ICA has been struggling to grow at market’s pace. Especially after the pandemic, Axfood’s price fighter chain Willy’s has outpaced ICA Maxi in growth.

ICA in general also grew slower than the market overall (0,9% vs 1,3%). Same happened online, where ICA’s revenues dipped more than the market (-24% vs -16,6%). Despite the decline, ICA’s online sales are roughly double the pre-pandemic level. Online is currently 4,6% of sales.

As the inflation continues to influence the grocery market in Sweden, it will be interesting to follow how ICA can manage in the competition with Axfood.