Mike Coupe said there could be a “return to equilibrium” in the grocery industry over the next 12 to 24 months after a tumultuous period that has seen sales tumble for the traditional supermarkets and rise sharply for discounters Aldi and Lidl.
However, Mr Coupe was speaking after Sainsbury’s reported its first fall in Christmas sales for more than a decade, as the pressure on supermarkets took its toll.
Sainsbury’s said that like-for-like sales excluding fuel fell by 1.7pc in the 14 weeks to January 3, compared with the previous year. Total sales fell 0.4pc, or 2.5pc including fuel.
All the major supermarket chains – Tesco, Asda, Sainsbury’s and Morrisons – are expected to post a decline in Christmas sales as they suffer from changes in shopping habits and the rise of Aldi and Lidl.