COMMISSION OF THE EUROPEAN COMMUNITIES

A STUDY OF THE EVOLUTION

OF CONCENTRATION

IN THE FOOD DISTRIBUTION INDUSTRY

FOR THE UNITED KINGDOM

October 1977

In 1970 the Commission initiated a research programme on the evolution o f concen­tra tion and com petition in several sectors and markets o f manufacturing industries in the d ifferent Member States (textile, paper, pharmaceutical and photographic pro­ducts, cycles and motorcycles, agricultural machinery, office machinery, textile machinery, civil engineering equipment, hoisting and handling equipment, electronic and audio equipment, radio and television receivers, domestic electrical appliances, food and drink manufacturing industries).

The aims, criteria and principal results of this research are set out in the document "M ethodology o f concentration analysis applied to the study o f industries and markets” , by Dr. Remo LIN D A, (ref. 8756), September 1976.

This particular volume constitutes a part o f the second series of studies, the main aims o f which is to present the results of the research on the evolution of concentration in the food d is tribution industry fo r the United Kingdom.

Another volume, already published (vol. II: Price Surveys), outlines the results o f the research on the d istribution o f food products in the United Kingdom, w ith regard to the evolution o f prices and mark-ups, based on a lim ited sample of food products and on a lim ited number o f sales points in the Greater London area.

Similar volumes concerning the structures of the distributive systems and the evolution o f prices and mark ups have been established also fo r other Member States (Germany, France, Ita ly and Denmark).

COMMISSION OF THE EUROPEAN COMMUNITIES

A STUDY OF THE EVOLUTION

OF CONCENTRATION

IN THE FOOD DISTRIBUTION INDUSTRY

FOR THE UNITED KINGDOM

VOLUME IIndustry structure and concentration

byDevelopment Analysts Ltd.,49 Lower Addiscombe Road, Croydon, CRO 6PQ, England.

Manuscript finished in October 1977

© Copyright ECSC/EEC/EAEC, Brussels and Luxembourg, 1977 Printed in Belgium

Reproduction authorized, in whole or in part, provided the source is acknowledged

P R E F A C E

The present volume is part of a series of sectoral studies on the evolution of concentration in the member states of the European Community.

These reports were compiled by the different national Institutes and experts, engaged by the Commission to effect the study programme in question.

Regarding the specific and general interest of these reports and the responsibility taken by the Commission with regard to the European Parliament, they are published wholly in the original version.

The Commission refrains from commenting, only stating that the responsibility for the data and opinions appearing in the reports, rests solely w ith the Institute or the expert who is the author.

Other reports on the sectoral programme w ill be published by the Commission as soon as they are received.

The Commission w ill also publish a series of documents and tables of syntheses, allowing for international comparisons on the evolution of concentration in the different member states of the Community.

!

V O L U M E ONE

I ND UST RY STRUCTURE A N D C O N C E N T R A T I O N

This Report

This Volume

Volume Two

commissioned by the Directorate-General for Competition of the Commission of the European Communities has been carried out by Development Analysts Ltd., under the direction of R.W. Evely,B. Sc.(Econ.), in consultation with Professor P.E. Hart, B. Sc.(Econ.), of the University of Reading.

is the first of two Volumes which concern the following topics:

Volume 1: a study of concentration at the industry scale for the UK food distribution industry, 1969-74.

Volume 2: a study of food shops' prices at the retail distribution level.

was published in November 1976 and comprises two parts, the first of which sets out the Methodology suggested by Dr. R. Linda, (Head of Market Structure Division, Commission of the European Communities, Brussels), for the analysis of Price Survey research as applied to food distribution. The second part presents the research findings of two Price Surveys conducted in one part of the United Kingdom during 1976 and was prepared by A.J . MacNeary, B .A ., Development Analysts Ltd.

C O N T E N T S

1 ; GENERAL INTRODUCTION AND SUMMARY . . . . 11

In troduction ......................... ....................................................... .......... 111.9 The Arrangement of the Report. . . . . . . . . 121.11 Summary of F in d in g s ............................... ......................................... 131.12 Conclusions......................... ...... . . 18

2: CHANGES IN RETAIL TRADE, 1950-75 . . . . . 21

2.5 Retail Food Sales . . . . . . . . . . . . 222.8 Diversification w ithin Food Shops . . . . . . . . 222.19 C o n c lu s io n ........................................... ...............................................24

Tables 2.1 to2 .12 . .............................................................. ..........25

3: THE PRIVATE GROCERY TRADE . . . . . . . . 35

3.3 The Advent of Self-Service . . . . . . . . . 353.8 Changes in the Structure of the Grocery Trade . . . . 373.15 Margins and Costs . . . . . . . . . . . . 38

Tables 3.1 to 3 . 9 ......................... ...... . . . . . . 41

4: CONCENTRATION AND PERFORMANCE AM O N GMULTIPLE GROCERS . . . . . ............................... ..........49

4.7 The Largest M u lt ip le s ......................... .................................... 50Tables 4.1 to 4.9 . . . . . . . . . . . . 52

5: THE LEADING GROCERY MULTIPLE CONCERNS . . 59

5 .4 A llied Suppliers Ltd. . . . . . . . . . . . 595 .8 International Stores Ltd. . ............................................ . 605.10 Moores Stores Ltd. . ........................................................................ 615.13 J. Sainsbury Ltd. . . . . . . . . . . . . 615.15 Tesco Ltd....................................................................................... ..........625.17 Fine Fare Ltd. . . . . . . . . . . . . . 625.18 Changes among the "Top 6 ", 1968-74 . . . . . . 625.21 The Medium-Sized Multiples ............................................ ................635.22 Key Markets Ltd. . . . . . . . . . . . . 635.26 Budgens Ltd.............................................. . . . . . . 645.28 The O th e r s ........................................................ .................................. 645.31 The Smaller M u lt ip le s ......................... ...............................................655.38 The In n o va to rs .....................................................................................665.39 A s d a ......................... ............................................................................. 66

T

5.43 Kwik Save Discount Group Ltd. . . . . . . . . 675.45 Carrefour . . . . . . . . . . . . . . 685.48 Woo I co . . . . . . . . . . . . . ■ - - 685.50 Bejam Group . . - ......................................- • « 68

Tables 5.1 to 5.5 . . - . . . . . . . . . 70

6: THE INDEPENDENT GROCERY SECTOR . . . . . 75

6 .7 Voluntary Group Trading . . . . . . . . - - 766.20 Cash and Carry W ho lesa ling .......................... ...................................796.28 The Structure of Grocery Wholesaling . . - - • . 806.37 The Marketing Groups . . . . . . . . . . . 826.42 Voluntary Group Links . ............................... - - - - 836.44 The Retailer Buying Groups . . . . . . . . . 83

Tables 6 .1 to 6 .9 . . . . . . . . . . . . 84

7: THE FRESH FOOD TRADES . . . . . . . . . 93

7.2 Butchers . . . . . . . . . . . . . . . 937.11 The Leading M ultip le Retailers . . . . . . . . 957.14 Meat Wholesaling . . . . . . . . . . . . 967.23 Greengrocers, Fruiterers . .................................................. 987.27 Fruit and Vegetable Wholesaling . . . . . . . . 987.31 Bakers . . . . . . . . . . . . . . . 1007.38 Dairymen. . . . ............................................ . . . 1027.43 Fishmongers, Poulterers . . . . . . . . . . 1037.46 Summary . . . . . . . . . . . . - 104

Tables 7.1 to 7.10 . . . . . . . . . . . . 105

8: CO-OPERATIVE SOCIETIES . . . . . ■ . - ■ 115

8.7 Cooperative Share of Food Sales . . . . . . . . 1178.13 The Largest Retail Cooperative Societies . . . . . - 1188.15 The Cooperative Wholesale Societies . . . . . - . 118

Tables 8.1 to 8.6 . - . - - • • - 119

9: SALES CONCENTRATION IN THE RETAIL FOOD TRADES 123

9.9 Advertising Expenditures . . . . . . . . . . 1249.13 Changes in Sales Concentration Among Grocery Retailers . 125

9.20 Changes in Sales Concentration Among Other FoodD is tr ib u to rs ..................................... ...... . . . . . . 126Tables 9.1 to 9.12 . ...................................... . . . . 128

10: THE COMPUTER GENERATED MEASURES OFCONCENTRATION ■ ............................................................... 137

10.1 Introduction ............................... ................................................. 13710.3 The Variables and Sources Used . . . . . . . . 13710.7 The Number of Firms in the Sample and Values of the

Variables Used . . . . . . . . . . . . . 13910.9 Change in Composition of the Sample . . . . . . . 13910.12 The Direction and Change in Concentration . . . . . 14010.24 The Proportionate Growth of Large and Small Firms . 14310.28 Profitability and Size of Enterprise . ............................... 14410.34 Conclusion . . ............................... ...... „ . . . _ 145

Tables 10.1 to 10.13 ............................................................... 146

APPENDICES

Appendix 1: Food Distribution Interests of LeadingFood P ro c e s s o rs ............................................ 159

Appendix 2: Sources of Statistical Tables . . . . . 161

Appendix 3: The Measures of Concentration - symbolsand formulae . . . . . . . . . 163

Appendix 4: The Computer Generated Measures ofConcentration . . ...................................... 167

Appendix 5: Tables of Comparative PerformanceBetween Sample Firms, 1969 and 1974 . . 219

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1: G EN ER AL I N T R O D U C T I O N A N D S U M M A R Y

1.1: This Report deals with the recent trends in the food distributive trades ofthe United Kingdom, and changes in the level of concentration among the concerns active in this fie ld, and forms Vol. 1 of a two-volume study. The accompanying volume, published in November 1976, reported on two studies of retail prices of food products among a sample of retail outlets in the Croydon area early in 1976 and six months later.

1.2: The distributive trades are an important sector of the United Kingdomeconomy, accounting in recent years for around one-tenth of the gross domestic product. They employ upwards of 3 million people, including the self-employed, or about one-eighth of the total labour-force. Food distribution accounts for about three-tenths of a ll those employed in the distributive trades, and of its own labour-force, nearly four-fifths are in retailing rather than wholesaling.

1 .3: The costs involved in the physical transfer of foodstuffs from the farm,factory or port of entry to the housewife's shopping basket are a substantial part of the price that the consumer pays. The organisation of that process of physical transfer varies greatly from trade to trade: the channels of distribution are complex and diverse. And they have been subject to substantial changes since the end of World War II, with the emergence of new forms of selling at the retail stage as well as significant developments in the organisation and methods of physical distribution.

1.4: The main concern of this study has been to evaluate the changes in thedegree of concentration within food distribution: are fewer and larger enterprises responsible for a greater proportion of total food sales today than was the case in the late 1960s? But the answer to this question is perhaps less important than an understanding of the longer-term factors and influences that have led to the outcome, since they are likely to point the way to further changes in the future. That is why this Report discusses in general the trends in food retailing during the last quarter of a century as a preliminary to a more detailed analysis of the changes in its several parts during the last 10-15 years.

1.5: It is convenient to regard the food distributive trades as comprisinggrocers and provision dealers (to adopt the Census of Distribution terminology) on the one hand, and the more specialist fresh food traders on the other. The distinction has its disadvantages,

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since the traditional boundaries between trade and trade, have become less marked with time, and in particular with the development of supermarkets and superstores selling a wide-range of both food and non-food items under one roof. The growing importance of non-food shops as outlets for food sales must not be ignored as a factor qualifying the significance of concentration within the food trades themselves.

1 .6: It is also convenient to recognise from the outset that the food tradescomprise two sectors: a private sector and a Cooperative sector, the latter consisting of the Cooperative Wholesale Society Ltd. (and until its merger with the CWS, the Scottish Cooperative Wholesale Society Ltd. as well) and a large number of autonomous local retail Cooperative societies. It is necessary to stress that neither the wholesale nor any of the retail Cooperative societies have been included in the analysis of the financial measures of concentration. Their exclusion has been necessary for two reasons: first, because their retail non-food activities represent, in aggregate, as much as 45 per cent, of their total sales, and secondly, because there is no satisfactory way of apportioning their capital assets or profits between food and non­food distribution. However, the Cooperative societies1 activities are the subject of a separate chapter, and the largest retail societies have been included with the larger private concerns in an assessment of sales-concentration in the grocery trade.

1.7: It is, of course, true that product-diversification is also a characteristicof several of the leading food distributors in the private sector. This may be further complicated by a high degree of vertical integration into food processing. * Wherever possible, the food distribution interests of such concerns have been segregated from the rest in this study, but in some instances this has not been feasible and they have had to be treated as a whole.

1.8: It w ill also be appreciated that the financial measures of concentrationrelate not to the whole of food distribution but only to that segment which comprises the larger of the quoted and unquoted companies in the private sector. The sales concentration ratios for the retail grocery trade and other food distributors presented in chapter 9 are similarly confined to the larger enterprises and not to the whole. While this means that the concentration-ratios relate to only part of the whole of the trades or activities under consideration, they are still a valid measure of the extent to which market conditions are changing at the top end of the size- distribution of businesses.

The Arrangement of the Report

1.9: With these general observations as background, it may be useful topresent next a list of the chapters and an indication of their subject-matter.

Chapter 2 deals with the growth in retail trade of food and non-foodshops during the past 25 years, the division of retail sales of food between the private and Cooperative sector, and within the private sector between food shops and non­food shops, and among food shops, as between grocers and the fresh food retailers.

Chapter 3 concentrates attention on the private sector grocery trade,with particular reference to the changing shares of the independents and the multiples and their operational performance.

*' See Appendix 1 for food processors' interest in food distribution.

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Chapter 4

Chapter 5

Chapter 6

Chapter 7

looks at the size-distribution of the grocery multiple organisations, and variations in performance according to size, based on number of branches and total sales.

identifies the leading grocery multiple concerns, con­siders their growth in recent years and the emergence of new competition.

deals with the independent grocery sector, the develop­ment of voluntary group trading and cash-and-carry whole­saling, and the structure of grocery wholesaling.

turns to consider the fresh food trades, dealing separately with each as far as the organisation of the retail and wholesale trade is concerned.

Chapter 8

Chapter 9

Chapter 10

covers the Cooperative sector of food distribution, and identifies the leading retail societies as well as the role of the Cooperative Wholesale Society Ltd.

assesses changes in the division of the retail food trades as between multiples, Cooperative societies and independents from 1961 to 1975, the decline in the number of major buying points, expenditure on advertising, and presents sales concentration-ratios among the larger grocery retailers and other food distributors in recent years.

describes the results of the computer-generated financial measures of concentration, using the standard EEC methodology, for a sample of the larger quoted and unquoted food distributors.

1 .10: Each chapter includes a number of tables, and the sources on which theseare based are brought together in Appendix 2 .

Summary of Findings

1.11:

(A) Changes in retail trade, 1950-75

The main findings of this Study can be briefly summarised as follows:

Retail trade in Great Britain has risen in volume at an average rate of 2.3 per cent, a year between 1950 and 1975, but sales of food shops by under 1 .3 per cent, a year.

The private sector has increased its share of total retail food sales during the 1950-75 period at the expense of the Cooperative societies, but an increasing proportion of the private sector's food sales have been going through non-food shops, whose share of total food sales doubled to 13 per cent, in 1975.

At the same time, food sales have dropped from 89 per cent, of the private food shops' trade in 1950 to 82^ per cent, in

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(B) The private grocery trade

(C) Concentration and perform­ance among multiple grocers

(D) The leading grocery multiple concerns

1975, largely because of the increasing importance of non-food items stocked by supermarkets.

Grocers' shops have increased the volume of their total sales by 86 per cent, since 1950, in marked contrast to a rise of only 8 per cent, for the fresh food retailers.

With a fa ll of one-quarter in the number of grocery shops between 1950 and 1971, the average sales per shop increased by nearly l i times in real terms. Between 1957 and 1971, the multiples' sales per shop rose by 9 per cent, a year in real terms, as compared with only 2 per cent, for the independents.

With fewer but larger shops, the multiples' share of the private grocery trade nearly doubled from 29 per cent, in 1950 to 57 per cent, in 1975; the number of multiple concerns halved during the same period .

The multiples' gross margins were higher in 1971 than in 1957-66, but those of the independents rose more during the same period. The buying-power of the multiples derived from their large volume of sales contributes to their further growth through price- competition.

The number of grocery multiples with 100 or more branches fe ll from 35 in 1961 to 19 in 1971, but their combined share of the multiples' trade rose from 70 to 75 per cent.

The size-group which secured the largest increase in both average shop sales and sales per person between 1961 and 1971 were those with 20-49 branches; in 1971, this group also had the shops with the highest average sales.

Variations in the sales of the multiple organisations is mostly attributable to the number of branches they operate, and the largest multiple organisations (with over £50m. sales) enjoyed the highest gross margin (20.5 per cent.) in 1971. When the rate of stock-turn is also taken into account, however, gross pro fitab ility is about 15 per cent, above the average for organisations with sales of £ 10-20 millions.

The 5 multiples with the largest sales in 1971 were:

TescoA llied Suppliers J. Sainsbury International Stores Fine Fare

Since 1971, A llied Suppliers has become part of Cavenham Group and International Stores has been acquired by British- American Tobacco C o., with some changes in rank-order.

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(E) The inde­pendent grocery sector

There were another 13 multiples in 1971 with sales of £20-50 millions; the 10 leading concerns being:

Key Markets Wm. JacksonWaitrose Cater Bros.Safeway BudgensPricerite David GreigBishop's Stores F.J. Wallis

The largest increase in sales in the 1971-74 period among this group was achieved by Safeway, Key Markets, Waitrose and F.J. W allis. Mergers and acquisitions have played a notable part in Key Markets1 growth.

While the average growth in sales of these medium-sized multiples exceeded that of the largest, their record was bettered by the 10 smaller multiples. The fastest-growing concerns were:

Wm. Morrison LennonHillards Amos Hinton

In addition, the 1968-74 period saw the emergence of major new concerns, notably Asda, Kwik-save, Bejam and Carrefour

The overwhelming majority o f independent grocers are single­shop businesses, and in 1971 they had higher gross-margins than the rest with up to 9 shops each.

The decline of one-quarter in their number of independent grocery shops between 1961 and 1971 is not attributable only to the competition of the multiples. Many have disappeared through redevelopment; even more from the inab ility to generate the working capital to improve their businesses.

Voluntary group trading has aimed at assisting the survival of the minority of businesses who have joined a group. It would appear that the main benefits have been not so much on the side of buying as in raising finance for improved premises and advice on merchandising and stocking.

Help for the smaller grocer has come from the development of cash-and-carry wholesaling, and perhaps lessened the importance of belonging to a voluntary group.

These developments involving grocery wholesalers have contributed to substantial changes in the organisation of the private wholesale trade, w ith mergers and acquisitions playing a major part in relative growth among the leading concerns.

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(F) The fresh food trades

(G ) Cooperative societies

(H) Sales con­centration in the retail food trades

Considerable diversity exists in the experience of the fresh food trades. With the exception of dairymen, the volume of sales have been fa lling .

The share of the multiples rose among butchers, dairymen and probably greengrocers between 1961 and 1971, but since 1971 the position is somewhat uncertain.

In 1971, three concerns were responsible for 55 per cent , of the multiple butchery trade, and mergers and acquisitions have been important since then. S im ilarly, about 60 per cent, of bread sales were controlled by three groups in 1969, and their share may have risen to over 75 per cent, by 1974. Among dairymen, the five largest multiples accounted for 60 per cent, of the private trade in 1971.

The sales of the Cooperative societies declined from 11 per cent, o f total retail trade in 1961 to 7 \ per cent, in 1971. The volume of their retail food sales declined by three-tenths between 1961 and 1971, and by a further one-seventh to 1975.

The number of Cooperative societies has been reduced by amalgamation from 835 in 1961 to 313 in 1971, and over the same period, the share of Cooperative sales held by the six largest societies more than doubled to 34 per cent.

As far as Cooperative food sales are concerned, the share of the six largest societies rose from 25 per cent, in 1968 to over 38 per cent, in 1975, and that of the four largest from under 21 per cent, to nearly 32^ per cent.

Taking the retail food trades as a whole* the multiples' share has been rising long-term at the expense of the independents and the Cooperative societies:

Multiples'share

1961 25%

1971 37%

1975 41%

In 1971, the 81 largest food retailers - 36 multiples and 45 Cooperatives - accounted for well over one-third of the total food trade.

Sim ilarly, one-third of the total grocery trade was controlled by 19 multiples in 1971, and over two-fifths i f the larger Cooperatives are included as w ell.

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Buying power has become increasingly concentrated in fewer hands: compared with 1400 major buying points being responsible for 70 per cent, of grocery trade in 1965, over 80 per cent, is now represented by about one-quarter of that number of buying points.

While advertising on press and TV by food retailers rose from under £4 million in 1968 to over £15 millions in 1975, in relation to their level of sales, such expenditure is very small.

Among the grocery retailers (including Cooperative societies) with sales of over £20 millions, representing 45-55 per cent, of the grocery trade), the share of the 4 largest concerns has tended to fa ll, but that of the 8 and 12 largest to increase between 1969 and 1975. This confirms the tendency for the medium and smaller grocery multiples to grow at a faster rate than the largest concerns.

Among other private food distributors, there was also a down­ward trend in sales concentration between 1969 and 1973, but a slight reversal in 1974.

