Sep 30, 2020

Ocado overtakes Tesco as most valuable UK retailer

PAUL ELLIS/AFP VIA GETTY IMAGES Online grocer Ocado has overtaken Tesco in terms of stock market value as investors continue to bet on the firm. Ocado is now valued at £2.17bn, more than Tesco's £2.11bn, despite having only a fraction of the UK grocery market share. According to analyst firm Kantar, Ocado has only 1.7% of the UK grocery market, compared with Tesco's 26.8% share - which far outstrips its nearest competitors, Sainsbury's and Asda.'Charity' jibe. Ocado's share price, which had been healthy after striking a number of big deals with overseas grocery businesses, began to climb quite quickly after the UK coronavirus lockdown in March. While Ocado's share price "Has rocketed this year thanks to the boom in online retail", one of the problems for Ocado is that "Setting up fulfilment centres costs a lot and the returns are slow," Mr Wilson said.

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