Tesco is piling up record profits because it has a stranglehold on the grocery market, according to new research.
The study, carried out by research group CACI says that the supermarket has almost total control of the food market in 108 of Britain 1,452 postal areas - or 7.4 per cent of the total. In a further 104 areas, it accounts for more half of grocery spending.
The company’s policy of buying up corner shops in city centres and turning them into Tesco Express convenience stores has contributed to its grip tightening on the market.
Meanwhile, Tesco is expected to unveil pre-tax profits of £1.7 billion when it announces its annual results this week.
Such a performance would represent a 25 per cent improvement on last year’s £1.36bn.
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