(I) The Computer- Taking food distribution as a whole, and confining the analysis generated to the more important quoted and unquoted companies withmeasures of combined sales which doubled from £2,000 to £4,000 millions concentration between 1969 and 1974, the share of that turnover held by the

four largest concerns decreased slightly between 1969 and 1974, although concentration rose but equally slightly in terms of the 8, lOand 12 largest firms.*

Turnover is only one of nine indicators for which changes in concentration has been measured over the 1969-74 period; in terms of the concentration-ratios for the 4 and 8 largest firms, the evidence on any change is inconclusive, although increasing the number of firms to which the ratio relates tends to result in a rise in the concentration-ratio itself.

The general finding, after taking the possibility of sampling errors into account, is that concentration between 1969 and 1974 cannot be said to have increased or decreased significantly (in the statistical sense) except in terms of the share of the 20 largest firms.

Thus, the general conclusion is that there was no significant change in concentration between 1969 and 1974 as far as this sample of the

* These findings are in direct contradiction to the concentration data shown for food and beverage distribution in the United Kingdom in the Sixth Report on Competition Policy, Table 7, which indicated an increase in sales concentration for the 4 largest concerns from 40 per cent, in 1969/70 to 60 per cent, in 1973/74. These ratios were based on a smaller number of con­cerns at a preliminary stage of analysis, but even in terms of the data used were inaccurate for1973/74 because of a computer error.

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larger private food distributors is concerned. This outcome has not resulted from any lack of growth among the largest firms, but rather from the more rapid growth-rates achieved by the smaller concerns during this period.

Conclusion

1.12: This Study has looked at concentration in the food distributive trades atseveral different levels and from various points of view, and an apparent paradox emerges as a result. There is no doubt that at the retail level the share of the multiples has continued to increase since 1971 just as it did between 1961 and 1971, both in the grocery trade and for a ll food shops taken together. Thus, the multiple organisations, their numbers declining as the result of rationalisation and amalgamation, are more important today than five, fifteen or twenty- five years ago. At the same time, the larger enterprises among them, whether taken in the con­text of the grocery trade, the whole of food retailing, or indeed, food distribution generally, have not increased their combined share. Thus, while the multiple sector has increased in relative importance, concentration within that sector has not changed significantly in recent years.

1.13: The explanation of this paradox appears to rest primarily on the factthat the largest retail enterprises have tended to grow more slowly than those of medium or small to medium size, at least during the period covered by this study. It is often said that entry to retailing is comparatively easy, although it is equally true that survival as a small shopkeeper, particularly in the food trades, has become more and more d ifficu lt in recent years. But once established as a multiple food retailer there seems to be a good chance of making the grade and expanding the business as fast as the cash-flow or access to new capital allows. And the odds would also seem to favour the concern which is building-up a business more or less from scratch, rather than the longer-established concern which has to contend with a legacy from its past.

1 .14: Part of the explanation of the relatively slow growth of the largestenterprises is almost certainly attributable to their mixture of older premises (often too small for efficient operation) with modern, purpose-built large food stores. It is significant, in this connection, that both International Stores (since its acquisition by British-American Tobacco) and the Cavenham Group have embarked on the systematic closure of their smaller shops, and their replacement by larger units of the superstore type. While in the short-run shop closures may mean a loss of sales volume overall, they can also contribute to a greater financial strength as a preliminary to renewed growth. Thus, it may be that redeployment of their resources into fewer but more profitable outlets could mean the attainment of a faster rate of growth by the larger enterprises between 1975 and 1980 than occurred in the previous five years or so.

1.15: Even so, it does not follow that higher concentration at the top end ofthe size-distribution of food retailers w ill result anymore than it did in the recent past. The impact of the "innovators" in food retailing - like Asda, Carrefour, Bejam and Kwik-Save - cannot be ignored; indeed, the possibilities are that the identity of the leading six food retailers w ill change, if that has not already happened.

1 .16: The realities of market power may be much greater than either the levelof concentration or changes in that level may suggest. The concentration of large-scale buying power into fewer hands is already highly significant as far as the food processors and other manu­facturers w ill testify. What is more, the degree of concentration undoubtedly varies from one part of the country to another. The multiples which operate nationally are the exception rather than the rule, and the majority of the fastest growing concerns have at most regional market territories.

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Thus, it may very well be that in certain parts of the country the degree of concentration is much higher than might be inferred from this "national" analysis. How much higher is a question that awaits further study, although part of the answer insofar as it is reflected in shop-prices may be forthcoming from current work on variations in retail prices charged by grocery outlets of different sizes in different locations in Greater London, Greater Manchester and in West Central Scotland.

i

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2: CHANGES IN RETAIL TRADE, 1950-75

2.1: The first Census of Distribution for Great Britain was taken in 1950,and in the following quarter of a century there have been a further four full or sample Censuses in 1957, 1961, 1966 and 1971. The intervening years have also been covered by a regular monthly statistical series on retail sales, but for the broad picture of the main changes in retailing since the immediate post-war years it is sufficient to look at the Census years together with the data for 1975.

2.2: The level of retail trade in Great Britain, at current prices,increased fivefold from £5,170 millions in 1950 to £28,483 millions in 1975, but in volume terms, the rise was ¡ust under four-fifths, or an average of 2.3 per cent, a year. From Table 2.1 it w ill be seen that the trade of food shops (including market traders) at current prices increased faster than the trade of non-food shops (including general mail-order houses) between 1950 and 1957, but considerably more slowly between 1957 and 1975.

2.3: In terms of the volume of retail trade, however, the sales of foodshops have represented a declining share of total retail turnover since 1950. Between 1950 and 1961, their share fell from 47 per cent, to 46 per cent., but during the next decade, it dropped to 40 per cent, and in 1975 stood at 36 per cent. Indeed, it can be seen from Table 2.2 that the volume of food shops' sales in 1971 was less than 6 per cent, higher than in 1961 (equivalent to under 0.6 per cent, a year) and in fact was lower in 1975 than in 1971. If population-growth is taken into account, the volume of food shops' sales per head amounted to as little as 0.5 per cent, for the whole of the 1961-71 period, falling between 1971 and 1975 by over 2 per cent. This makes a complete contrast to the 1950-61 period when food shops' sales per head rose by nearly one-quarter, or by 2 per cent, a year.

2.4: The volume of non-food shops (including mail order) sales increasedby 3 per cent, a year between 1950 and 1961, improving slightly on that rate taking the 1960s as a whole, and increasing to over 3 i per cent, a year in the four years between 1971 and 1975. Thus, whereas the non-food shops have shown a reasonably consistent and relatively high rate of growth during the past quarter of a century (although varying from year to year to a much greater extent than the periodic changes suggest), the volume of sales by food shops has been growing only very slowly for the greater part of that period, and in recent years has been falling.

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Retail Food Sales

2.5: The items stocked and sold by food shops are not, of course, con­fined to fresh or processed foods, any more than the sales of non-food shops comprise every­thing but foods. The Censuses of Distribution provide data on the sales of broad groups of commodities by different types of shops, and the total retail sales of food through shops are compared in Table 2.3 with the total estimated household expenditure on food. This shows that between 1950 and 1966 the tendency was for a growing proportion of household food spending to be reflected in retail sales through shops, but that since 1966 their share has remained around 89^ per cent.

2.6: At the same time there have been changes in the division of theseretail food sales through shops of different types. As can be seen from Table 2.4, the share of the Cooperative societies1 outlets fell substantially from 18^ per cent, in 1957 to 11 per cent, in 1971, although it had not fallen further by 1975. In the private sector, however, the most striking feature is the extent to which non-food shops have increased their share of retail food sales: namely, from 7 \ per cent, in 1961 to 11 per cent, in 1971, and to an estimated 13 per cent, in 1975.

2.7: The distribution of food sales among the non-food shops has alsochanged considerably since 1961 as can be seen from Table 2.5. About one-half of these food sales were contributed by confectioners, newsagents, tobacconists in 1961 and 1966; by 1971, their share had fallen to two-fifths and in 1975 to little more than one-third. A growing share of these food sales, on the other hand, came from variety and other general stores (such as F.W. Woolworth, British Home Stores) and clothing shops (such as Marks & Spencer), rising from one-third in 1961 to over two-fifths in 1971, and continuing to increase to 1975. The other category of traders which have increased their relative importance as food outlets are miscellaneous non-food shops, largely attributable to chemists' shops selling ranges of dietary and dietetic foods.

Diversification within Food Shops

2.8: While a growing proportion of retail food sales has been reachingthe public through non-food shops, sales of food have been contributing a smaller share of the total sales of food shops. Thus, it can be seen from Table 2.6 that whereas food accounted for around 90 per cent, of the food shops' sales in 1951 and 1957, its share had dropped to 84i per cent, in 1971 and to an estimated 82i per cent, in 1975.

2.9: The main types of commodities which have become relatively moreimportant in the sales of food shops during recent years are household cleaning supplies, drugs and toilet preparations, clothing and footwear, and hardware, gardeners' and decorators' supplies. These four broad categories of goods accounted for about one-eighth of the non­food sales of food shops in 1961; by 1971, their combined share had increased to nearly two- fifths. Alcoholic drinks also became more important during this period, increasing their share from 14 per cent, in 1961 to nearly 18 per cent, in 1971. On the other hand, tobacco sales through food shops, which accounted for nearly two-thirds of their non-food turnover in 1961, had dropped their share to two-fifths in 1971, despite an increase in their volume.

2.10: The diversification of the stock-range of food shops generally is the main reason why their turnover has increased more than household food expenditure between 1961 and 1975. Indeed, the increase in the sales of non-food items through food shops between 1961 and 1975 was larger than the extra food sales of non-food shops.

- 23 -

2.11: The broadening of the range of non-food items stocked, however,has been much more marked in the case of grocers and provision dealers than among the other kinds of food traders, such as dairymen, butchers, bakers, fishmongers and greengrocers.From Table 2.7, it w ill be seen that whereas there was no change in the relative importance of food sales by other food shops between 1961 and 1971, their share of the grocers' trade fell from 85 per cent, to 79 per cent, in the same period. Since 1971, however, it is estimated that the food sales' proportion for other food shops has fallen to 95 per cent., but accompanied by a further fall in their relative importance for grocers and provision dealers as w e ll.

2.12: It w ill also be noted from the total sales for the two broad groups offood shops in the private sector, as shown in Table 2.7, that grocery and provision dealers have increased their relative importance. In 1950, they accounted for about 54 i per cent, and in 1961, nearly 58 per cent, of the total food shops' turnover, but by 1971 they had a share of nearly 64^ per cent, and in 1975, more than 66i per cent.

2.13: Experience has varied among the constituent trades making up otherfood retailers in the private sector as can be seen from Table 2.8. Between 1950 and 1961, the share of bakers' shops in total sales by other food retailers fell from 20 per cent, to 14i per cent., although they have subsequently slightly improved their relative position. Fish­mongers and greengrocers declined in relative importance, too, between 1950 and 1971, although they have held their own in recent years. Only butchers, however, have shown a consistent improvement in their relative position, increasing their share from 31^ per cent, in 1950 to 41 per cent, in 1961 and to 45 per cent, in 1975.

2.14: It might be expected that relative price-changes w ill have accountedfor some part of the changing shares experienced by the various other food retailers.Certainly price-changes for the main commodities stocked by the different categories have varied considerably at different time during the past quarter of a century. Thus, from Table2.9 it w ill be seen that for the whole group of other food retailers prices rose by 4.2 per cent, during the 1950-61 period as compared with 3.6 per cent, a year during the next 10 years. The faster increase between 1950 and 1961 is attributable in part to the reduction in food subsidies from the equivalent of 15.7 per cent, of actual household food spending to 6.2 per cent. Between 1971 and 1975, however, the group average price-increase was14.4 per cent, a year, despite the fact that food subsidies rose from the equivalent of 3.2 per cent, of actual household food spending in 1971 to 8.6 per cent, in 1975.

2.15: Among the constituent trades, the price-increases for the principalitems sold by dairymen have been consistently below-average in each of the three periods, while those for butchery have been consistently higher. The increases in prices for fish and fruit and vegetables have been particularly large during the 1971-75 period, while bakery products have had above-average price-increases since 1961. It is also worth noting from Table 2.9 that grocery prices rose more slowly than the commodities sold by other food retailers between 1950 and 1961, but at a faster rate during the other two periods.

2.16: When price-changes are taken into account, the volume of sales byother food retailers in the private sector rose by only 0.6 per cent, a year between 1950 and 1971, and, as can be seen from Table 2.10, they are estimated to have fallen by about 1.2 per cent, a year between 1971 and 1975. Moreover, only dairymen have consistently increased their share of the other food retailers' trade: from 14 per cent, in 1950 to 22 per cent, in 1975. Butchers had no larger a share in 1975 than they did in 1961, for despite a 3 i per cent, increase in the volume of their sales between 1961 and 1971, by 1975 they had

- 24 -

fallen to per cent, below their 1971 level. Fishmongers and greengrocers have both seen their shares of the other food retailers' trade fall in each of the three periods, although bakers, after suffering a substantial fall in their share between 1950 and 1961, have not fared so badly since then.

2.17: The plain fact is that other food retailers collectively have laggedfar behind grocers and provision dealers in their volume increases in sales. Thus, from Table2.11 it can be seen that the private sector grocers registered a 54 per cent, rise in their volume of sales between 1950 and 1961, when that for other food retailers rose by only 11 per cent. Between 1961 and 1971, the grocers' volume of sales increased by 20 per cent, as compared with under 3 per cent, by other food retailers. And since 1971, when grocers' sales have risen slightly, those of other food retailers fell by over 5 per cent.

2.18: Indeed, grocers and provision dealers have been making substantialinroads into the markets of the various other food retailers. This can be plainly seen from Table 2.12 which compares the grocers'and other food shops' shares of retail sales of five product groups characteristic of the latter's trade in 1961 and 1971. Thus, for example, it w ill be seen that grocery shops more than doubled their share of fish, poultry and game sales between 1961 and 1971, thereby accounting for the larger part of the share loss suffered by other food retailers. Indeed, with the exception of bakery products, grocers accounted for a larger share of these sales in 1971 than in 1961, increasing their overall claim from 20 per cent, in 1961 to 25 per cent, in 1971. Even so, the share loss sustained by other food retailers was even higher at 9 per cent., indicating that the sales of their principal products by non-food shops, as well as by grocers, had increased more during this period than they had through their own outlets.

Conclusion

2.19: There have been distinctly different trends, therefore, in the tradingpatterns of grocers and other food retailers during the last quarter of a century. The latter's volume of trade has not expanded nearly as fast as that of grocers, and their sales of food have continued to represent all but a small fraction of their total turnover. Grocers, on the other hand, have widened their stock-range to the point where food sales account for little more than three-quarters of their total trade, and an increasing part of their food sales comprises the staple lines of other food retailers. Their ability to stock and sell more of a wider range of goods, however, would not have been possible without the changes in tech­nology Jand the larger premises required to take advantage of them) that have changed dramatically not only the grocery outlets but also the structure of the whole trade.

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Retail trade, at current prices: 1950 - 75

TABLE 2.1

Great Britain: £Mns.

1950 1957 1961 1966 1971 1975

TOTAL RETAIL TRADE 5,170 7,793 9,125 11,689 16,276 28,483

Food shops Non-food shops

2,1453,025

3,4644,329

3,9975,128

4,8316,858

6,4819,795

11,22017,263

Food shops as percent of Total 41'i 44i 44 .41* 40 39f

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Retail trade, at constant (1971) prices: 1950 - 75

TABLE 2.2

Great Britain: £Mns.

1950 1957 1961 1966 1971 1975

TOTAL RETAIL TRADE 9,859 11,845 13,322 14,881 16,276 17,686

Food shops Non-food shops

4,6575,202

5,5036,342

6,1277,195

6,3298,552

6,4819,795

6,38111,305

Food shops as percent of Total 47 46 i 46 42^ 40 36

Per annum rates of change (%) during period ended:

TOTAL RETAIL TRADE Food Shops Non-food shops

2.62.42.8

3.02.73.2

3.20.73.5

1.80.52.7

2.1-0 .4

3.7

TABLE 2.3

Household expenditure and retail salles of food: 1950 - 75

Great Britain: £Mns.

1950 1957 1961 1966 1971 1975

Household expenditure on food 2,332 3,947 4,256 5,187 6,805 11,782

Retail sales of food through shops 2,017 3,353 3,771 4,641 6,082 10,520

Retail sales as percent of household expenditure on food (%)

865 85 88i 89 i 89 i 89|

Division of retail sales of food, by type of outlet: 1950 - 75

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TABLE 2 .4

Great Britain: £Mns.

•1950 1957 1961 1966 1971 1975

Retail sales of food 2,017 3,353 3,771 4,641 6,082 10,520

Co-operative Societies 371 622 627 623 673 1,158

Private Sector:

Food shops Non-food shops

1,514132

2,468263

2,866278

3,570448

4,752657

8,0161,346

Percentage Shares:

Co-operative Societies 18i 18* 16i 13i 11 11

Private Sector:

Food shops Non-food shops

7562

7 3 i8

76n

77n

7811

7613

Division of non-food shops sales of food: 1961 ■ 75

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TABLE 2.5

Great Britain

1961 1966 1971 1975•

Private Sector:

Sales of food in non-food shops

£Mns. at current prices

278 448 657 1,346

Percent, attributable to: % % % %

Confectioners, newsagents,tobacconists 51 50 40 34Off-Licences 3 3 4 4Department stores 8 7 7 7Variety and other general * 33 36 41 44Miscellaneous non-food shops 3 2 7 10Mai 1 order 1 1 1 1

* Includes Clothing Shops.

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Relative importance of sales of food in food shops' sales: 1950 * 75

TABLE 2.6

Great Britain

1950 1957 1961 1966 1971 1975

Private Sector:

£Mns. at current prices

Food shops' sales

Sales of food in

1,705 2,730 3,231 4,042 5,609 9,719

food shops 1,514 2,468 2,866 3,570 4,752 8,016

% % % % % %

Sales of food as percent of food shops' sales 89 90 88 i 88 i 84 i 82i

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Private sector food shops1 sales, by broad group of shops: 1950 - 75

TABLE 2.7

Great Britain

1950 1961 1971 1975

£Mns. at current pricesPrivate Sector

Total Sales:Grocers & provision dealers 928 1,869 3,615 6,474Other food retailers 777 1,362 1,994 3,245

1,705 3,231 5,609 9,719Sales of food as proportion of % % %total sales:

Grocers & provision dealers • . 85 79 77Other food retailers 98 98 95

H<n0000 84 i 82 i

TABLE 2.8

Private sector: Sales of other food retailers, by type, 1950 - 75

Great Britain

1950 1961 1971 1975

£Mns. at current pricesPrivate Sector

Total sales of other food retailers 777 1,362 1,994 3,245

Share of total sales by: % % % %

Dairymen m 19 20 18Butchers 31* 41 43 45Fishmongers n 5* 4 4Greengrocers 23 i 20 18 18Bakers 20 14* 15 15

100 100 100 100

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Annual percentage increases in prices of main commodities stocked by different types of food shop, 1950 - 75________

TABLE 2.9

Per cent, a year

1950-61 1961-71 1971-75 Wholeperiod

1950-75

Food Shops 3.2 4 .4 15.2 5 .5

Grocers & Provision Dealers 2.5 4.9 15.5 5 .4

Other food retailers 4.2 3.6 14.4 5 .6

Dairymen 3.6 1.9 7.2 3.7Butchers 5 .6 4.1 15.4 6.5Fishmongers 2 .4 4 .6 16.1 5 .4Greengrocers 3.2 3.0 16.7 5 .2Bakers 3.8 4 .7 15.5 6 .0

Source: Based on Retail Prices Index.

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TABLE 2.10

Private Sector: Volume of sales of other food retailers, by type of shop, 1950-75

Great Britain

1950 1961 1971 1975

£Mns. at 1971 prices

Private Sector

Total sales of other food retailers 1,752 1,946 1,994 1,899

Share of total sales by: % % % %

Dairymen 14 16 20 22Butchers 38 43 42 43Fishmongers 7 6 5 4Greengrocers 20 19 18 16Bakers 21 16 15 15

100 100 100 100

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Changes in volume of sales of private sector food shops, 1950-75

TABLE 2.11

A ll Food Grocers and OtherShops Provision Food Shops

Dealers

£Mns. Index £Mns Index £Mns.~ Index

1950 3,701 100 1,949 100 1,752 100

1961 4,953 134 3,007 154 1,946 111

1971 5,609 152 3,615 185 1,994 114

1975 5,533 150 3,634 186 1,899 108

- 3 4 -

Grocers' shops share of principal commodity groups of other food shops, 1961 and 1971

TABLE2.12

Grocers and OtherProvision Dealers Food Shops

1961 1971 1961 1971

Fresh milk and cream 7 12 92 86Meat 9 17 89 81Fish, poultry and game 14 29 84 63Fresh fru it and vegetables 20 33 74 59Bakery products 44 40 46 48

20 25 76 65

Source: Based on Censuses of Distribution, 1961 and 1971.

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3: THE PRIVATE GROCERY TRADE

3.1: The effects of what is frequently described as "the retail revolution"are more plainly to be seen in the grocery trade than anywhere else in retailing. Twenty- five years ago, grocery shops looked very little different from what they did before the out­break of war, although there were fewer of them as the result of air-raids on the one hand, and restrictions on the building of new shops outside the 'blitzed1 cities and new housing estates on the other. An extensive range of foodstuffs, including meat, bacon, fats, eggs, cheese and tea, were still rationed, and with continuing shortages of other processed foods, supplies were allocated by manufacturers on the basis of pre-war purchases. Price controls which fixed retail margins, continued at least as long as rationing.

3.2: Largely frozen in its pre-war posture, the grocery trade comprisedabout 128,000 shops in 1950 with average annual sales of around £9,000 (or about £15,200 at 1971 prices), and over one-ha If of them had annual sales of £5,000-£25,000 (or £10,000- £50,000 at 1971 prices). In the next seven years, with an end to rationing and price- controls, and the lifting of building restrictions in 1954, the number of grocery shops increased, and at the same time, as Table 3.1 shows, the volume of sales per shop increased by over one-quarter. After 1957 the number of grocery shops began to fa ll, comparatively slowly at first but by nearly three-tenths over the fourteen years to 1971. During the same period, the average sales per shop nearly doubled in real terms.

The advent of self-service

3.3: During the 1950s, the major change was the development of self-service. In 1950, there were only 600 self-service shops in Britain, mostly conversions with­in existing shop-premises and mostly to be found in the larger towns. By 1957, their number had increased to over 3,000 in the grocery trade, of which the Cooperative societies claimed more than three-fifths. Four years later, the number of grocery self-service shops had trebled and those in the private sector had risen from 1,200 to 5,400. Moreover, in 1961, only one tenth of all the private self-service grocery shops qualified as supermarkets in that their sales area exceeded 2,000 sq. ft.

3.4: While the number of private self-service grocery shops rose between1961 and 1966 from 5,400 to nearly 14,000, the proportion of supermarkets among them rose

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from one-tenth to one-seventh, thereby enlarging their share of the private sector's grocery trade from 44 per cent, to just over 50 per cent. Unfortunately data on self-service trading in 1971 from the Census of Distribution for that year are still not available, but the Institute of Grocery Distribution has estimated that the number of multiple grocery self-service shops in 1975 amounted to 8,150 (or nearly nine-tenths of all their grocery shops), and that the number of their supermarkets (with over 2,000 sq. ft. sales area) was around 4,150, more than double the 1966 total for the whole of the private sector.

3.5: Even more important, the average size of the multiple grocers1supermarkets in 1975 was 6,100 sq. f t . , with 45 per cent, of them having sales areas in excess of 4,000 sq. ft. Since 1971, in addition, superstores and hypermarkets (defined here as stores with at least 30 per cent, of their turnover in food and with sales areas of more than 25,000 sq. ft.) have become an important element in grocery retailing. Such multiple grocery outlets with these characteristics accounted for 5 per cent, of their 1,890 super­markets of more than 4,000 sq. ft. sales area.

3.6: In the 1950s, there was far from universal enthusiasm for self-serviceamong established traders:

"Some of the larger and more traditionally minded multiples regarded self-service with suspicion and publicly doubted whether they had any value in their own organisations. The pace-makers were, apart from the major pioneers among Cooperative societies, relative new­comers to retailing who had confidence that what had succeeded in the United States would ultimately become established in this country. "*

Even so, the ability to convert existing premises, and even embark on the fitting-out of a rented purpose-built store, demanded considerable financial resources which the larger retail organisations were more likely to command than the smaller independent grocer. Thus, it was the multiples1 grocery shops which expanded fastest throughout the 1957-71 period. From Table 3.2 it w ill be seen that the number of persons per shop for the independent grocery shops only rose above its 1957 level after 1967, and then by a modest amount, whereas the numbers per shop for the multiples increased from under 7 to over 11 between 1957 and 1966, and then again to over 20 by 1971.

3.7: Part of these increases in persons engaged, however, may beattributable to larger numbers of part-time staff employed by multiples, but the underlying trend towards larger shops is also evident from the relative changes in the average sales per establishment. Thus, from Table 3.3 it w ill be seen that for the whole of the 1957-71 period, the average annual increase was 4.8 per cent, for all grocery shops in the private sector, but for the multiples, it was as high as 9.2 per cent, as compared with 2.1 per cent, for the independents. Moreover, it w ill be noted that between 1966 and 1971 when the annual increase for independents fell compared with the preceding periods, that for the multiples continued to rise.

* William Tresise: The Retail Trade (Political Quarterly, Jan-March 1964).

- 3 7 -

Changes in structure of the grocery trade

3.8: The changes in the general structure of the private grocery trade from1957 onwards can be seen from Table 3.4. The number of multiple organisations has fallen by nearly one-half from 256 in 1957 to 135 in 1971, while the number of independent businesses dropped by one-seventh between 1961 and 1971. The multiples' share of the private grocery shops, after increasing between 1957 and 1961, was back to the 1957 level of 11 per cent, by 1971. But their share of the private grocery trade which stood at 29 per cent, in 1957 had risen to 37 per cent, by 1961 and 43 per cent, in 1966, equivalent to a rate of just over 3 per cent, a year. But even this rate of advance was exceeded between 1966 and 1971 when the multiples1 share rose to 51 per cent., as well as for the more recent period with its further rise to 57 per cent, in 1975.

3.9: There are many reasons why the advance of the multiples in thegrocery trade has been so substantial, involving as it has done an increase in their bargaining strength vis-a-vis the food manufacturers. According to the National Board for Prices and Incomes (PIB):

"By concentrating on creating larger shops - with their accompanying economies of scale - in important shopping centres, and in some instances, increasing the number of outlets under their control, the more enterprising multiple companies rapidly expanded their trade.The extension of prepackaging of food by manufacturers was an important factor since it assisted the development of self-service and hence of the supermarket. The large retailers' growing volume of sales placed them in an even stronger position to bargain with the manufacturers."*

3.10: This increased bargaining strength was deployed in two maindirections: first, to gain more favourable buying terms and other concessions in delivery and sales promotion, and second, to secure supplies from manufacturers of goods packed under their own labels which could be sold at prices lower than the manufacturers' brands and some­times with a higher profit-margin. Moreover, the multiples' increased buying power contri­buted to the final breakdown of resale price maintenance in the grocery trade, since manu­facturers were loth to take action against a high-volume distributor for selling below the "fixed" price.

3.11: In pursuing a policy of "price-cutting", the supermarkets followed"the traditional pattern of other newcomers in the past: to consolidate their foothold and expand their share of the market, competition in price with the orthodox outlets wasessential ........ To convert to self-service or open a supermarket meant spending money, andto obtain a reasonable return on this capital expenditure required a high level of sales.Price competition was the answer. "**

3.12: The level of capital expenditure (net) by the private sector grocersexpanded very considerably during the latter part of the 1960s. From Table 3.5 it w ill be

* National Board for Prices and Incomes: Prices, Profits and Costs in Food Distribution, Report No. 165 (HMSO, Cmnd 4645, 1971), para. 17.

** William Tresise, op cit.

- 38 -

seen that it rose from under £38 millions in 1966 to over £58^ millions in 1971, an increase of 55 per cent, as compared with a 50 per cent, rise in sales during the same period. But the net capital spending by the independents actually fell between 1966 and 1971, so that the multiples' spending doubled, and taking into account their decline in numbers their average spending rose by over 175 per cent.

3.13: It w ill also be seen from Table 3.5 that there were significantchanges in the breakdown of the grocery multiples* net capital expenditure between 1966 and 1971, most notably in respect of the balance of spending on new as against existing buildings. Even in 1966 the net spending on existing buildings represented only 1 per cent, of the total, but by 1971 where disposals far outweighed acquisitions, it had been trans­formed into a negative item. New buildings, however, increased their relative importance from under two-fifths to neariy three-fifths of total net capital expenditure by multiple grocers, with plant, machinery and other capital equipment showing a substantial increase as well.

3.14: Not only did the independent grocers collectively spend less intotal in 1971 than in 1966 (although given the likely decline in their numbers, the average spending w ill have risen), but the relative importance of their expenditure on new and existing buildings also fe ll. Also noteworthy is the much greater proportion of total capital spending by independents going on vehicles (around 36 per cent.) than applied in the case of the multiples (5-6 per cent.), indicative of the latter's tendency to contract-out their distributive operations to specialist firms.

Margins and Costs

3.15: The increased degree of price competition has not been reflected inany diminution of percentage gross margins for either multiple or independent grocers between 1957 and 1971. From Table 3.6 it w ill be seen that the gross margin of multiple grocers remained virtually unchanged between 1957 and 1966, but increased sharply to 19.7 per cent, in 1971. In the first of the two periods, the largely static gross margin of the multiples was accompanied by a rise in the rate of stock-turn, although between 1966 and 1971 it fell by one-eighth as the gross margin rose. Both these changes are likely to have been associated with the widening of the multiples' stock-range to include products with higher-margins but lower rates of stock-turn.

3.16: Perhaps surprisingly the percentage gross margin of the independentgrocers, after increasing faster than that of the multiples between 1957 and 1966, rose from14.8 per cent, in 1966 to 20.1 per cent, in 1971, the latter level being above the multiples'. But their rate of stock-turn also fell between 1966 and 1971, although to a less marked degree than occurred for the multiples.

3.17: It w ill also be seen from Table 3.6 that the multiples' labour costsratio rose from 7.7 per cent, of sales in 1957 to nearly 8.5 per cent, in 1971, but that this increase was less than the overall improvement in the percentage gross margin during the same period. The labour costs ratio for the independent grocers, however, was much the same in 1971 as it was in 1957, but significantly higher than in 1966. The marked difference in the labour costs ratio of the two types of retailer is, of course, attributable in part to the working proprietors and unpaid helpers helping to man the independents' shops.

- 39 -

'3.18: Unfortunately the Census of Distribution provides no data on otheroperating costs or on net prof it-margins among different trades and types of retailer, but the National Board for Prices & Incomes included results for only a small sample of multiple grocers, which must for that reason be regarded as illustrative rather than definitive. The results for nine multiple companies (and one Cooperative society) as given in the PIB report* are presented here in Table 3.7. It w ill be noted that the gross profit-margin did not change much during the four years covered, but that operating costs tended to rise, with littled variation among their components. After increasing between 1967 and 1968, their combined net margin rate fell to 1970, but given the increase in turnover (at current prices), the actual rise in net profits was nearly one-half.

3.19: The return on capital employed (i.e . fixed and current assets lesscurrent liabilities (excluding long-term bank overdrafts) rose from 13.6 per cent, in 1967 to14.3 per cent, in 1968, falling marginally in 1969. The PIB report stresses, however, that one of the peculiarities of food retailing is that current assets (i.e . stocks, debtors and cash) tend to be lower than current liabilities (i.e . suppliers and other creditors), so that in effect retailers obtain part of their working capital from their suppliers. Furthermore, it emphasises that it found an "extremely wide range of rates of return" between different multiple grocers, and that the return on capital is "highly sensitive to small changes in prices. For instance, a reduction in prices and net margins of 1 per cent, would have reduced the average return on capital of the respondent companies in 1969 from 14.2 per cent, to 8 per cent."

3.20: The high sensitivity of the return on capital to price-changes hasmany implications as far as the operations and policies of the multiple grocers are concerned. It is evident from the PIB Report that not only the method of trading (i .e. counter-service, self-service or supermarket) and locational factors (i.e . the absence or presence of com­peting supermarkets) can significantly affect the achieved levels of gross and net margins for individual multiple grocery branches. For a sample of 80 branches of multiple grocers, the levels of gross and net margin and rate of stock-turn were as shown in Table 3.8. It w ill be seen that the percentage gross margin was not always higher for branches without super­market competition than where such competition existed, unlike the net profit margin which was higher in each of these situations. What is more, the net profit margin washighest for their supermarkets (5.2 per cent.), and higher for other self-service shops (5.0 per cent.) than for counter-service shops (4.3 per cent.), and the same was true for the rate of stock-turn.

3.21: The comparative results of this sample of 80 multiple grocerybranches with 726 independent grocers1 shops in 1970 are shown in Table 3.9. For self- service shops, the percentage gross margins for the multiple branches are substantially higher than for the independents, as are the net profit-rates and the rates of stock-turn. For the counter-service grocery shops, on the other hand, the multiples' gross margins and stock-turn rates are higher than those of the independents, although their net margins are substantially lower. Given that the multiples predominant in supermarket operations (where the net profit-rate is above average) and that their counter-service shops are dwindling in numbers, it is clear that they have an advantage over the independents which derives from the size of their shops and their methods of operation.

* PIB Report No. 165, paras. 42-60 and Appendix D.

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3.22: Over and above that advantage, however, are the benefits whichflow from their overall size, which not only relate to economies in operation but, as the PIB report rightly points out, from the deployment of their buying power. Thus, the PIB found that "on some products the larger retailers are probably able to obtain aggregate additional discounts of between 10 and 15 per cent, (calculated on the retail price of the product) beyond those obtainable by shops which can only buy in minimum case-lots." In addition, the multiples can increase the number and range of their own label products, which the PIB considered accounted in 1970 for 15-20 per cent, of the value of a ll packaged grocery goods (excluding the Coop brands).

3*23: The use of their buying power to extract additional discounts fromtheir suppliers or to obtain those higher margins on own label products constitutes a large part of the explanation why the multiple grocers can offer price-reductions without necessarily putting at risk the level of their return on capital. Another reason is that price- reductions on carefully selected lines for specific periods in the form of "special offers" can result in an increase in the volume of sales which more than compensates for the reduction in their gross margins.

3*24: There is no doubt that, by and large, the multiple grocers are in afar better position than the independents to pursue such policies, and that their increased buying power not only derives from their larger sales potential but in turn contributes to its further growth. The question that remains is equally evident: do the economies of scale increase with the size of the whole organisation, or is there some point at which dis­economies commence to operate? The next chapter explores the Census of Distribution data on the multiple grocers to see if there is any sign of an answer to this question.

- 41 -

TABLE 3.1

Private Sector grocery trade: Total sales and number of establishments, 1950 - 75

1950 1957 1961 1966 1971 1975

Total sales (£Mns.) 928 1,568 1,869 2,399 3,615 6,474

No. of establishments (000s) 128 135 132 109 98

Sales per establishment constant (1971) prices (£000)

15.23 19.26 22.78 29.50 36.98

6000

| 4000c+i

2000 -

- 150

coOoo

100 §EJZ</>

JQo-I—co

50 oo

Z

— i--------------------------— i------------------- *----------------------- 1— ----------------- 1---------------------- 1—1950 1957 1961 1966 1971 1975

- 42 -

Numbers engaged per establishment: 1957-71

TABLE 3.2

1957 1961 1966 1971

Persons engaged per establishment:

Independents 2.9 2.9 2.9 3.4Multiples 6.9 8.1 11.1 20.6

3.4 3.6 4.1 5 .3

TABLE 3.3

Annual percentage-increases in sales per establishment,, 1957-71

1957- 1961- 1966- Whole period1961 1966 1971 1957 - 1971

% % % %

Sales per establishment:annual percentage-increases

Independents 2.5 2 .4 1.3 2.1Multiples 7.7 9 .4 10.1 9 .2

A ll 4 .3 5 .3 4 .6 4 .8

- 4 3 -

TABLE 3.4

Private Sector grocery trade: Organisations, establishments and sales of independents and multiples.__________ ______ ______

1957 1961 1966 1971 1975

No. of organisations:

IndependentMultiple 256

95,308238 187

82,531135

% % % % %

No. of establishments:

Independent 89 87 88 89Multiple IT 13 12 11

Total sales:

Independent 71 63 57 49 43Multiple 29 37 43 51 57

No. of establishments Total Sales

Multiple

Independent

1957 1961 1966 1971 1975

_ 44 -

Net capital expenditure of multiple and independent grocers, 1966 and 1971

TABLE 3.5

A ll: PrivateMultiples Independents Sector

1966 1971 1966 1971 1966 1971

Net capital expenditure(£Mns.) 21.71 43.35 16.09 15.30 37.80 58.65

% % % % % %Expenditure on:

New buildings 39.6 59.0 19.5 17.2 31.1 48.1Existing buildings (net) 1.0 -2 3 .4 15.7 12.4 7.2 -14 .1Vehicles (net) 6 .2 5 .3 35.5 36.1 18.7 13.3Plant, machinery &other capital equipment 53.2 59.1 29.3 34.3 43.0 52.7(net)

100.0 100.0 100.0 100.0 100.0 100.0

- 45 -

Private Sector grocery trade: gross margins, rate of stock-turn and labour costs - ratio, 1957 — 71 _________■______ ____________ _____ :

TABLE 3.6

1957 1961 1966 1971

As percentages of sales

Gross margin:

Multiples 17.6 17.7 17.8 19.7Independents 14.4 15.2 14.8 20.1

A ll 15.4 16.1 16.1 19.9

Rate of stock-turn Times per annum

Multiples 13.3 12.7 14.4 12.6Independents 15.1 15.3 15.8 15.4

A ll 14.5 14.2 15.2 13.8

Labour costs - ratio: As percentages of sales

Multiples 7.70 8.38 8.48Independents 4.12 3.37 4.10

A ll 5.19 5.53 6.35

- 46 -

M ultip le grocers: Sales, margins and costs, 1967 - 70

TABLE 3.7

1967 1968 1969 1970

Sales:Food 549 608 683 770Non-food 54 60 76 89

Total 603 668 759 859

As percentages of total sales

Gross margin 19.3 19.7 19.7 19.7

Operating costs:

Shop payroll 7 .6 7.5 7 .4 7 .4Occupancy 3.2 3.2 3.3 3.2Warehouse & transport 2 .3 2 .4 2.5 2.5Head O ffice 2.3 *2 .4 2.5 2 .6Other (inc l. depreciation) 1.7 1.7 1.6 1.7

17.1 17.2 17.3 17.4

Net margin (before tax & interest) 2 .2 2.5 2 .4 2.3

Return on capital employed (%) 13.6 14.3 14.2 N .a .

Gross and net margins and stock-turn of multiple grocery branches/ 1970

- 4 7 -

TABLE 3.8

Grossmargin

Netmargin

Rate of stock-turn

Supermarkets:

% % Times per annum

With other supermarket competition 18.3 5.1 21.3

With no supermarket competition 17.7 6.3 25.9

A ll 18.3 5 .2 21.6

Other self-service shops:

With supermarket competition 16.9 4 .4 19.2

With no supermarket competition 17.2 7.1 23.4

A ll 16.9 5 .0 20.1

Counter-service shops:

With supermarket competition 16.7 3.6 16.2

With no supermarket competition 20.3 5 .3 19.7

A ll 18.2 4.3 17.5

A ll multiple branches 17.9 5.1 21.0

- 48 -

TABLE 3.9

Gross and net margins and stock-turn of multiple branches and independent grocery shops, 1970___________ ________

Gross margin

M ult. Indpt.

Net margin

M ult. Indpt.

Rate of stock-turn

M ult. Indpt.

Percent on sales Times per annum

Supermarkets 18.3 5 .2 21.6

Self-service shops:

With supermarket competition 16.9 12.9 4 .4 3.5 19.2 16.1

With no supermarket competition 17.2 13.6 7.1 5 .6 23.4 15.1

Counter-service shops:

With supermarket competition 20.3 14.3 3.6 7.0 16.2 14.3

With no supermarket competition 18.2 13.6 5 .3 8.1 19.7 13.4

A ll 17.9 13.8 5.1 6.1 21.0 14.5

- 4 9 »

4: CONCENTRATION & PERFORMANCE AMONG MULTIPLE GROCERS

4.1: The expanding share of the private grocery trade claimed by themüîtffÿlye^lias been accompanied by an increasing degree of concentration among the mu I fi pies themselves. From Table 4.1 it w ill be seen that the number of multiples with 100 t r more branches fell from 35 in 1961 to 19 in 1971 (or by over two-fifths), but that their combined share of multiple grocery sales increased at the same time from 70 per cent, to 75 per cent. Indeed, it w ill be seen that the increase in the share of these larger multiples was mainly at the expense of those at the opposite end of the size-scale with 10- 19 branches.

4.2: The size-distribution of the 19 multiple organisations with 100 ormore branches in 1971 is shown in Table 4.2 (comparable data for 1961 are not available). The four largest grocery multiples, each with 500 or more branches, accounted for about 57 per cent, of the total outlets, sales and persons engaged of the 19 organisations taken together. Or, in terms of the multiple grocery trade as a whole, these 4 multiple concerns were responsible for more than 42^ per cent, of the sales from a slightly smaller proportion of the total establishments.

4.3: Between 1961 and 1971, there w ill have been changes in theidentity of the multiple grocery concerns within any specific size-group (in terms of the number of branches operated), but it is still relevant to note that the size-group which has shown the largest increase in average sales per establishment (at constant prices) during this period are the multiples with 20-49 branches. As Table 4.3 shows, average sales per shop more than trebled for this size-group between 1961 and 1971, and despite the relatively high increase in the number of persons per establishment, the level of sales per person engaged increased by about one-ninth in real terms. Although the multiples with 100 or more branches achieved the second highest increase in sales per establishment (150 per cent.) between 1961 and 1971, the average number engaged rose more sharply with the result that their real sales per person were lower in 1971 than in 1961. Indeed, the overall import­ance of the multiples with 100 or more branches meant that the fail in their real sales per person engaged was sufficient to offset the rises in the latter achieved by the other cat­egories, with the result that overall real sales per person were about the same in 1971 as in 1961.

- 50 -

4.4: As far as the situation in 1971 is concerned, Table 4.4 shows thatthe multiples with the highest average sales per establishment, as well as sales per person engaged, were again those with 20-49 branches. The average numbers engaged per shop by the largest multiples with 500 or more branches was only slightly higher than in this category with 20-49 branches, but the former's sales per shop were about one-ninth lower on average. This might suggest that the largest multiple grocery organisations operated branches whose sizes and methods of operation varied to a greater extent than those of the smaller multiples.

4.5: Certainly there is no doubt that the number of persons per shop, andaverage sales per person tend to increase with the average sales per shop. Although information specific to multiples is not available, Table 4.5 gives the Census data for grocers and provision dealers irrespective of ownership for those size categories which are, however, most typical of the multiples* operations. This shows, for example, that the numbers engaged per shop with sales of £1-2 million are nearly twice as many as in shops with sales of £500,000-£l million. Similarly, sales per person are positively correlated with average sales per shop. This lends strength to the proposition that the relatively low sales per person of the larger multiples are attributable to the wider range in the average size of their shops as well as in their individual methods of trading.

4.6: Not that the grocery multiples with 20-49 branches are at the top ofthe league by every indicator of comparative performance. From Table 4.6 it w ill be seen that while their net capital expenditure per shop in 1971 compared well with the largest multiples, their average gross margin (18.8 per cent.) was slightly lower than for the organisations with over 500 branches (19.1 per cent.) and significantly lower than for those with 200-499 branches (23 per cent.). In terms of rate of stock-turn, the performance of the organisations with 20-49 branches was matched by those with 200-499 branches, although the stock-turn rate for the very largest multiples was considerably lower than both. However, the gross margin and stock-turn rate of the multiples with 50-99 branches were also higher than for the 20-49 branch group.

The largest multiples '

4.7: The criterion of size so far adopted has been the number of branches,which enables the multiples to be precisely distinguished from other private grocery businesses. The alternative and possibly more meaningful size criterion is the organisation's total sales within the grocery and provisions trade, although it is not possible to be precise about which organisations with any given level of turnover are multiples as distinct from independents. It appears reasonable to assume, however, that all the organisations with total sales of £2 million and over are multiples (i.e . they have 10 or more branches), and in fact there were 74 grocery businesses with at least that level of turnover in 1971. The other 61 organisations with 10 or more branches can then be held to account for the residue of the multiple grocery trade.

4.8: There were, as Table 4.7 shows, 5 multiple grocery organisations in1971 with sales in excess of £50 millions, with a 57 per cent, share of the multiples' trade, equivalent to 29 per cent, of the whole private sector's turnover. Similarly, over four-fifths of the multiples' trade (or about two-fifths of the whole private sector) was accounted for by the 19 largest multiples, each with sales of over £20 millions. Their share of the total persons engaged was in line with their share of total sales; the proportion of the total establishments somewhat lower.

- 51 -

4.9: From Table 4.8 it w ill be seen that the 5 largest multiples hadaverage sales more than 15 times the overall average, mainly due to the larger number of branches controlled by them but also partly attributable to the above-average size of their branches. In the next size-category, the average sales of the 14 organisations were 2-2 \ times greater than the overall average, wholly attributable to the greater number of branches under their control. Indeed, it can be established that virtually the whole of the variation in the average sales of the multiple organisations is attributable to differences in the number of branches that they operate, and that variations in the average size of these branches are relatively unimportant.

4.10: The average amount of net capital expenditure per branch in 1971was highest for those multiples with sales in excess of £50 million, and also well above average for the multiples with sales of £10-20 millions. In fact, the largest multiples by size of turnover accounted for 62 per cent, of the multiples' net capital spending in 1971, a larger proportion than their share of total sales. From Table 4.9, it w ill also be seen that these largest multiples also achieved the highest gross margin on sales of 20.5 per cent., and since their rate of stock-turn was below average, this may be attributable to a diversification of their stock-range into non-food items (with higher margins but lower rates of stock-turn) as well as to the utilisation of their buying power. Otherwise the highest gross margins were achieved by the multiples with £2-5 million sales, although their rate of stock-turn was also comparatively low.

4.11: As far as retailers are concerned, however, what matters more thanthe gross margin rate or the stock-turn rate in isolation is the combination of the two as a determinant of gross profitability. By that indicator, the most successful performances are the multiples with sales of £10-20 millions in 1971 with a gross profit-index of 115.5, as com­pared with 96.6 for those with sales of £50 million and over.* However, on this test it would appear that as far as gross profitability is concerned, a broad distinction can be drawn between multiples with sales of £10 million and over, whose weighted gross profit-index is about 102, and the smaller multiples whose weighted gross profit index is under 85.

* The gross profit index is calculated by relating the gross margin-rate x rate of stock- turn for the individual size-categories to the gross marg in-rate x rate of stock-turn for the whole of the multiples group.

- 5 2 -

Multiple grocers: Number of organisations and establishments, and annual sales, by size of organisation, 1961 and 1971

TABLE 4.1

Organisationswith:

No. of organisations 1961 1971

No. of establishments 1961 1971

Annual Sales £Mns. Percent

1961 1971 1961 1971

10 - 19 branches 113 63 1.53 0.8 52.7 89.6 8.3 4.8

20 - 49 68 39 2.07 1.21 85.5 251.1 13.5 13.65 0 - 9 9 22 14 1.54 1.01 50.6 122.3 8.0 6.6100and over 35 19 9.88 7.65 445.7 1389.5 70.2 75.0

238 135 15.02 10.76 634.5 1852.5 100.0 100.0

toCooto

’cOD)s_ot+_oo

Z

120

100 -

80

60 -

40

100-

75-

to

OGO- 50 §Cc

<

25 -

10- 20 - 50 - 100 19 49 99 +

10- 20 - 50 - 100 19 49 99 +

10- 20 - 50 - 100 19 49 99 +

10- 20 - 50 - 100 19 49 99 +

1961 1971 1961 1971

- 53 -

TABLE 4.2

Larger multiple grocers: Number of organisations and establishments, annual sales and persons engaged, 1971_____________________________

No. of organisations

No. of establishments

Annualsales£Mns.

PersonsengagedThousands

Basefor percentages: 7653 1389.5 168.8

Organisations with: % % %

100 - 199 branches 8 13.6 11.2 10.2

200 - 499 7 29.1 32.0 32.5

500 and over 4 57.3 56.8 57.3

19 100.0 100.0 100.0

- 54 -

Percentage-changes in sales and persons engaged per establishment, and sales for persons engaged: 1961 - 71___________________________

TABLE 4.3

Organisationswith:

Sales per establishment (at constant prices )

Personsengaged

perestablishment

Sales per person engaged

(at constant prices)

% % %10 - 19 branches 83 69 8.320 - 49 204 174 10.95 0 -9 9 129 121 3.6100 and over 150 162 - 4 .6

A ll 154 155 - 0 .4

TABLE 4 .4

Sales and persons engaged per establishment, and sales per person engaged, 1971

Organisationswith:

Sales per establishment

£000

Personsengaged

perestablishment

Sales per person

engaged £000

10 - 19 branches 101.2 11.1 9.120 - 49 202.4 21.7 9.55 0 -9 9 121.0 16.5 7 .4100 - 199 149.3 16.6 9 .0200 - 499 199.5 24.6 8.1500 and over 180.2 22.0 8.2

A ll 172.2 20.6 8.4

- 55 -

Grocers and provision shops: Number engaged per shop and average sales per person, by sales per shop/ 1971_______________________

TABLE 4.5

Sales per shop Persons engaged Sales per personper establishment. engaged

£000

£50 -100 ,000 7.9 8.6£100 - 200,000 14.6 9 .4£200- 500,000 31.3 9 .8£500 - £l mn. 62.0 10.9£l mn. - £2 mn. 123.2 11.7£2 mn. and over 195.1 12.4

16.8 9 .8

TABLE 4.6

Net capital expenditure, gross margin and rate of stock-turn, by size of organisation, 1971

Organisationswith:

Net capital expenditure per establishment

Gross margin

on sales

Rate of stock-turn

Grossprofitindex

£000 % Times p .a .

1 0 -1 9 branches 2.0 15.5 13.4 83.720 - 49 4.7 18.8 14.7 111.35 0 -9 9 2.6 21.1 15.6 132.6100 - 199 2.5 15.7 13.0 82.2200 - 499 4 .8 23.0 14.7 136.2500 and over 4 .6 19.1 10.7 82.3

A ll 4 .0 19.7 12.6 100.0

- 56 -

M ultip le grocers: number of organisations, establishments, persons engaged and total sales, by sales of organisation, 1971______________________ ______________

TABLE 4.7

Organisations with sales of:

No. of organisations

N o. of establishments

Thousands %

No. of persons engaged

Thousands %

TotalSales

£Mns. %

£50 mn. and over 5 4.61 43 126.5 57 1051.8 57£20 - 50 m illion 14 2.61 24 51.7 23 432.9 24£10 - 20 10 0.69 7 15.4 7 138.3 7£5 - 10 13 0.79 7 10.8 5 92.9 5£2 - 5 32 0.86 8 10.6 5 98.3 5Under £2m 61 1.20 11 6.6 3 38.3 2

135 10.76 100 221.6 100 1852.5 100

TABLE 4 .8

M ultip le grocers: average sales, number of establishments, persons per establishment and sales per person, by sales of organisation, 1971____________________ ____________

Organisations Sales per Establishments Average Saleswith sales of: organisation per persons per per person

organisation establishment engaged£Mns. Ratio No. Ratio No. Ratio £000 Ratio

£50 mn. and over 210.4 15.3 922 11.53 27.44 1.34 8.31 0.99£20 - 50 m illion 30.9 2.3 187 2.34 19.81 0.96 8.37 1.00£10 - 20 13.8 1.0 69 0.86 22.32 1.08 8.98 1.07£5 - 10 7.1 0.5 61 0.76 13.67 0.66 8.60 1.03£ 2 - 5 3.1 0.2 27 0.34 12.33 0.60 9.27 1.11Under £2m 0.6 * 20 0.25 5.50 0.27 5.80 0.69

13.7 1.00 80 1.00 20.59 1.00 8.36 1.00

* Less than 0.1 per cent.

- 57 -

TABLE 4.9

M ultip le grocers: net capital expenditure, gross margin and rate of stock-turn, by size of organisation, 1971 _________ _________ ____________________________

Net capital expenditure

perestablishment

£000

Gross margin on

sales

%

Rateof

stock-turn

Times p .a .

GrossProfitindex

£50 mn. and over 5.83 20.5 11.7 96.6£20 - 50 m illion 3.56 18.5 14.8 110.3£10 - 20 4.58 18.5 15.5 115.5£5 - 10 2.76 16.8 12.1 81.9£ 2 - 5 1.38 18.8 11.4 86.3Under £2m . 0.52 17.0 12.7 87.0

A ll 4.03 19.7 12.6 100.0

'ta

- 59 -

5: THE LEAD IN G GROCERY MULTIPLE CONCERNS

5 .1 : A ccord ing to the 1971 Census o f D is tribu tion there were 4 priva tem u ltip le grocery organisations w ith more than 500 branches each (w ith over 42^ per cen t, o f the m u ltip les ' sales), or i f annual turnover is taken as the s iz e -c r ite r io n , the 5 largest organisations, each w ith sales o f over £50 m illions, were responsible for 57 per cen t, o f the m u ltip les ' sales. Another 14 organisations had sales o f £20-50 m illions in 1971, so that about 14 per cen t, o f the grocery m u ltip le concerns accounted for 83 per cen t, o f the m u ltip les1 trade in that year.

5 .2 : In Table 5.1 an attem pt has been made, w ith in the lim its o f thea va ila b le data, to classify the m u ltip le grocery organisations accord ing to the ir 1971 sales and the number o f th e ir branches. The lis t o f organisations is not com plete, and in some instances (ind ica ted by brackets around the name o f the organisation) the ir turnover has been deduced rather than extrac ted .

5 .3 : It w i l l be seen that there are 5 concerns shown as having mere than500 branches in 1971 as compared w ith 4 in the Census. O n the one hand, the number of branches reported as being operated by A ll ie d Suppliers, In ternationa l Stores, Tesco and Moores Stores comes close to the Census to ta l for the 4 largest; on the other hand, Fine Fare cla im ed a t least 1 ,000 branches w h ich would have put i t in second place between A llie d Suppliers and In ternationa l Stores. There appears no doubt, however, that the 5 largest organisations by sales in 1971 were Tesco (£300 m illions), A ll ie d Suppliers (£273 m illions ), J . Sainsbury (£262 m illions ), In ternationa l Stores (£126 m illions), leaving about £90 m illio n for Fine Fare in f i f th p lace . Four out o f six leading m ultip les in 1971 were long-established grocery businesses: namely A ll ie d Suppliers, In ternationa l Stores, Moores Stores and J . Sainsbury; the other two had grown to tha t eminence in the post-war years.

A ll ie d Suppliers Ltd.

5 .4 : A ll ie d Suppliers L td . started life as a p riva te subsidiary company o fHome and C o lon ia l Stores L td . w h ich was established in 1888, and by 1920, it was one o f the six largest grocery concerns each w ith more than 400 branches: the others were the

- 60 -

In ternational Tea Company, Thomas Lipton, M aypole D a iry , the Star Tea/Ridgways/James Pegram group and the Meadow Dairy/Pearkes Dairies g roup .*

5 .5 : In 1924, Home and C o lon ia l acquired a substantial but m inorityinterest in M aypole D a iry Co. L td ., w h ile Meadow D a iry Co. Ltd. concluded a manage­ment agreement w ith Liptons in 1927. Two years la te r, Home and C o lon ia l acquired a co n tro llin g interest in Meadow D a iry , and the three associated companies sold the ir te a - packing and b lending businesses to the new ly-created A llie d Suppliers L td . and Home and C o lon ia l took a d ire c t interest in L ip ton, so that by 1932 it could c la im to be an organis­a tio n co n tro llin g 3 ,685 shops in the United K ingdom , During the depression o f the 1930s, Home and C o lon ia l fared bad ly , and a t its 1936 annual m eeting, the chairman complained that “ the organisation o f the group had not kept pace w ith its s ize . The body had grown rather too b ig for the b ra in ." R ationalisa tion and modernisation effected the desired improvement, and by 1939, the Home and C o lon ia l group is estimated to have con tro lled 28 per ce n t, o f the m u ltip le grocery branches. +

5 .6 : During the war the number o f branches operated was reduced by "ap o licy o f jud ic ious concen tra tion " and by enemy ac tion as w e ll, but w ith l i t t le e ffec t on its share o f the to ta l m u ltip le grocery branches. During the post-war years Home and C o lon ia l strengthened its position in Scotland by acqu iring G a lb ra ith 's Stores L td ., Andrew Cochrane L td ., A . Massey & Sons and R. and J . Templeton L td ., and in 1960, it was renamed A llie d Suppliers L td . Between 1953 and 1958, its net assets increased from £24 .4 m illions to £28 .8 m illions , ris ing further to £32.2 m illions in 1960, or by one -th ird during the whole period.

5 .7 : During the 1960s, the Company embarked on a ra tiona lisa tio n o f itsre ta il ou tle ts , w ith the closure o f the smaller uneconomic outlets being accompanied by con ­versions o f others to se lf-se rv ice ,and the opening of supermarkets. Thus, it would appear that between 1962 and 1965, the to ta l number of grocery branches under its contro l ( inc lud ing those in Eire and Northern Ireland) was reduced from 3 ,500 to 2 ,8 0 0 , the proportion using se lf-serv ice increasing from only o n e -f if th to nearer o n e -h a lf during the same period, w ith the number o f supermarkets rising from 30 to over 210. By 1968, its net assets stood a t over £50 m illions , its gross income a t around £10 m illions was about double its leve l ten years e a rlie r, and its sales were in excess o f £250 m illio n s .

In ternational Stores Ltd.

5 .8 : The In ternational Tea Company and the Star Tea Company (w ith itsRidgway and Pegram interests) merged in 1928 to g ive the concern close on 1,000 branches, in second place to the Home and C o lon ia l group. Six or seven years la te r, International acquired contro l o f John Q u a lity L td ., the grocery chain subsidiary o f Selfridge & C o. L td ., and George J . Mason Ltd. w ith nearly 400 shops in the M id lands, Lancashire and W ales. Earlier in 1930, there were negotiations to merge the Home and C o lon ia l group w ith In ternationa l Tea, but these proved a b o rtive . Nevertheless, by 1939, J .B . Jefferys estimates tha t In ternational Tea con tro lled about 10 per cen t, o f a ll the m u ltip le grocery outle ts .

* J .B . Jefferys: Retail Trading in B rita in , 1850-1950 (Cambridge U nivers ity Press, 1954), pp. 139-140.

jd Richard Evely: C oncentration in UK M u ltip le Shop Traaing (C a rte l, V o l .2 N o . 2,O ctober 1951).

+ J .B . Jefferys, o p .c it , Table 28, p . 142.

- 61 -

5 .9 : In the immediate post-war years, In ternational acquired two o ld -established grocery businesses: Harvey & S k illrng fo rd Ltd. and Payantake L td ., and by 1953 its net assets a t £12.1 m illions were o n e -tk ird higher than in 1948. By I960 , tkey kad risen to £15 .2 m illions (less tkan o n e -k a lf tkose o f A ll ie d Suppliers), kaving grown by about one-seventh since 1953. The number o f its branches remained more or less s ta tic between 1962 and 1965, but its net assets in 1965 had increased to £21 .2 m illio n s . By 1968, its sales had reached nearly £107 m illio n s , its net assets more than £23 m illions and its gross income stood a t around £4^ m illio n s , s lig h tly less than double its level ten years e a r lie r .

Moores Stores Ltd.

5 .1 0 : The grocery and provisions business o f Moores Stores Ltd. wasestablished on Tyneside in 1907, and when it became a pub lic company in 1935 it had 114 branches although its operations were s t il l confined to the N .E , Coast. Acqu is itions brought an increase in the number o f outle ts but equa lly im portant a geographical spread o f its interests during and a fte r the w ar, and by the early 1950s i t owned or con tro lled a t least 600 shops, many o f them re ta in ing th e ir trading names o f Farrands, Binyons, John Kay,T . Seymour Mead e tc .

5 .1 1 : In 1958, the net assets o f Moores Stores Ltd. stood a t under £2^m illio n s , but soon a fte r began the series o f acqu is itions w hich were to boost its net assets to over £10 m illions by 1964. Indeed, in the three years 1961-63 more than £3 m illions was spent on acqu is itions. Among the re ta il grocery companies acquired during this period were Hay & C o ., Hanlons L td . , J .D . Marsden L td ., John Rowntree & Sons L td ., George Briscoe L td . , T h rift Stores L td . , H. Garon L td ., John Favours, G eorge Barr and A .E . Smith (Manchester) Ltd. A t about this tim e , the to ta l number o f grocery outle ts reached a peak o f more than 1,000; by 1968, they had started to fa ll as the result o f ra tiona lisa tion and conversions to se lf-se rv ice . In 1968, Moores Stores* net assets were s lig h tly under £1C m illio n s , and its sales a t just over £50 m illions were less than o n e -h a lf those o f International Stores and about o n e -f if th those o f A ll ie d Suppliers.

5 .1 2 : It is convenient a t this po in t to mention the interest in MooresStores Ltd. held by W righ t's Biscuits Ltd. w hich in 1968 amounted to 42 per cen t, o f its issued share c a p ita l. The to ta l net assets o f W righ t's Biscuits were about the same as Moores Stores in 1958 (at around £2^ m illio n s ), and it pursued a s im ila r programme o f acqu is itions to bring its net assets to £7^ m illions by 1965, tak ing over James Duckworth L td ., W . Pink L td ., G a llons L td ., Thomas & Evans (the grocery d iv is ion o f the Beechams G roup), S. D river & Co. L td . , and W . Morton & Sons Ltd. Its net assets remained a t around this leve l between 1965 and 1968 when it was operating 680 grocery outle ts (as compared w ith a peak o f over 720), w ith to ta l sales o f about £25 m illio n s . Thus, w ith over tw o -th irds o f the number o f outle ts operated by Moores Stores, W righ t's sales were on ly about o n e -h a lf the others.

J . Sainsbury Ltd.

5 .1 3 : The firs t Sainsbury shop opened in 1869, and by 1914 the businesshad nearly 120 branches, mostly in the London area. In 1922, i t was incorporated as a p riva te company, and i t d id not "go p u b lic " u n til more than f i f t y years la te r in 1973.U nlike the m u ltip le concerns so fa r considered, mergers and acquis itions played l i t t le or no part in the development o f what fundam enta lly remained a fa m ily business despite a grow th in the number o f branches to more than 250 in the early 1960s.

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5 .14 : In 1965, the to ta l sales o f J . Sainsbury Ltd. amounted to over £115m illions from a to ta l o f 253 ou tle ts , o f w h ich nearly o n e -h a lf were s t i l l coun ter-serv ice shops. By 1968, to ta l sales had increased by 43 per cen t, to more than £165 m illio n s , o f w hich over th re e -fifth s was contributed by 82 supermarkets, w ith 570,000 sq. f t . o f sales area. A lthough the to ta l number o f Sainsbury shops had fa lle n s lig h tly by 1968, th e ir geographical spread had extended in to the East and West M id lands, East A ng lia and the South West.

Tesco Ltd.

5 .15 : A lthough the firs t Tesco shop was not opened u n til 1931 and theto ta l sales o f Tesco Ltd. were l i t t le more than £ l i m illions in 1948, they had reached over £24^ m illions by 1961. Its net assets grew from under £600,000 in 1954 to over £4 .2 m illions in 1961, when it operated 340 shops. Acqu is itions had played some part in that growth: Tesco acquired Burnard Stores in 1956 and A .J . W illiam son in 1959, fo llow ed two years la te r by John Irw in and Harrow Stores. But a no ticeab le feature o f its growth was the importance attached to se lf-se rv ice and supermarkets. Thus, between 1961 and 1966, as its sales more than quadrupled, the number o f its supermarkets rose from 30 to 120. The major acqu is ition during this period was Charles P h illips & C o. L td . in 1964, w h ich brought about 100 modern se lf-se rv ice shops and supermarkets under Tesco's co n tro l.

5 .1 6 : By 1967, Tesco's turnover had reached £136.3 m illio n s , over 5 itimes its 1961 leve l and its net assets amounted to £21 .3 m illio n s . In the fo llo w in g year, Tesco acquired the V ic to r Value interests w ith a 1967 turnover p f about £40 m illio n s , and a chain o f 280 shops inc lud ing the Swettenhams and Anthony Jackson/Foodfare ou tle ts . In this w ay, Tesco's net assets were increased to nearly £32 m illions in 1968, and its to ta l sales boosted to close on £191 m illions through 750-800 shops, p lac ing i t second on ly to A llie d Suppliers in terms o f sales, and th ird (a fte r Sainsburys) in terms o f net assets.

Fine Fare Ltd.

5 .17 : O rig in a tin g in the late 1940s when a number o f small food storescon tro lled by the W elwyn Department Store were formed in to a separate company, Fine Fare Ltd . was registered in 1953. A t that tim e , it had on ly 350 employees, but i t embarked on a series o f acquisitions o f long-established grocery companies in d iffe ren t parts o f the coun try . These included Cooper & C o .'s Stores Ltd. (w ith over 180 outle ts in Scotland in 1961), L &N Stores Ltd. (w ith nearly 50 shops on the N .E . Coast), Joseph Burton's (East M id lands), Scott's (Merseyside) and Forest Stores. By 1964, its turnover was around £40 m illio n s , more than doubling in the next four years a fte r its acqu is ition o f Elmo Stores (34 stores) in 1967.By 1968, Fine Fare was occupying f i f th p lace among the leading grocery m ultip les in terms o f sales, but in terms o f net assets i t was probably in fourth p lace , in fron t o f International Stores and a fte r Tesco.

Changes among the "Top 6 " , 1968-74

5 .1 8 : Between 1968 and 1971, the increase in combined turnover for the 6largest m u ltip le concerns was nearly o n e -h a lf, but as can be seen from Table 5 .2 , the increase for Fine Fare was very much higher than this average w h ile J . Sainsbury and Tesco also had a better than average perform ance. A cqu is itions played no part in the growth o f the la tte r two firms during this pe riod , as d is tin c t from Fine Fare whose sales (and net assets) were boosted by its acqu is ition o f the interest o f Me lias L td ., and Wm. Cussons/J.C . Carl ine from G rea t Universal Stores. The other noteworthy changes were the absorption o f both Moores Stores and W righ t's Biscuits by Cavenham in the course o f 1971, and International Stores

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acqu is ition o f 31 branches o f G ra n v ille Supermarkets Ltd. and 35 K ibby supermarkets from Unigate Ltd . during the same year. The result o f these changes was to p lace Tesco a t the top o f the sales league in 1971 d isp lac ing A llie d Suppliers from that pos ition , w ith Fine Fare exchanging the f i f th for the fourth p lace w ith International Stores.

5 .1 9 : During the next three years, the average increase in sales for the6 listed firms was 53 per cen t. Fo llow ing its acqu is ition o f M oores/W rights in 1971,Cavenham acquired A llie d Suppliers a t the beginn ing o f 1972, and by 1974, its sales placed it in th ird position a fte r Tesco and Sainsburys, the la tte r two firms increasing th e ir turnover more or less in lin e . The other notew orthy change among the listed firms concerns International Stores, which was acquired by the B ritish-Am erican Tobacco Company in 1972, and in the fo llo w in g year its e lf acquired P ricerite L td . (w h ich had a turnover o f nearly £35 m illio n in 1971); this takeover explains the com parative ly large increase in International Stores' sales between 1971 and 1974.

5 .2 0 : Some ind ica tion o f the fundamental changes in the s ize -d is tribu tiono f outle ts which underlay the 1971-75 growth o f the two largest concerns can be seen from Table 5 .3 . The to ta l number o f stores operated by Tesco was reduced from 791 to 744 during this period , but those w ith 5 ,0 0 0 sq. f t . or more o f sales space rose from 272 to 326. The to ta l se lling space in these larger stores increased by nearly th re e -fifth s as compared w ith a o n e -f if th rise in numbers: the average size from 9 ,5 5 0 sq. f t . in 1971 to nearly 12,640 sq. f t . in 1975. The supermarkets o f J . Sainsbury rose by nearly o n e -h a lf (from 112 to 163), but th e ir floorspace doubled during the same period: th e ir average size went up from 8,210 sq. f t . to 11,290 sq. f t . It is also strik ing that whereas Tesco possessed no stores w ith over30 ,000 sq. f t . in 1971, by 1975 over o n e -f if th o f the ir larger stores' floorspace was con­tribu ted by 22 stores o f tha t s ize . Thus, the increasing size o f the stores being opened in order to a tta in economies o f scale a t that leve l have been an im portant fac to r in the overa ll grow th o f the leading m u ltip les .

THE M EDIUM -SIZED MULTIPLES

5 .2 1 : A pa rt from Moores Stores, the largest m ultip les so fa r considered a llhad sales o f over £50 m illions in 1971, but as can be seen from Table 4 .7 , there were another th irteen m ultip les w ith sales o f £20-50 m illions in 1971 according to the Census data. The probable id e n tity o f these th irteen m edium-sized m ultip les is shown in Table 5 .4 , and w ith in this group very considerable changes occurred between 1968 and 1974 which it is proposed now to rev iew .

Key Markets Ltd.

5 .2 2 : It is convenient to begin w ith Key M arkets L td . , the re ta il groceryand provisions d iv is ion o f F itch Lovell L td ., which was formed in 1963 by the amalgamation o f four companies: Green & Dyson Ltd . (147 shops), W orld 's Stores (212 shops), W alkers, and Hales and Partners. By 1968, the turnover o f the group was about £35 m illions ; three years la te r i t had increased to nearly £48 m illio n s . But in 1974 the sales o f Key Markets L td . had risen to over £120* m illio n s , and its net assets to over £17* m illions as compared w ith £7f m illions in 1971. In th is g row th , acqu is ition p layed a major pa rt, the businesses being acquired having themselves been the subject o f a series o f take-overs.

5 .2 3 : The ve h ic le fo r these take-overs was the o ld-estab lished business o fWrenson's Stores Ltd. w ith a chain o f small grocery shops and a turnover o f around £5 m illions in 1971. In A p r il 1972, the Wrensons business was acquired by two brothers who had some

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ten years or more previously b u ilt up the Adsega chain o f grocery outle ts in the N orth West w h ich they had sold to Tesco in 1964. The Green brothers themselves parted company w ith Tescos soon afterwards but as soon as th e ir contracted period o f exclusion from a c tiv it ie s w ith in the grocery trade exp ired , they came back to acqu ire Wrensons and shortly afterwards the T. Redman chain o f 70 grocery shops. But this was on ly the beg inn ing.

5 .2 4 : In Ju ly 1972, Wrensons made a successful bid fo r David G re ig L td .,its e lf a medium-sized m u ltip le w ith a 1971 turnover o f £24 m illions w ith some 134 ou tle ts .This organisation gave Wrensons a t the tim e it "went p u b lic " in O ctober 1972 a to ta l o f 266 grocery shops, o f w hich 62 were se lf-se rv ice shops w ith more than 2,000 s q .ft . sales area.Less than a year la te r, the group adopted the name o f David G re ig L td . , c la im ing a turnover o f over £50 m illio n s .

5 .2 5 : A t the beginning o f 1974, David G re ig Ltd. was the subject o f anagreed bid o f £12 i m illions by Combined English Stores L td ., but a fte r a period o f con­troversy about the v a lid ity o f the projected trading p ro fit figures, the shareholders o f Combined English Stores Ltd . re jected the proposed takeover. N ex t to appear as a po ten tia l buyer was F itch Lovell Ltd. and its bid o f £6 m illions was accepted in A p r il 1974.By absorbing David G re ig L td .'s interests, Key Markets L td. raised th e ir sales po ten tia l from £70 m illions to over £110 m illio n s , doubled the ir number o f ou tle ts , and increased the ir sales space from under 700,000 sq. f t . to over 1 ,200 ,000 sq. f t . Thus, in 1974 Key M arkets' to ta l turnover exceeded £120 m illio n s , nearly 3 i times its 1968 le v e l.

Budgens Ltd.

5 .2 6 : Another medium-sized m u ltip le in 1971 w hich has also seen sub­stantia l growth in recent years, la rge ly a ttr ib u ta b le to acqu is itions, is Budgen, part o f Booker M cC onnell L td .'s re ta ilin g a c tiv it ie s . Booker M cC onnell began to d ive rs ify in to food d is tribu tion in 1957 when it acquired A lfre d Button L td . , w h ich included 100 counter-serv ice grocery shops operated under the name o f Budgen. However, it was not u n til 1970 tha t the momentum towards expansion commenced, firs t by its acqu is ition o f the David Harris business (operating as C & Q and Kingsway), and in the fo llo w in g year, W illiam s Bros, w ith 78 grocery and 42 butchers' shops from the Sheppey Trust. By these acqu is itions, Budgen doubled its turnover to £26 m illions in 1971, and w ith its purchase o f part o f Unigate's re ta il interests as w e ll as Adkins o f Cambridge, it boosted its turnover to over £30 m illio n s . In 1973, i t added Bateman & Sons w ith 31 supermarkets and 17 se lf-se rv ice shops to bring its to ta l grocery outle ts to 278 a t the end o f that year, producing a 1974 turnover o f £45 m illio n s , nearly three-quarters more than in 1971 and possibly 3^ times more than in 1968.

5 .2 7 : A part from its grocery interests, Booker M cC onnell have an exten­sive chain o f health food shops, operating m a in ly as Holland & Barrett, as w e ll as Rea I foods, Health and Heather and Prana, w ith over 120 ou tle ts . These are not treated as part o f its grocery d is tribu tion a c t iv it ie s , but since health food shops are included under the heading o f "grocery and provision dealers" in the Census, i t is re levan t to note that Holland & Barrett's sales in 1974 were £ 4 i m illions as compared w ith under £2 m illions in 1971.

The Others

5 .28 : The increase in sales o f other medium-sized m ultip les (w ith theexception o f ASD A, about w hich more later) are shown in Table 5 .3 fo r both the 1968-71 and the 1971-74 periods. The fastest-grow ing among those listed in both periods was Safeway Food Stores L td ., a subsidiary o f Canada Safeway L td ., w hich bought its firs t UK store in the

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early 1960s and by 1974 was operating 77 supermarkets throughout England and Scotland.There was also an impressive growth in sales achieved by F .J . W a llis L td . , the smallest o f the medium-sized m ultip les in 1971. Largely based in Essex and G reater London, F .J . W a llis L td . had to ta l sales o f under £6 m illions in 1965 w hich were increased to £ 11 i m illions in 1968, and then increasing nearly threefo ld in the next six years. The fourth concern for w hich sales data are shown for both periods in Table 5 .4 is Bishop's Stores L td . , w hich besides operating re ta il grocery outle ts has de live red wholesale business (H arvey, Bradfie ld & Toyer L td .) and a cash-and-carry wholesaler (HBT Trademarkets L td .) .

5 .29 : The second largest o f the medium-sized m ultip les in 1971 wasW aitrose L td . , a subsidiary o f the John Lewis Partnership, but despite doubting its sales in the next three years, it was displaced by Safeway and ranked th ird in 1974. W h ile the John Lewis Partnership developed its food re ta ilin g interests through W aitrose, another depart­ment concern - the Debenham G roup - entered the food trade through the acqu is ition o f Cater Bros. (Provisions) Ltd. in 1972. Prior to tha t da te , Cater Bros, had expanded its sales by three-quarters between 1968 and 1971.

5 .3 0 : Taking the 7 listed medium-sized m ultip les for w h ich sales data areshown for the 1968-71 period in Table 5 .4 , the weighted average increase in th e ir turnover works out a t 47 per cen t. A g a in , for the 7 m u ltip les where sales data are shown for the 1971-74 period , the increase comes to 107 per cen t. Furthermore, for the 4 concerns where sales data are shown throughout the 1968-74 period , the weighted increase during the six years amounts to 220 per cen t. W h ile the 1968-71 increase is on ly s lig h tly higher than achieved by the largest m ultip les during the same period , the position was vastly d iffe re n t in the 1971-74 period . Whereas the largest m ultip les registered a weighted sales increase no more than tw o-th irds between 1971 and 1974, the medium-sized m ultip les more than doubled th e ir turnover.

THE SMALLER MULTIPLES

5 .3 1 : Even the re la tiv e ly large increase in sales achieved by the medium­sized m u ltip les was exceeded, however, by the smaller m ultip les listed in Table 5 .5 . For the 1968-71 period , the weighted increase in sales o f the 9 concerns was 76 per cen t, (as compared w ith 47 per cen t, fo r the m edium -sized), and in the 1971-74 pe riod , the 8 survivors fo r the w hole o f the 1971-74 period together w ith K in lochs, had a weighted increase o f 11.1 per cen t, (s lig h tly h igher than for the m edium -sized). Indeed, fo r a constant sample o f 8 concerns, the 1968-74 weighted increase in sales works out a t 272 per cen t, as com­pared w ith 220 per cen t, fo r the constant sample o f the medium-sized m u ltip les.

5 .3 2 : Taking the period as a w ho le , the fastest grow ing concerns wereWm. Morrison Supermarkets Ltd. and H illa rds Ltd. Both had turnovers in excess o f £6 m illions in 1968 and are la rge ly based in Yorkshire . H illa rds have, however, the larger number o f stores, and fo llo w in g the appointm ent o f a Receiver fo r Brierleys Supermarkets, i t acquired 5 o f its supermarkets in June 1974, thereby extending its operations in to the M idlands and bring ing its to ta l sales area in 1975 to over 390,000 sq. f t . as compared w ith W m. M orrison's272,000 sq. f t .

5 .3 3 : Another two supermarket concerns listed in Table 5 .5 had 1974 sales approaching £30 m illio n s , representing increases o f around 2i times th e ir 1968 turnover. The Lennons Group Ltd. started as wholesalers in 1900 but developed re ta il ou tle ts in the N o rth - West between the wars, and in 1975 were operating 34 supermarkets as w e ll as a chain o f 49 retail o ff- lic e n c e s . Amos H inton & Sons L td . is an even o lder established business trad ing in

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N orth East England w ith over 40 stores and nearly 200,000 sq. f t . o f sales area in 1974.

5 .3 4 : The largest o f the smaller m ultip les listed in Table 5 .5 throughoutthe 1968-74 period is G ateway Securities L td ., operating m ain ly in the South and West o f England. Between 1962 and 1966 it increased the number o f its outlets from 19 to 42 , and in 1971 to 95 w ith a to ta l sales area o f 300,000 sq. f t . During 1974 it acquired a sub­stantia l interest in Bishop's Stores Ltd.

5 .3 5 : Both Wm. Low & C o. L td . and Laws' Stores Ltd. had 1968 sales inthe region o f £6 m illio n s , the former being the on ly Scottish m u ltip le grocery concern o f any consequence outside the major groups; the la tte r operating m ain ly in the N orth East, w ith some small representation (through acqu is ition ) in Scotland. There has, however, been a marked d iffe rence in the ir rates o f growth between 1968 and 1974: whereas Wm. Low quadrupled th e ir sales during this period (g iv ing it the th ird fastest g ro w th -ra te ), Lows increased th e ir turnover by under 1* times, the smallest rise w ith the exception o f the London- based C ullen 's Stores Ltd. w hich operates m ain ly through smaller and more tra d itio n a l grocery shops.

5 .36 : It must be stressed that the 1974 rankings by sales as shown in Table5.5 refer on ly to the concerns lis ted , and ce rta in ly there were other concerns in that year w ith higher sales than some o f those named. One such was Oakeshotts L td . , the re ta il grocery subsidiary o f Barker & Dobson Ltd. (form erly S & K Holdings L td .) , w h ich had sales o f £14 .2 m illions in 1974. This company had brought together some 180 shops previously trading under 31 d iffe re n t names, inc lud ing United Counties, Baylis, Stevenson & Rush.A nother was Downsway Supermarkets L td . , an associate o f Union International G roup L td ., w h ich acquired P latt's Stores Ltd. and C .H . Kaye (St. Albans) Ltd. in 1974, to g ive i t a turnover o f £10.9 m illions in that year, an increase o f o n e -h a lf compared w ith 1971.

5 .3 7 : In a d d itio n , however, there are some firms id e n tifie d by name inTable 5 .1 w hich have not been dea lt w ith so fa r, no tab ly ASDA and K w ik-S ave , and others w h ich have emerged and become prom inent since 1971, such as Bejam. To these concerns a tten tion can now be d irec ted .

THE INNO VATO RS

5 .38 : Two o f these m ultip les - ASDA and Kw ik-Save - are examples o fmajor price-d iscounters trading from large premises in "o ff-b e a t" locations; the other - Bejam - is the major operator in the fast-expanding freezer centre m arket.

Asda

5 .3 9 : In the early 1960s, Associated Dairies L td . , one o f the larger da iryconcerns, found that its chain o f meat and bakery shops throughout Yorkshire was being hard pressed by the grow ing numbers and com petition o f the supermarkets. Rather than going in to the supermarket f ie ld its e lf, Associated Dairies went one stage fu rthe r, decid ing to embark upon discount food re ta ilin g through larger stores. A t f irs t, however, the stores w hich were opened remained larger supermarkets rather than "superstores11 in terms o f the accepted d e fin itio n o f a t least25 ,000 sq. f t . o f sales area. But the s itua tion changed when in 1966 Associated Dairies L td . a c ­quired an 80 per cen t, stake in the GEM superstores, set-up a few years e a rlie r by an Am erican company and operating on a concessionary basis w ithou t much success. By the end o f 1966, Asda Stores Ltd. (established in M ay 1965) were operating six supermarkets under the name o f ASDA Queens as w e ll as the three G EM superstores (w ith a combined sales area o f nearly 135,000 s q . f t . ) .

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5 .4 0 : The expansion o f its interests gathered momentum in 1969-1971. Inthe course o f those three years, Asda opened 12 superstores (w ith a to ta l sales area o f over360.000 sq. f t . ) , la rge ly in Lancashire and Yorkshire but w ith others fu rther south a t B loxw ich (West M idlands) and L inco ln . In the next three years, 1972-74, another 8 super­stores (w ith 214,000 sq. f t . sales area) were opened, together w ith another 8 large super­markets (w ith nearly 154,000 sq. f t . sales area). The m a jo rity o f these new stores were again located in Yorkshire and Lancashire, a lthough one had been opened in Scotland (Edinburgh) and another in South Wales (N ew port). Thus, a t the end o f 1974, Asda was operating 19 superstores w ith a combined sales area o f 657,500 sq. f t . , 10 large supermarkets w ith 198,000 sq. f t . sales area, and 19 medium-sized supermarkets w ith another 198,500 sq. f t . This to ta l sales area o f over 1 ,050 ,000 sq. f t . was nearly one-quarter o f tha t operated by Tesco, but w e ll over o n e -h a lf that o f Sainsbury's at the same date .

5 .4 1 : Unfortunate ly separate turnover and other fin a n c ia l data are nota va ila b le fo r Asda stores, but there is no doubt that they have contributed predom inantly to the growth in Associated Dairies L td .'s turnover since the m id-1960s. In 1966, tha t turnover amounted to under £20 m illio n s , but by 1968 it had risen to over £34 m illio n s , and in the next three years rose rap id ly to £95 m illions in 1971. In the 1971-74 period turnover more than doubled to £221 m illio n s , and in 1975 when it reached £312 m illio n s , i t was reported tha t on ly o n e -f if th was a ttr ib u ta b le to its tra d itio n a l da iry trade.

5 .4 2 : It appears probable , however, that the Asda stores' turnover in 1968was around £10 m illions (or under o n e -th ird o f Associated's to ta l sales), but tha t by 1971 it may have reached £50 m illions (or more than o n e -h a lf) . S im ila r ly , by 1974 the Asda sales could have been approaching £150 m illio n s , or about tw o -th irds o f Associated's to ta l, and w i l l have c e rta in ly exceeded £200 m illions in 1975. Indeed, it has been reported that by the end o f 1976, Asda ranked th ird among the p riva te grocery m ultip les in terms o f its sales, as compared (on the basis o f a 1974 turnover o f £150 m illions) w ith being the sixth largest in 1974.

Kw ik Save Discount G roup Ltd.

5 .4 3 : In 1959, Value Foods Ltd . opened a grocery shop a t Rhyl in F lin t­shire, and by 1964 was operating from supermarkets in N orth Wales w ith to ta l sales o f around £800,000. During 1965, i t was decided to adopt a p o lic y o f heavy d iscounting on a lim ited number o f nationa l brands, and the existing supermarkets were converted in to discount stores trading as Kw ik Save (the t i t le adopted by the company its e lf in 1970). By 1968, there were 17 Kw ik Save stores w ith a combined turnover o f £ 6 .2 m illio n s , but three years la te r there were 30 stores (w ith 170,000 sq. f t . sales area) and a trade o f £15 m illio n s .

5 .4 4 : Early in 1973, Kw ik Save's founder, M r. A lb e rt G ubay, le ft thecompany for New Z ea land , prompting concern as to the future growth and p ro f ita b il ity o f the company. In the event, any fears have proved to be unfounded. In 1972, the sales were nearly £22^ m illions and p re -ta x pro fits ¡ust over £1^ m illions; by 1974, sales had nearly doubled to £ 4 0 i m illions (and p re -ta x pro fits increased to £ 2 .7 m illions) on a sales area of397.000 sq. f t . in 55 stores. Between 1974 and 1976, sales more than doubled to nearly £92 m illions from 93 stores, la rge ly concentrated in the N orth West, N orth Wales and the West M id lands, w ith a sales area o f 510 ,000 sq. f t . Thus, on the basis o f its 1974 sales, Kw ik Save would have ranked among the medium-sized m ultip les (as covered by Table 5 .3 ) , as compared w ith being included among the smaller m ultip les in terms o f its 1971 sales.

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Carrefour

5 .45 : In 1972, the firs t o f the Carrefour hypermarkets, so w e ll-know n inFrance and other countries on the C ontinen t, opened a t C a e rp h illy , north o f C a rd iff, in South W ales. This hyperm arket, as w e ll as two others opened in Telford (O ctober 1973) and Eastleigh (Ju ly 1974), are operated by Hypermarket (Holdings) L td . , o f w hich 90 per cen t, o f the share cap ita l is held by Wheatsheaf D istribu tion & Trading L td . , and the other 10 per cen t, by the French company, Carrefour SA.

5 .46 : The three hypermarkets have a combined sales area o f 157,000 sq.f t . , and in the year to end-February 1976 th e ir to ta l sales amounted to £33 .2 m illio n s , as compared w ith £21.9 m illions a year ea rlie r and £11.1 m illions the year before tha t.

5 .4 7 : In add ition to the Carrefours, however, Wheatsheaf D is tribu tion &Trading Ltd . have other re ta il grocery interests, namely the chain o f Challenge supermarkets and the shops in Scotland acquired w ith the business o f Johnston's Stores Ltd. In 1974, the turnover o f Wheatsheaf represented by the Carrefours and other re ta il interests amounted to nearly £31 m illio n s , which would have placed it among the smaller m ultip les as listed in Table 5 .4 .

W oolco

5 .4 8 : Another concern w ith a number o f stores o f hypermarket size isF .W . Wool worth & Co. L td . The firs t o f these stores, known as W oolco department stores, were opened a t Oadby (Leicestershire), a t Thornaby (Teeside), and on the outskirts o f Bournemouth, w ith a combined gross area o f over 300,000 sq. f t . By the end o f 1974, there were 9 W oolco stores (inc lud ing one converted c ity centre unit) w ith a gross area o f nearly 880,000 sq. f t . It is probable that the equ iva lent sales area o f these 9 units was around 575,000 sq. f t . , more than 3¿ times that o f the Carrefours but under th re e -fifth s o f tha t o f the Asda superstores and supermarkets.

5 .4 9 : Sales data are not a va ila b le for the W oolco stores, and a lthough thespace a lloca ted to food in the W oolco stores is substantia l, the re la tive importance o f food to to ta l sales is thought to be much smaller than in the Asdas or Carrefours. Thus, i t is not possible to produce any re lia b le estimate o f e ithe r the to ta l trade or its food component to compare the W oolco w ith the other types o f large food ou tle ts .

Bejam Group

5 .5 0 : This company did not commence trading u n til A p r il 1968 when itsold frozen meat and vegetables along w ith domestic freezers from a warehouse, fo llow ed a few months la te r by the opening o f its firs t re ta il o u tle t a t Edgware in N orth London. By the end o f its firs t year's trading (end-June 1969), it had fiv e outle ts w ith under 12,000 sq. f t . o f sales area, and its sales o f £270,000 were sp lit between food and freezers in the ra tio o f 55:45.

5 .5 1 : Two years la te r in m id-1971 the to ta l number o f outlets had beenincreased to 27, the sales area to 63 ,500 sq. f t . , and the sales to over £ 3 f m illio n s , o f w h ich food accounted for over 75 per cen t. But th is was s t il l on ly the beg inn ing . By m id- 1974, annual sales were over £ 2 4 i m illions (o f w hich nearly 90 per cen t, came from food) done through 78 freezer centres w ith a to ta l sales area o f around 200,000 sq. f t . , doubling in the next two years to £ 5 2 | m illions on a sales area o f over 390,000 sq. f t . in 116 centres.

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5 .5 2 : There a re , o f course, o ther freezer centre operators other than theBejam G roup . Indeed, a t the end o f 1974 there were around 1,000 such centres in the UK, the most important operators a fte r Bejam being Cordon Bleu Foodmarkets L td . (w ith 32 centres a t tha t tim e ), Dewhurst Freezer Food Centres (52), D algety Frozen Foods Ltd . (28) and C ooperative so c ie tie s .* Accord ing to estimates by Ross Foods L td . , sales o f frozen foods (exc lud ing carcase m eat, pou ltry and ice cream) to home freezer centres increased more than threefo ld between 1971 and 1974 (from £15 m illions to £48 m illio n s ), w h ile Birds Eye Foods Ltd . have estimated that in 1973 16 per cen t, o f household consumption o f frozen foods were sold through freezer centres.+

* M onopolies and Mergers Commission: Frozen Foodstuffs, (HC 674, November 1976), para. 64.

+ Idem. para. 32.

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Larger G rocery M u ltip le s , by number o f shops and annual sales, 1971.

TABLE 5.1

\ § a le s

ShopsO ver£50m. £30-50m . £ 2 0 -30m. £ 10- 20m.

Under £ 10m .

500 and over

TescoA llie dSuppliersInternationalStores

Fine-Fare

MooresStores

200-499 J . Sainsbury (Key Markets) (Uni gate) W rightsBiscuits

100-199 PriceriteBishop'sStores

(ExpressDairy)

David G re ig Budgen

W alte r W illson G atew ay

W .H .C u lle n Wrenson's Stores

50-99 Safeway F .J .W a llis W m . Jackson

W illiam sBros.

Oakeshotts K in lochs T . Redman

30-49 W aitrose (AS DA)

Cater Bros. Amos. H inton Lennons H illa rds Wm. Low Kw ik-Save

Downsway Laws Stores

20-29 Dudeney & Johnson

Nevins P latt's Stores Economic Stores

Under 20 Wm. Morrison B rierley 's Supermarkets

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Changes in rank by sales and net assets of 6 largest grocery m ultiples, 1968-71 and 1971-74

TABLE 5 .2

Top 6 In order of Sales:

net assets: Rank in: Sales: % change Rank in:

1968 1968 1968-71 1971

A llie d Suppliers 1 -MO 2J. Sainsbury 3 +59 3Tesco 2 +57 1Fine Fare 5 +136 4International 4 + 5 5Moores/W right 6 - 3 6

"T o p ó " +49

1971 1971 1971-74 1974

A llie d Suppliers 2 * *T esco 1 +72 1J. Sainsbury 3 +70 2International 5 499 5Fine Fare 4 +50 4Cavenham 6 +16 / 3

"Top 6 " +53

* Acquired by Cavenham in 1972

/ Sales increase based on Cavenham + A llie d Suppliers in 1971

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Changes in number and average size of Tesco and J. Sainsbury stores, 1971-75

TABLE 5 .3

No. o f Sales 1971 - 75Stores Floor spa ce Percent change

1971 1975 1971 1975 Stores Floorspace

M n. sq,, f t . % %

TESCO:

A ll 791 744 3.70 5 .10 - 6 + 38Under 5,000 s q .ft. 519 418 1.10 0.98 -19 - 11Over 5,000 s q .ft. 272 326 2.60 4.12 + 20 + 58

Percent of stores over5,000 s q .ft. % % % %

5 - 10,000 66 55 47 311 0 - 15,000 21 21 27 2015 - 20,000 4 8 8 1120 - 30,000 9 10 18 17Over 30, 000 — 7 - 21

J. SAINSBURY:

Supermarkets 112 163 0.92 1.84 + 46 + 100

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TABLE 5 .4

Changes In sales and ra n k -o rd e r (by sales) o f m ed ium -s ized m u lt ip le g rocers / 1968-74

In o rder o f 1971 sales

Percentag1968-71

e increase 1971-74

in sales1968-74

1974 Sales E M illio n s

Ranking by Sales, 1974

K e yM a rke ts 37 152 345 121 1W a it rose . . 117 . . . 85 3Safeway 109 160 442 93 2P ric e rite 31 * * * *

Bishop's Stores 43 60 129 52 4W m . Jackson • . 52 • . . 47 5C ate r Bros. 75 / / / /Budgens . . 73 . . . 45 6D avid G re ig 1 / / / /F .J . W a llis 83 108 280 44 7

* A cq u ire d by In te rn a tio n a l Stores (B ritis h -A m e ric a n Tobacco) In 1973 / A cq u ire d by the Debenham G roup in 1972 / A cq u ire d by Key M arke ts in 1974

TABLE 5 .5

Changes in sales and ra n k -o rd e r (by sales) o f the sm a lle r m u lt ip le g rocers, 1968-74

In o rder o f 1971 sales

Percentage increase in sales 1968-71 1971-74 1968-74

1974 Sales E M illio n s

Ranking by Sales, 1974

G a te w a y 102 86 277 37 1Amos H in ton 97 84 263 29 5W m . M orrison 137 137 463 35 3Lennons 62 110 243 30 4B rie rleys Supermarkets 90 * * * *

H illa rd s 75 218 456 36 2W m . Low 74 129 300 23 6Laws Stores 40 75 145 15 7C u lle n 's Stores - 5 53 46 10 8K in lochs 73 9 9

* In l iq u id a t io n , 1973

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6: THE INDEPENDENT GROCERY SECTOR

6 .1 : The main developments as fa r as the number o f independent grocersand the ir share o f the p riva te grocery trade have a lready been established in Chapter 3. Between 1961 and 1971, the number o f independent grocery businesses fe ll from over 95 ,300 to around 82 ,530 , or by more than one -e ig h th , and the number o f shops operated by them from 116,600 to 87 ,000 , a fa ll o f one-qua rte r. During the same period , the ir combined share o f the p riva te grocery sales declined from 63 per cen t, to 49 per cen t, (or roughly in line w ith the fa ll in the number o f the ir shops), and in 1975 showed a fu rther reduction to 43 per cen t.

6 .2 : The independents are defined as businesses w ith up to nine establish­ments, but as can be seen from Table 6 .1 , the overwhelm ing m a jo rity o f them are single shop concerns. Indeed, the proportion o f a ll independent grocery businesses w ith on ly one shop increased between 1961 and 1971, and those w ith 2 -4 shops declined by a matching proportion . In fa c t, the single-shop businesses also expanded th e ir share o f the independent grocery trade from under 81 per cen t, to nearly 85* per cen t, between 1961 and 1971.

6 .3 : The com parative performance o f independent grocers in the three s ize-categories is shown in Table 6 .2 . O ve ra ll the ir gross margin on sales improved from 15.2 per cen t, in 1961 to 20.1 per cen t, in 1971 (a fte r fa llin g to 14.8 per cen t, in 1966). But the s trik ing fac t to be observed is tha t whereas in 1961 the percentage gross margin increased w ith the number o f shops operated, the reverse was true by 1971. As fa r as the ir rate o f stock - turn is concerned, there was l i t t le overa ll change between 1961 and 1971, a lthough there was some improvement for the larger independent businesses. Combining the gross margin and the rate o f s tock-tu rn , the independent grocers registered an increase in gross p ro f ita b il ity o f one- th ird between 1961 and 1971, as compared w ith on ly one-ten th for the m u ltip les . Among the independents themselves, w h ile gross p ro f ita b il ity also rose for both the single-shop concerns and those w ith 2 -4 shops (but not fo r the rem ainder), the gross p ro fit index shows that the single-shop concerns fared much better than the larger independent grocers.

6 .4 : The d ec line in the number o f independent grocers and the ir share o fthe p riva te sector's trade has not come about so le ly from the com petition o f the m u ltip les , even though that may have been the most im portant con tribu to ry cause. Undoubtedly part o f the reason for the dec line in numbers has been redevelopment o f the o lder residentia l areas o f

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the c itie s , and the red istribu tion o f popula tion that it has invo lved . Accord ing to one source, "between 1961 and 1971 one m illio n dw ellings were cleared w ith a loss o f 55,411 independ­ent re ta ilers from the clearance a re a s ",* and by the nature o f th ings, a substantial proportion o f these shops would have been grocers. O ther con tribu to ry factors stem from the size o f the shop itse lf: the d if f ic u lty o f ach ieving a leve l o f sales s u ffic ie n tly large from the restricted amount o f space a va ila b le to generate the working cap ita l required e ither to modernise the premises or to expand them.

6 .5 : So much can be seen from Table 6 .3 which shows the average sales,gross p ro fit and wages and salaries per shop for independent grocers w ith in the three s ize - categories, as derived from the 1971 Census data . The other operating expenses are based on costs' data from several sources, which ind ica te a small range around 5 i per cent, on sales. Thus, i t w i l l be seen that in 1971, the single-shop grocer m igh t, on average, have had no more than £2 ,190 le ft a fte r meeting labour and operating costs from which to pay him self and meet the interest charges on c a p ita l. The grocer w ith 2 -4 shops would be even worse o ff in terms o f net p ro fit per shop, although on average he would have had nearly £4,900 for his whole business. The larger independent, w ith 5 -9 branches, would have obtained £3,270 per shop and nearly £20,400 overa ll in net p ro f it . Even so, the larger independents' net p ro fit- ra te (on sales) at 5 .3 per cent, would have been less than o n e -h a lf tha t o f the single-shop grocer. +

6 . 6: The low absolute levels o f p re -ta x net p ro fit emphasises the d if f ic u ltythat confronts the sm all-sca le grocer anxious to modernise or to expand his premises. Indeed, it is somewhat surprising in the lig h t o f these figures to find that the single-shop grocer had, on average, a net cap ita l expenditure o f over £160 in 1971, and that the rest o f the independent grocers spent about tw ice that amount per shop. But to the extent that the funds for investment are not created by the business its e lf, the independents are forced to seek finance elsewhere or forego the improvements they have had in m ind.

VO LU N TAR Y GROUP TRADING

6 .7 : One means by w hich the independent grocer has been ab le to securefin a n c ia l assistance has been through becoming associated w ith a vo lun ta ry group. V o luntary groups began to be formed on the in it ia t iv e o f wholesalers a t a time when they were becoming increasing ly aware o f the inroads w hich the m ultip les were making in to the trade o f the independents, the mainstay o f the wholesalers' business. From a handful o f vo lun ta ry groups in the m iddle and late 1950s - the pioneers were Peter K e e v il, K in lochs, the Danish Bacon Company, Stewarts and J. Evershed - th e ir numbers and re la tive importance stead ily increased. The term "group" is sometimes used to d istinguish the associations which comprise

* R .K . Perry: quoted in The G roce r, 6 November 1976

+ The PIB Report N o . 165 (o p .c it) estimated that in 1970 "the average net pro fits for vo lun tary group se lf-se rv ice shops were about £1,900 as against £1,470 for other se lf- service shops; for counter-serv ice we estimate that they were about £1 ,300 as against £1,100 . . . These average figures conceal very much lower pro fits in some shops . . .About o n e -th ird o f the unassociated grocers in our survey were working proprietors owning on ly one shop. The average net p ro fit in 1970 o f these shops, before tax , inc lud ing the proprie tor's own rem uneration, was about £820, and 30 per cen t, o f them had net pro fits o f under £ 5 0 0 ." (paras. 104-105).

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one wholesaler and a number o f re ta ile rs from those where a number o f wholesalers combine w ith each other to serve the ir reta iler-custom ers (often referred to as a "vo lun ta ry ch a in " , but it is intended to use "vo lun ta ry group" here to describe both types o f organisation.

6 . 8: The basic mode o f operation is an agreement between the ind iv idua lre ta ile r and the group wholesaler whereby the re ta ile r undertakes to buy as much as possible from that source, or a t least a minimum w eekly amount. A lthough in i t ia l ly conceived as a means whereby wholesalers could gain a degree o f purchasing lo ya lty from the ir re ta ile r- customers in return for h igher discounts or special terms, the groups have taken on increasing ly the character o f merchandising associations:

"Sales promotions are organised covering the whole group and, in a d d itio n , the wholesalers provide adv ice and expertise on se llin g , shop p lann ing , site eva luation and s im ila r matters w ith the ob jec t o f promoting the re ta ile rs1 e ffic ie n c y and increasing the ir sales.To the extent tha t they are ab le by these means to increase the ir turnover they p lace themselves in a stronger position to obta in be tte r terms from manufacturers and, lik e the m u ltip les , to in troduce the ir own branded products in com petition w ith the manufacturers1 advertised b rands ."*

6 .9 : Another form o f vo lun tary association are the re ta ile rs :1 buyingassociations comprising on ly re ta ile rs w ithou t any wholesaler-associa te, some o f w hich have established the ir own centra l warehouses. Fewer in number than the vo lun ta ry groups, they have had less impact on the grocery trade. However, as fa r as ind iv idua l re ta ile rs are con­cerned, membership o f the two types o f association is not always m utua lly exc lus ive .

6 .10 : The re la tive importance o f the independent grocery businessesbelonging to vo lun ta ry groups, re ta ile rs1 buying groups or both are shown for the Census years o f 1961 and 1971 in Table 6 .4 .+ The proportion o f independent grocery businesses belonging to vo lun ta ry associations (e ithe r a lone or as w e ll as a re ta ile rs1 buying group) rose to over 17* per cen t, in 1971 as compared w ith 14* per cen t, in 1961. On the other hand, the proportion belonging to re ta ile rs1 buying groups declined from nearly 16 per cen t, in 1961 to under 15 per cen t, in 1971 . Indeed, the most s trik ing po in t to emerge from Table 6 .4 is tha t the proportion o f independent grocers not belonging to any form o f buying association among the respondents remained unchanged a t over seven-tenths over the 1961-71 period .

6 .11 : M oreover, the combined share o f the independent grocery traderepresented by businesses belonging to such associations remained v ir tu a lly s ta tic a t 41 per cen t, between 1961 and 1971. Those businesses associated on ly w ith a vo lun tary group saw an increase from 17 per cen t, to 20 per cen t, in th e ir share o f the grocery trade between

* PIB Report N o . 165, o p .c it , para. 27.

+ The percentage-figures re la te on ly to actua l respondents, w hich represented the fo llow ing proportions o f the to ta l independent grocery trade:

1961 1971

Organisations 86% 73%Establishments 86% 74%Sales 88% 76%

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1961 and 1971, but there was a more substantial fa ll from 19 per cen t, to 13 per cen t, during the same period for those associated on ly w ith a re ta ile rs ' buying group.

6 .12 : Some part o f the fa ilu re o f vo lun ta ry group membership to increase inimportance may have stemmed from the po lic ies pursued by the wholesalers themselves in establishing more stringent conditions for entry in to the ir schemes or for continu ing existing membership. It w il l be noted from Table 6 .5 , for exam ple, tha t the average sales per shop among members o f the vo lun ta ry groups was £14,900 in 1961, about 70 per cen t, more than the average for the remaining independent grocers (£8,800); by 1971, the vo lun ta ry group members1 average sales were nearer 75 per cen t, larger than the rest.

6 .13 : The sales per shop o f the businesses w h ich belonged on ly to avo lun ta ry group were, as Table 6 .5 shows, 118 per cen t, h igher (at current prices) in 1971 than in 1961, a much larger increase than achieved by businesses w h ich were members o f a re ta ile rs1 buying group or belonged to both types o f association, namely around 85 per cen t.In fa c t, the respondent businesses w hich were outside a ll such associations faredbetter than the la tte r two categories between 1961 and 1971, nearly doubling the ir 1961 salesper shop during the period .

6 .1 4 : In v iew o f the ostensible purpose o f the vo lun ta ry groups to improvethe terms and conditions under w h ich re ta ile rs can obta in th e ir supplies, i t is somewhat surprising to find that the ir members have done no better than the other respondent grocers as far as the rise in the ir percentage gross margin between 1961 and 1971 is concerned. Indeed, the 1961-71 increase in the gross margin o f the members o f the wholesaler-sponsored groups (4 .5 percentage points) was substantia lly less than for businesses belonging on ly to a re ta iie rs1 buying group (6 .7 ) or to both types o f arrangement (5 .3 ) .

6 .15 : It is on ly when the rate o f s tock-turn is brought in to account thatthe performance o f the vo lun ta ry group member in terms o f gross p ro f ita b il ity has improved to a greater extent than the outsiders. The gross p ro fit index o f the la tte r was higher than fo r the vo luntary group members as a whole in 1961, but it rose more s low ly in the next 10 years than the 45¿ per cen t, increase for a ll types o f vo lun ta ry group members together, to put them on a par in 1971. S im ila r ly , w h ile the wholesaler-sponsored vo lun ta ry group member had a higher gross p ro fit index in 1961 than e ithe r o f the two other categories o f re ta ile rs belonging to buying organisations, his advantage was much more marginal by 1971.

6 .16 : It m ight seem reasonable to conclude , there fo re , that the mainbenefits w h ich the in d iv idua l grocers1 business derives from membership o f a vo lun ta ry group stem as much from th e ir "b e lo w -th e - lin e " a c tiv it ie s in advising on m erchandising, stock selection and co n tro l, accounting procedures and in raising finance for shop-conversions and new equipment as from th e ir advantages on the side o f buy ing .

6 .1 7 : Comparable data to those g iven in Table 6 .4 are not a va ila b le forla te r years, but there is an a lte rn a tive source o f in fo rm ation , namely the A .C . N ie lsen Company. Accord ing to the N ie lsen Researcher, the vo lun ta ry group grocers1 share o f the independent sector's trade fe ll from 56 per cen t, in 1971 to 51 per cen t, in 1975, a fte r more than doubling th e ir share between 1961 and 1971. The problem is to know how to reconc ile the N ie lsen Researcher's figures w ith those derived from the Census o f D is tribu tion for the same years, more p a rticu la r ly since the d ifferences between them are marked: not on ly in the absolute leve l o f the vo lun ta ry groups’ share in 1971 ( i . e . N ie lsen: 54 per cent; Census: 41 i per ce n t.) but also the d irec tion and magnitude o f the 1961-71 changes ( i . e . an increase by N ie lsen o f 29 percentage points as compared w ith v ir tu a lly no change according to the Census).

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6.18 : Part o f the d iffe rence in 1971 m ight arise from the omission o f non­respondents in the Census da ta , but to account for the w hole d iffe rence , nearly 95 per cen t, o f the sales represented by the excluded traders would have to have come from members o f buying groups. This poss ib ility must be discounted, there fore , as the on ly exp lana tion fo r the d iffe re n ce , and it ce rta in ly does not begin to match the d isparity in the two sets o f figures fo r 1961.

6 .19 : However, i t is gene ra lly accepted that the vo lun ta ry group grocers're la tive importance has declined in recent years, and possibly by as much as that o f other independent grocers. Some part o f the explanation undoubtedly lies in the other major change a ffe c tin g the organisation o f the independent grocery trade: nam ely, the development o f cash- and -ca rry wholesaling to w hich it is now proposed to consider.

C ASH-AND-C ARRY W HO LESALING

6.20 : Cash-and-carry wholesaling has been described as "the equ iva len t o fse lf-se rv ice in the re ta il trade, in tha t the re ta ile r picks his own goods and moves them in his own transport. Its purpose was to reduce the grow ing pressure o f overhead costs on the wholesaler and it o ffered him two main advantages. First it re lieved him o f the major portiono f his labour and transport costs; and secondly, the re ta ile r paid c a s h ......... In a position tosell a t prices substantia lly below those o f d e live ry wholesalers . . . the cash-and-carry w ho le ­saler offers the re ta ile r - and p a rtic u la r ly the smaller re ta ile r - the add ition a l bene fit that he can obta in simple case lots w ithou t incurring a de live ry charge w hich is norm ally made by d e live ry wholesalers for small shops. The re ta ile r is thus re lieved o f the need to carry large stocks and he is ab le when necessary to top up his stocks e co n o m ica lly . "*

6 .21 : The development o f cash-and-ca rry wholesaling commenced a t aboutthe same time as the vo lun ta ry groups, and by 1965, according to The G rocer there were 300-350 cash-and-carry depots being operated. In that same year, there were over 2 ,000 wholesale businesses dea ling in groceries and provisions w ith to ta l receipts o f nearly £2,000 m illio n s , but 53 per cen t, o f those receipts were accounted fo r by the 30 largest businesses w ith more than £10 m illio n ap iece , and over 70 per cen t, by the 114 largest w ith more than £2 m illio n each."*" (These figures, however, inc lude the receipts o f Cooperative w ho le ­saling a c tiv it ie s ) .

6 .22 : By 1970, the number o f cash-and-ca rry depots had increased toaround 600, according to A .C . N e ilsen , w ith a turnover o f £420 m illio n s . The estimated turnover in 1970 o f wholesale grocers and provision merchants according to the N a tiona l Federation o f W holesale Grocers and Provision Merchants was about £1 ,200 m illio n for the whole o f the United Kingdom, so that cash-and-ca rry a t that time was probably accounting fo r a t least one -th ird o f p riva te wholesale grocery trade. 0

6 .23 : Between 1970 and early 1975, A .C . N ie lsen report on ly an e g lig ib le change in the number o f cash-and carry depots, w hich is broadly confirmed by the

* PIB Report N o . 165, o p .c it . paras. 2 9 -30 .

+ W holesale trades in 1965, Board o f Trade Journa l, 26 Ju ly 1968.

0 PIB Report No. 165, o p .c it, para. 63.

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studies carried out by the Retail O utle ts Research Unit (RO RU).* However, the to ta l sales floorspace represented by grocery cash-and-carry depots increased during the same period from about 11 m illions sq. f t . in 1971 to 15-16 m illio n sq. f t . in 1975, an increase o f around tw o -fifth s . S im ila rly , the estimated 1975 turnover was more than double its 1970 le v e l.

6 .24 : The growing importance o f cash-and-ca rry to independent grocers asa source o f th e ir supplies is ind ica ted by the A .C . N ie lsen find ings tha t whereas in 1967/68 29 per cen t, o f the independent grocers outside the vo lun tary groups were "heavy" users o f cash-and-ca rry , the proportion had increased to 47 per cen t, in 1970/71. W h ile the proportion o f "heavy" users among re ta ile rs belonging to a vo lun ta ry group was much lower (9 per cen t, in 1967/68 and 11* per cen t, in 1970/71), those using cash-and-carry to some extent rose from 43 per cen t, to 64 per cen t, during the same period . Furthermore, i t would appear that the proportion o f a ll independent grocers patronising cash-and-carry depots has risen from under three-quarters in 1970/71 to over fo u r-fifth s in 1975.

6 .25 : The a ttrac tion o f buying from the cash-and-carry to the independentgrocer is, as previously in d ica te d , tw o -fo ld : the cheaper prices a t w h ich large ranges o f goods are a v a ila b le , and the opportun ity to buy on ly as and when requ ired. The a b i l i ty o f the cash-and-carry depots to sell more cheaply than the tra d itio n a l wholesalers re flects the re la tive operating costs o f the two methods o f se llin g . The PIB obtained costs and margins data from seven major wholesalers, whose combined sales represented over o n e -f if th o f the to ta l p riva te wholesale grocery turnover in 1969. The re la tive importance o f th e ir cash-and- carry operations ranged from 5 per cen t, to 98 per cen t, o f tu rnover, but in Table 6.6 are shown the costs and margins data for the ir cash-and-carry operations on the one hand and de live red wholesaling on the o ther.

6 .2 6 : It w i l l be seen from Table 6.6 tha t the operating costs-ra tio o f thecash-and-ca rry operations fe ll from 4 .8 per cen t, in 1967 to 4 .3 per cen t, in 1969, whereas fo r de livered wholesaling they rose from 7 .2 per cen t, to 7 .6 per cen t, during the same period . W h ile m a in ta in ing th e ir net p ro fit margin a t 1.5 per c e n t. , the cash-and-carry operators were able to reduce th e ir gross margins from 6 .3 per cen t, to 5 .8 per cen t. Those operating by the tra d itio n a l methods, however, improved th e ir net margins (but not to the leve l o f the cash-and-carry operators) between 1967 and 1969, but th e ir gross margins rose from 8.1 per cen t, to 8.8 per cen t, in the process.

6 .2 7 : A pa rt from the substantial d ifferences in operating costs representedby the absences o f transport expenses, the cash-and-carry operators had much lower payro ll and general overheads than in de livered w holesa ling , offset by h igher occupancy costs w h ich may re fle c t the need for cash-and-carry depots "to be sited in accessible and hence sometimes re la t iv e ly expensive sites" as w e ll as the ir layout and higher costs o f heating and lig h tin g . +

THE STRUCTURE OF GROCERY W HO LESALING

6.28 : The changes that have occurred in the structure o f grocery w hole­saling stem p a rtly from the in troduction and rapid expansion o f the cash-and-ca rry techniques, and p a rtly from the development o f who I esa I e r-g roupings more often than not linked to the

RORU, Manchester Business School: The Density o f Cash and Carry W holesaling , 1971, Research Report N o . 4 (Autumn 1971) and The Density o f Cash and Carry W holesaling , 1976, Research Report N o . 14 (Ju ly 1976).

+ PIB Report N o . 165 op c i t , para. 75.

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vo lun ta ry groups o f re ta ile rs . The analysis o f these changes is fu rthe r com plicated by the number o f acqu is itions tha t have occurred among the wholesale companies, and the marked tendency fo r in d iv idua l wholesalers to sw itch the ir a lleg ian ce from one group to another.

6 .2 9 : It is convenient to begin by establishing the re la tive sizes o f themain ind iv idua l wholesale companies in 1971, and the pattern o f th e ir increases in sales during the preceding and subsequent three years. These data are shown in Table 6 .7 , from w hich i t w i l l be seen tha t the largest sales in 1971 were achieved by F itch Lovell L td . , fo llow ed by Wheatsheaf (Wholesale) Ltd. and the Danish Bacon Company. Indeed, these three concerns accounted fo r 44 per cen t, o f the sales o f the businesses listed in Table 6 .7 , and possibly over o n e -f if th o f the to ta l p riva te wholesale grocery trade in 1971.

6 .30 : By 1974, however, F itch Love ll had dropped to fourth p la ce , andWheatsheaf (Wholesale) had replaced them a t the top o f the sales league. In second p lace came Linfood Holdings Ltd. formed by the merger o f Associated Food Holdings Ltd . and Thomas L inne ll & Sons Ltd. a t the end o f 1974, the former having its e lf acquired Upward & Rich Ltd. (the 10th largest wholesaler in 1971) e a rlie r in the year. Retaining th ird p lace was the Danish Bacon Company Ltd.

6 .3 1 : In the 1971-74 pe riod , the fastest grow th in sales among the top fourcompanies was achieved by Wheatsheaf (W holesale), w ith acqu is ition p lay ing a com parative ly small part in its developm ent. This was in marked contrast, as a lready ind ica ted , to the emergence o f Linfood Holdings L td ., but s im ila r to the actua l growth pattern o f the Danish Bacon Co. Ltd. M oreover, whereas cash-and-ca rry wholesaling accounted fo r on ly a re la tiv e ly small part o f the la tte r's sales, i t represented nearly tw o -th irds o f the sales o f Wheatsheaf (W holesale) in 1974.

6 .3 2 : Exchanging f i f th fo r s ixth p lace among the grocery wholesalersbetween 1971 and 1974 was A llia n c e W holesale Grocers L td . , part o f the Associated British Foods G roup, operating both cash-and-ca rry and de live red wholesale depots. Its growth in sales at on ly 31 per cen t, between 1971 and 1974 was fa r exceeded by N urd in & Peacock, operating e n tire ly by cash-and-ca rry and increasing its depot floorspace by nearly tw o -fifth s to nearly 1 .3 m illio n sq. f t . in 1974. A lthough N urd in & Peacock's percentage increase in sales during the 1971-74 period was the second largest among the six largest firm s, i t was considerably smaller than occurred among some o f the others listed in Table 6 .7 .

6 .33 : M oving up from fifte e n th p lace in 1971 to seventh in 1974 was O rie lFoods L td . , fo llo w in g the acqu is ition o f a co n tro llin g interest in tha t company by M r. James G u lliv e r , the former chairman o f Fine Fare L td . During 1973, O rie l Foods Ltd. acquired A .B . Gibson L td ., and Carryway L td . , and in the course o f 1974, M orris & Jones L td ., a lthough O rie l its e lf had been taken over by the RCA Corporation in the meantime.

6 .34 : The largest percentage increase in sales between 1971 and 1974 was ach ieved , however, by M akro , whose Dutch parent company is Steenkolen Handelsvereeniging (SHV). Its firs t depot was opened a t Eccles, Manchester in 1971, and by 1974 it was operating six w ith over 800,000 sq. f t . a ltoge th e r. The e levenfo ld increase in its sales to £55 m illions in 1974 put it in to tenth p lace among the wholesalers listed in Table 6 .7 , a lthough it should be noted that in 1975 l i t t le more than o n e -h a lf o f its £84 m illio n sales came from food.

6 .3 5 : Ranking h igher than e ithe r O rie l or M akro in 1974 were the foodwholesaling interests o f Booker M cC onne ll. In 1971, i t ranked n in th among the listed firm s,

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but during the next three years it added to its existing de live red wholesaling (A lfred Button) and cash-and-carry (Cashmart) interests by acqu iring Gardners (Bristol) L td . (from Ih ig a te L td .) in 1972, A rthu r Richardson & Son Ltd . and James Harper & Son (Edinburgh) L td . in 1974.

6 .36 : Three o f the remaining firms shown in Table 6 .7 more than doubledth e ir sales between 1971 and 1974. W arriner & Mason L td . , a subsidiary o f the tobacco firm , G a lla h e r L td . , made on ly one small acqu is ition during this period , a lthough ea rly in 1975 it took over Budgetts (Cash and Carry) L td . from Barker & Dobson L td . , w ith a current turnover o f around £34 m illions a year. Batley's o f Yorkshire Ltd. is exc lus ive ly a cash-and- carry wholesaler. Harvey, Bradfie ld & Toyer L td . and HBT Trademarkets L td . engaged in de live red and cash-and-carry wholesaling respective ly , are both subsidiaries o f Bishop's Stores Ltd. F in a lly , K in loch (Provision Merchants) Ltd. operates 11 depots d ire c t ly , as w e ll as another 4 through its subsidiary, Charles A rk c o ll Ltd.

THE MARKETING GROUPS

6.37 : Close associations have developed between ind iv idua l grocery w ho le ­salers through the ir p a rtic ip a tio n in m arketing groups engaged in prom otional and other jo in t a c tiv it ie s , sometimes but not in va ria b ly re lated to the vo lun ta ry re ta il groups. These associations a re , however, essentia lly loose, and ind iv idua l companies move from one group to another a t the ir d iscretion as w e ll as a consequence o f mergers and take-overs.

6 .3 8 : The id e n tity o f the leading m arketing groups, listed in order o f the ir1971 cash-and-ca rry depot floorspace (and in a ll p ro b a b ility sales as w e ll) is g iven in Table 6 . 8 . The largest marketing groups in that year were Trademarkets, C ap ita l and V a lue Centres: th e ir combined floorspace was equ iva len t to over th re e -fifth s o f the to ta l fo r a l l the listed groups, each having around 1 m illio n sq. f t . or more. Three o ther groups - Keen Cost,ICCG and Big N - each w ith around 600,000 sq. f t . - accounted for another th ree-tenths o f the to ta l space.

6 .39 : By 1975, the three largest groups had a s lig h tly greater share o f to ta lfloorspace than in 1971, but Keen Cost had moved in to second p lace w ith C apita l s lipp ing down to being fou rth . O f the groups tha t existed in 1971, the largest increase in floorspace occurred fo r Keen Cost (1 .6 2 m illio n sq. f t . ) fo llow ed by Trademarkets (0 .8 7 m illio n sq. f t . ) and Value Centres (0 .7 0 m illio n sq. f t . ) . But in 1972 a new group, Landmark, was established w hich by 1975 had 600,000 sq. f t . p lac ing i t s ixth among the e igh t leading groups.

6 .4 0 : The rise in prominence o f Keen Cost is a ttr ib u ta b le in the main toBookers and O rie l Foods. Bookers, a fte r acqu iring Gardners (Bristol) a lready a member o f Keen Cost, transferred its own Cash mart depots away from C a p ita l. O rie l Foods' takeover o f A .B . Gibson s im ila rly led to the la tte r's transfer from Trademarkets to Keen Cost, as w e ll as bring ing in to Keen Cost, M orris & Jones and Carryway Supplies. The merger o f AFD and Thos. L inne ll to form Linwood has made it the p rin c ip a l component o f V a lue Centres, a lthough the adherence o f M isselbrook & Weston also advanced its s treng th .*

For a de ta iled description o f the changes in a lle g ia n ce between 1971 and 1975, see D. Thorpe & S. Thorpe: The Density o f Cash and Carry W holesa ling , 1976 (Retail O utle ts Research U n it, Manchester Business School, Research Report N o . 14, Ju ly 1976). This Report has been a major source for in form ation on the marketing groups.

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6 .4 1 : Early in 1976 a new group - N a tionw ide Food D istributors - wasformed by com bining the interests o f A llia n c e (w h ich had h ithe rto not pa rtic ipa ted in group marketing) w ith C a p ita l, enabling i t to c la im second p lace to Trademarkets, the margin between them in floorspace terms being very sm all. In a d d itio n , Landmark's floorspace was m arkedly increased by Lonsdale & Thompson Ltd. jo in ing its strength. Indeed, these changes could mean that the three largest groups - Trademarkets, NFD and V a lue Centres - accounted fo r close on tw o -th irds o f the to ta l floorspace covered by the leading marketing groups.

VO LU N TAR Y GROUP LINKS

6 .4 2 : The links between the marketing groups and the re ta ile rs belongingto one or other o f the "sym bol" groups are shown in Table 6 .9 . Thus, the Mace re ta ile rs are linked w ith the wholesalers form ing the Keen Cost group; the V G re ta ile rs w ith the Trademarkets group; the S pa r/V ivo re ta ile rs w ith the V a lue Centres. It is worth noting that K in lochs, as w e ll as dea ling w ith Mace re ta ile rs through its association w ith the Keen Cost group, has its own vo lun ta ry group, W avy L ine. In a d d itio n , Danish Bacon and A llia n c e each have th e ir own vo lun ta ry group o f re ta ile rs .

6 .4 3 : The figures g iven fo r the re ta ile r membership o f the various groupsmust be treated w ith some cau tion , since there is no regular inform ation forthcom ing about changes in membership over tim e .

THE RETAILER BU Y IN G GROUPS

6 .44 : M ention has been made a lready o f the existence o f re ta ile r buyinggroups as d is tin c t from the wholesaler-sponsored vo lun ta ry groups, such as M ace, V G , S pa r/ V iv o . A t the present tim e , there is on ly one such group o f any s ign ificance in the grocery trade: Londis Holdings Ltd . C la im ing a membership o f 980 re ta ile rs , Londis had a turnover o f just over £12 m illions in 1973 as compared w ith £9 m illions in 1971 and under £7 m illions in 1969.

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TABLEÓ .!

Independent grocers: number of businesses, establishments and sales, by number o f shops, 1961 and 1971___________ _______________________

1 Shop 2 - 4Shops

5 - 9Shops

A llindependents (Base for percentages)

% % %No. of businesses:

1961 9 4 .4 5 .3 0 .3 95,3081971 96 .6 3.1 0 .3 82,531

N o. of establishments:1961 87.0 11.2 1.8 116,6041971 91.7 6 .9 1.4 86,987

Total Sales:1961 80.8 14.5 4 .7 £1230.5m1971 85.4 10.2 4 .4 £3211.5m

TABLE 6 .2

Independent grocers: gross-margins and stock-turn , by number o f shops, 1961 and 1971

A ll independents 1 Shop 2 - 4 5 - 9Shops Shops

Gross margin on sales (%)1961 15.2 14.6 17.4 19.01971 20.1 20.6 17.9 16.3

Rate of stock-turn (Times p .a .)1961 15.3 15.6 14.7 12.71971 15.4 15.6 15.0 13.2

Gross pro fit index1961 100 98 110 1041971 100 104 87 70

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TABLE 6 .3

Independent grocers: Average sales, gross p ro fit and net p ro f it , per shop,by number o f shops, 1971 _______________________________________________

A ll 1 Shop 2 - 4Shops

5 - 9 Shops

Average sales per shop 20.26 18.87 30.08 61.30

Gross p ro fit per shop 4.08 3.89 5 .38 9.99

Wages & salaries per shop* 0.82 0.72 1.65 3.35

Other operating expenses per shop / 1.06 0.98 1.62 3.37

Net p ro fit per shop / 2 .20 2.19 2.11 3.27

* Estimated: excludes proprietors' remuneration/ Includes occupancy and general overheads, but excludes interest.f Before deduction o f proprietors' remuneration, interest and tax.

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Voluntary groups in the independent grocery trade: 1961 and 1971

TABLE 6.4

Organisations

No.

Establishments

No.

Sales

£Mns.

A ll organisations: 1961 111,362 119,555 1237.91971 82,531 86,987 1762.4

Respondents: 1961 95,308 103,404 1083.51971 60,203 64,659 1345.5

% % %

Percent of respondents in voluntary groups:

Whol esa 1 er-sponsored voluntary groups

1961 11.9 12.2 16.91971 12.9 13.1 19.9

Retailers' buying groups

1961 13.2 13 .7 18.91971 10.2 10.2 13.2

Both 1961 2 .6 2 .9 5 .21971 4 .7 4 .9 8 .3

Total 1961 27 .7 28 .81971 27 .8 28 .2

41 .041 .4

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Independent grocers: Sales per shop, gross margin and stock-turn o f a ll and voluntary group members, 1961 and 1971 ________ _

TABLE 6 .5

A llrespondent

independentgrocers

Independent grocers belonging to: Wholesaler Retailers' Both sponsored buying voluntary groups

groups

A ll

Sales per shop (£000) 1961 1971

10.520.8

14.531.6

14.526.9

19.135.3

14.930.5

1961-71 percent increase 98% 118% 86% 85% 105%

Gross margin on sales (%) 1961 1971

15.220.1

15.019.5

15.221.9

15.420.7

15.220.1

Rate o f stock-turn (Times per annum)

1961 1971

15.315.4

15.316.3

13.314.3

12.914.6

14.015.4

Gross p ro fit index 1961 1971

100.0100.0

98 .7102.7

86.9101.2

85.497 .6

91.5100.0

Change, 1961-71 (%) 33.1 38.5 54.9 52.1 45 .4

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Operating costs o f sample o f grocery wholesalers engaged in cash-and-carry and/or delivered wholesaling/ 1967 and 1969________________________ _

TABLE 6 .6

Cash and Carry Delivered wholesaling

1967 1969 1967 1969

% % % %

Gross p ro fit margins 6 .3 5 .8 8.1 8 .8

Operating costs:

Payroll . . . 2 .4 . . . 3 .9Transport . . . - . . . 1 .6Occupancy . . . 1 .3 . . . 0 .5Other . . . 0 .6 . . . 1 .6

Total 4 .8 4 .3 7 .2 7 .6

Net p ro fit margin 1.5 1.5 0 .9 1.2

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Changes in sales and rank-order (by sales) o f grocery wholesalers, 1968-74

TABLE 6 .7

In order Percent. increase in salesRanking

o f 1971 1968- 1971- 1968- 1974 by salessales 1971 1974 1974 Sales

EM illions1974

Fitch Lovell 47 29 90 142 4Wheatsheaf (Wholesale) 41 97 178 195 1Danish Bacon 10 74 191 153 3Associated Food Holdings* 69 75 196 163 2A llia n ce 48 31 92 77 6Nurdin & Peacock 144 84 348 103 5Morris & David Jones 20 31 0 0 • • •

Kinloch 54 40 114 60 9Booker McConnell • • * 276 • • • 64 8Upward & Rich 40 + + + • • •

Batley's o f Yorkshire • • • 100 • • • 22 12Harvey, Bradfield & Toyer • • • . . . • • • 21 13Morgan Edwards • • • 122 « . « 20 14W arriner & Mason • • • 173 • • • 30 11O rie l Foods 33 775 1067 70 7Makro 1000 55 10

* By 1974, AFH Ltd. and T. Lînnell Ltd. (whose sales have been, combined for 1968 and 1971) had been incorporated w ith other wholesalers in Linfood Holdings Ltd.

+ This company was acquired by AFH Ltd. in 1974.

0 Acquired by O rie l Foods Ltd. in 1974.

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G ro c e ry w ho lesa le rs1 m arke ting groups

TABLE 6 .8

Floorspace: Cash & C arry depots

o n ly

1971 1975M n . sq . f t .

TRADEMARKETS W heatsheaf HBT (Trademarkets) A .B . G ibson Watson & P h ilip

W heatsheaf HBT (Trademarkets) W atson & P h ilip

1 .43 2 .3 0

CAPITAL BudgettsCash mart (Bookers) W a rrin e r & Mason Snowden & Bridge (A cc)

W a rrin e r & Mason Snowden & Bridge (A cc) K ing G o o d w in (Top

M arke t)

1 .0 8 1 .15

V A LU E CENTRES W rig h t & G reen (AFD) T . L in n e ll A .F . B lakem ore G . N . Beulah James H a ll + 16 others

Lin foodMussel brook & Weston James H a ll + 11 others

0 .9 6 1.66

KEEN COST A rth u r Richardson K in lochs F .J . French G ardners (B ris to l) P .G . French + 5 others

Bookers O r ie l Foods H u ll Supply C o . K in lochs

0 .6 2 2 .2 4

ICCG H olden & Ashman J . Brew J . V in c e n t

M 6 (T . Bryant) M e N ab Owens

0 .6 0 0 .9 8

Big N StarF. A s tle y L . B a tley Raw 1 in Bros. R. D an ie l and 6 others

Raw lin Bros, and 5 others

0 .5 9 0 .4 7

M A R K E T IN G 1Q71G R O U P

/C o n t 'd .

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TABLE 6 .8 C o n t 'd . . .

M A R K E T IN GG R O U P

1971 1975

F loor spa ce: Cash & Carry depots

o n ly

1971M n .

1975 sq . f t .

A & O (N ew ga) 26 members 30 members 0 .3 9 0 .3 8

LA N D M A R K Formed in 1972 C larem ont M arks L .F . Jones S tranraer B lo c h a in /

Po lenad ic + 11 others

0 .6 0

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V o lu n ta ry groups and wholesaler-sponsors

TABLE 6 .9

R e ta ile r membersSymbol G roup W holesaler-sponsors 1971 1975

M ace Keen Cost 4 ,8 0 0 4 ,8 0 0

V G Tradem arkets 3 ,0 5 0 3 ,3 4 0

S p a r/V iv o V a lu e Centres 4 ,0 5 0 4 ,0 0 0

W avy L ine K in lochs 1 ,6 0 0 1 ,790

A ll ia n c e A ll ia n c e 1 ,3 0 0 1 ,300

4 Star Independent Danish Bacon 4 ,0 0 0 3 ,6 5 0

APT C a p ita l 1 ,750 1 ,700

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7: THE FRESH FOOD TRADES

7 .1 : W h ile grocers and provision dealers account fo r a grow ingproportion o f the p riva te sector food shops' sales, the other food re ta ile rs dea ling m ain ly in fresh foods were s t i l l responsible in 1975 fo r o n e -th ird o f those sales. In volum e-term s, however, th e ir 1975 turnover o f £3 ,245 m illions (at current prices) was nearly 5 per cent, lower than in 1971, and as Table 7 .1 shows, i t was also 2 * per cen t, lower than in 1961. Most o f the constituent trades have suffered a dec line in th e ir volume o f sales as compared w ith 1961, the decreases ranging from 2 * per cen t, for butchers to a massive 35 per cen t, for fishmongers, poulterers. Indeed, the 34 per cen t, increase in the volume o f dairym en's sales between 1961 and 1975 compares w ith a fa ll for the other four trades o f nearly 9 * per cent, during the same period .

BUTCHERS

7 .2 : The largest single trade w ith in the fresh foods group is butchery: in1971 and again in 1975 it accounted for around 43 per cen t, o f the group's to ta l sales. The basic data on the number o f organisations, establishments and sales in the trade , and the re la tive importance o f the independents and m u ltip le businesses, are g iven in Table 7 .2 . Between 1961 and 1971, the number o f establishments fe ll by nearly 13 per cen t, and the number o f organisations by about 10 per cen t. The fa ll in the number o f m ultip les from 85 to 71 was re la tiv e ly greater (16* per ce n t.) than for the independents (10 per c e n t.) , even though they were over 2 ,500 fewer in 1971.

7 .3 : The m u ltip les ' share o f the to ta l number o f butchers' shops was higherin 1971 than in 1961, and th e ir proportion o f the p riva te trade's sales increased from 16 per cen t, to 19 per c e n t. , remaining a t tha t leve l in 1975. But i t w i l l also be seen from Table 7 .2 that the d iffe rence in the average sales per shop o f those belonging to the m ultip les on the one hand, and the independents on the o the r, tended to increase between 1961 and 1971. Even so, the ty p ica l m u ltip le butchers' shop had sales in 1971 on ly 1* times those o f the average independent's ou tle ts , in marked contrast to the 8* times d iffe rence in average sales per shop between m ultip les and independents in the grocery trade.

7 .4 : The m ultip les en joy a h igher percentage gross-margin than theindependents, a lthough the d iffe rence between them was considerably narrower in 1971 than in

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1961. On the other hand, the independents' rate o f s tock-tu rn is very much higher than fo r the m u ltip les , a lthough again the margin o f d iffe rence has narrowed between 1961 and 1971 as the rate o f s tock-tu rn has fa lle n for both types o f re ta ile r . Combining the gross percen t- age-m argin and the rate o f s tock-turn establishes that the gross p ro f ita b il ity index fo r the independents has fa lle n by nearly o n e -fifth between 1961 and 1971, as compared w ith less than one-ten th fo r the m u ltip les . Even so, the gross p ro f ita b il ity index for the independents was more than double that o f the m ultip les in 1971.

7 .5 : A ccord ing to the Census da ta , labour costs fo r the m ultip les in 1971were 12.9 per cen t, o f sales as compared w ith 7 .6 per ce n t, for the independents, con­s iderably more than the 2 .2 per cen t, d iffe rence in th e ir gross percentage-m argins. M oreover, accord ing to the Prices & Incomes Board, the net p ro fit margin fo r a sample o f butchers' shops belonging to independent businesses was 7¿ per cen t, in 1969 as against 5 per cen t, fo r the m u ltip les ' sample. *

7 .6 : W ith in the m u ltip les ' sector, the number o f organisations w ith morethan 50 shops has risen from 7 in 1961 to 9 in 1971, and th e ir combined share o f the m u ltip les ' trade has increased from 64¿ per cen t, in 1961 to 71 per cen t, in 1971, la rge ly a t the expense (as Table 7 .3 shows) o f the smaller m ultip les w ith 10-19 shops. The percentage gross margin was highest among the chains w ith 50-99 shops, and since this size o f organ­isation also had a rate o f stock-turn higher than the m u ltip les ' average, the ir gross p ro fit­a b i l i ty index was 57 per cen t, higher than for m ultip les as a w ho le . The largest m u ltip le organisations ( i . e . w ith 100 or more shops) had low er-than-ave rage gross margins and rate o f s tock -tu rn , so tha t th e ir gross p ro f ita b il ity index was on ly three-quarters tha t o f a ll m u ltip les taken together.

7 .7 : W h ile the Census o f D is tribu tion gives no data on the net margins o fre ta il butchers, in form ation is a v a ila b le a t in terva ls fo r a period o f sixteen years from o ff ic ia l investigations o f the meat trade. The period 1958-62 was covered by the Verdon- Smith C om m ittee+} the three years 1967-69 in the PIB Report N o . 165; and more recen tly , a Price Commission report has dea lt w ith the 1971-74 p e rio d . 0 A l l these sources show very large fluc tua tions in margins (p a rticu la r ly gross margins) from year to year among the sample o f firms covered. Thus, i t is more appropria te fo r com parative purposes to take the average margins for each o f the three periods as in Table 7 .4 , w h ile also showing the data fo r 1971 and 1974 separate ly.

7 .8 : It w i l l be seen from Table 7 .4 that in the 1958-62 pe riod , the m ultip les had higher average gross margins than the independent butchers, but tha t in the 1967-71 period the reverse was true . Assuming that the samples are com parable, both types o f re ta ile r increased th e ir percentage gross margins between the firs t two periods covered, but by 1971-74 the independents' margins had fa llen substantia lly below the 1967-69 leve l whereas those o f the m ultip les had risen s lig h tly . Thus, once again the m ultip les had the advantage in terms o f th e ir gross margins. Even so, the gross margins o f the independents in 1974 were s lig h tly higher than fo r the m u ltip les , since the la tte r's margins were substantia lly lower in 1974 than in 1971.___________________________________ ________________________________________________

* PIB Report N o . 165, o p .c it , Table 7 , page 79.

+ Committee o f Inquiry in to Fatstock end Carcase M eat M arketing and D is tribu tion ,Report (H M SO , Cmnd. 2282), February 1964.

0 Price Commission: Report N o . 7 . Prices and Margins in M eat D istribu tion (H M SO , 1975).

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7 .9 : The percentage net margins o f the independents have been consis­te n tly h igher than those o f the m ultip les throughout the period covered by Table 7 .4 , a lthough the percentage-points d iffe rence between them fe ll from 2 .7 0 in 1958-62 to 1.15 in 1971-74. Taking the la tte r period on its ow n, both independents and m ultip les had higher net margins in 1974 than in 1971, the d iffe rence between them remaining unchanged. It is also worth noting that the average net p ro fit per shop o f the independent re ta ile rs , according to the Price Commission report, increased from £2 ,100 in 1971 to £3 ,500 in 1974 (an increase o f tw o -th ird s ), but the m u ltip les1 net p ro fit per shop rose from £1,600 to £2,800 during the same period (an increase o f th ree-qua rte rs).

7 .1 0 : The conclusion o f the Price Commission concerning both re ta il andwholesale margins (the la tte r are discussed later) was that:

11. . . the trade operates in a com petitive environment and that p ro fits - and prices - are not unreasonable. In p a rticu la r to ta l net p ro fits a t a l l stages from the farm gate to the shop counter represent a small proportion o f the to ta l p r i c e ......... "

The Leading M u lt ip le Retailers

7 .1 1 : The leading m u ltip le butchers in 1971 comprised the re ta il interestso f the Union International Company Ltd. grouped under its subsidiary, J .H . Dewhurst L td ., and trading under that name as w e ll as Eastmans, R .C . Hammett, A le x Munro (in Scotland). A ltoge the r J .H . Dewhurst was cred ited w ith 1,600 re ta il butchers' shops in 1971, and a 1971 turnover o f over £51 m illio n s . The second largest m u ltip le was Baxters (Butchers) Ltd. w ith over 400 shops; in 1971, the company's to ta l turnover (in c lud ing its wholesaling a c tiv it ie s carried on by Lea & Baxter Ltd. and its co ld-storage operations) came to £22 m illions (an increase o f nearly tw o -fifth s compared w ith 1968). It is possible tha t around £15 m illio n represented re ta il sales in 1971, no more than one-quarter o f the Dewhurst tu rnover.

7 .12 : In 1971, the two re ta il butchery businesses o f F itch Lovell Ltd. -West Layton Ltd. and R. Gunner L td. - together had a to ta l o f 270 shops, w ith combined sales in excess o f £10 m illio n s . Thus, these three concerns - Dewhurst, Baxters and Fitch Lovell - in a ll p ro b a b ility accounted fo r 55 per cen t, o f the m u ltip le butchery trade , but l i t t le more than 10 per cen t, o f the to ta l p riva te butchery sales. The other m u ltip le concerns w ith 100-200 shops in 1971 were Matthews (Butchers) L td ., Louis C . Edwards & Sons (Manchester) L td . , and Strongs & Bennett (Suppliers) Ltd.

7 .13 : A number o f changes occurred during the 1971-75 period w h ich arew orthy o f comment. In 1974, Baxters was acquired by Brooke Bond Liebig L td ., w h ile the tw o businesses o f F itch Lovell were consolidated as West Layton Ltd. In a d d it io n , Booker M cC onnell acquired the 42 butchers shops operated by W illiam s* Bros. L td. a long w ith its grocery interests (see para. 5 .2 4 above) in 1971, adding to i t the butchery shops o f Adkins (Cambridge) Ltd. to bring the number o f shops up to 57 by 1974. O therw ise the im portant developments were the expansion o f the meat re ta ilin g a c tiv it ie s o f Matthews Holdings Ltd. by its acqu is ition o f a 37^ per cen t, equ ity interest in John Manson (Holdings) L td . operating 97 shops in the London area, and the expansion o f Pork Farms Ltd. whose to ta l turnover ( in c lu d in g m anufacturing) increased from £5* m illions in 1971 to £19^ m illions in 1974.

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7 .14 : The organisation o f meat w ho lesa ling , often combined w ith im porting ,is com plex, and is undergoing a process o f transformation w hich has been described in the fo llo w in g terms:

"Today more fatstock are being produced dom estica lly and a greater proportion is being sold through deadweight marketing channels . . .The m a jo rity o f the p riva te slaughterings in this country were carried out by a small number o f large abatto irs . . . . These abatto irs are increasing ly being situated in the animal production areas, and owned or financed by large v e r t ic a lly integrated meat company groups, forming a d ire c t chain o f d is tribu tion from the farm to the re ta il o u t le t .11*

7 .1 5 : In 1965, according to the wholesale trades in q u iry , there were over750 wholesalers (inc lud ing im porter/wholesalers) dealing in meat in G reat B rita in , w ith to ta l receipts o f over £550 m illio n s . The 10 largest wholesalers accounted for nearly o n e -h a lf o f the to ta l rece ip ts. + A t about the same tim e , the Verdon-Sm ith Committee reported that the Imported M eat Traders1 Association comprised 88 firm s, but tha t the six largest concerns accounted fo r 80 per cen t, o f a ll imported meat. But the 88 members o f the IMTS varied g rea tly in the scope o f th e ir a c tiv it ie s : 21 were associated w ith re frige ra ting or exporting firms overseas, 18 acted as independent agents for overseas shippers, 11 combined both these functions and 38 were w h o lly independent wholesalers. $

7 .1 6 : The increasing importance o f domestic production can be seen fromthe fac t that home-produced beef and veal increased from three-quarters o f to ta l supplies in 1966 to w e ll over fo u r- f ifth s in 1974, and home-produced mutton and lamb from 45 per cen t, in 1966 to 54 per cen t, in 1974. The tra d itio n a l im porter, a lready h it by the ban on bone- in imports from South Am erican suppliers in 1968, has sought as a consequence o f the sh ift in sources o f meat supplies to become more invo lved in the hom e-k illed fresh meat trade . This they have done by acqu iring both slaughtering wholesalers (operating th e ir own abatto irs) and non-slaughtering wholesalers who deal a t meat markets as commission agents.

7 .1 7 : Some data are a va ila b le on the gross and net margins o f importersand wholesalers from the Verdon-Sm ith and the Price Commission reports fo r the 1958-62 and1970-74 periods (Table 7 .5 ) . For importers, the average gross margin was 8 .17 per cent, in 1960-62, a lthough th e ir average net p ro fit margin was on ly 0 .2 3 per cen t, (in one year, i t was a loss). By 1971-74, despite much lower gross margins, th e ir net margins averaged 0.81 per c e n t. , the actua l le v e l, however, increasing on ly from 0 .6 6 per cen t, in 1971 to 0 .7 3 per cen t, in 1974. For slaughtering wholesalers, the 1958-62 average gross margins were 7 .7 8 per cen t, and net margins 1.68 per c e n t.; both were lower in the 1971-74 period , a lthough in 1974 the ir gross margins were up on 1971 and the ir net margins about tw ice as large as three years e a r lie r . Data on the margins o f non-slaughtering wholesalers are on ly a va ila b le fo r the1971-74 period: th e ir gross and net margins were above those o f the wholesalers w ith aba tto irs .

* C .M . Palmer: D is tribu tive Margins for M eat in G rea t B rita in , (A g ricu ltu ra l Economics U n it, U niversity o f Exeter, Report N o . 194, M ay 1975), p . 67.

+ The W holesale Trades in 1965, o p .c it .

0 Committee o f Inquiry in to Fatstock and Carcase M eat M arketing and D is tribu tion , (H M SO , Cmnd. 2282), February 1964.

Meat Wholesaling

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7 .1 8 : The largest concern in meat importing and wholesaling is UnionIn ternational through W . W eddell & Co. Ltd. (im porting) and British Beef C o. L td. and W . Devis & Sons Ltd. (wholesaler slaughterers). Thomas Borthw ick & Sons Ltd. have added slaughtering to th e ir meat importing businesses, a lthough th e ir UK sales o f £81 m illions in1974 represented on ly tw o -fifth s o f the ir to ta l tu rnover. The leading wholesaler o f domestic meat is the FMC L td ., a company formed by the N a tiona l Farmers Union in 1954, and which became a pu b lic company in 1962 a fte r acqu iring Marsh & Baxter Ltd. In 1973, the FMC owned 100 abatto irs and packing stations as w e ll as being B rita in 's largest bacon curers, and its to ta l external sales doubled from £133 m illions in 1968 to £270 m illions in 1974.

7 .1 9 : Another concern w ith an important stake in the meat trade is S. &W . Berisford Ltd. w hich operates as slaughtering wholesalers through C ity M eat Wholesalers L td ., to w h ich it added the Sm ith fie ld and Zwanenberg G roup Ltd. in 1973. Brooke Bond Liebig L td ., as an established importer o f meat fo r wholesaling as w e ll as processing, acquired the domestic slaughterers, the Chard Meat Co. about the same tim e .

7 .2 0 : The M eade-Lonsdale Group L td ., w h ich became a subsidiary o fSpillers Ltd. in 1969 is heav ily invo lved in the meat trade as co ld -s to re operators, importers, slaughterers and wholesalers, w h ile Matthews Holdings Ltd. operates as importers, slaughterers and wholesalers through Henry S. F itte r & Sons Ltd. as w e ll as a 39 per cen t, interest in A .J . M ills (Holdings) L td ., which operates meat wholesaling and importing businesses among its trading companies.

7 .21 : Another important wholesale business is Towers & Co. L td ., a UKsubsidiary o f the New Zealand company o f the same name, whose turnover doubled between1968 and 1974 when it amounted to £20 f m illio n s . Eastwood Thompson L td . , a subsidiary o f J .B . Eastwood Ltd. by acqu is ition o f B. Thompson Ltd. in 1972 claim ed an annual turnover o f around £50 m illions in 1975 as importers, exporters, processors and distributors o f meat and p o u ltry . F in a lly , mention must be made o f J .E . Sanger L td . , which was on ly incorporated in February 1969 but trading in c h ille d and frozen meat on an in te rna tiona l scale achieved a s ix fo ld increase in turnover between 1969/70 and 1974/75 when it came to over £29 m illio n s .

Conclusion

7 .22 : Considerable changes have occurred in meat marketing in recent years,w ith consequential changes in the organisation o f the slaughtering and wholesaling trade. A t the re ta il end, the trade has been affected by loss o f sales to supermarkets and the e ffec t o f rapid price-increases on levels o f consumption. Smaller re ta il butchers have gone out o f existence, but in the m ain, the p rinc ipa l change has been tha t the larger m ultip les have grown a t the expense o f the smaller m u ltip les.

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GREENGROCERS, FRUITERERS

7.2 3 : The number o f greengrocers' and fru ite re rs ' shops fe ll by over one-quarter between 1961 and 1971, but perhaps even more noteworthy was the ha lv ing o f the number o f m ultip les in this trade from 37 in 1961 to 19 ten years la te r. Between 1961 and 1966, when the number o f m ultip les fe ll by f iv e , these organisations s lig h tly increased the ir share o f the to ta l trade, but as Table 7 .6 shows, in the next f iv e years it fe ll from 7 per cen t, to 4 i per cen t. No la te r data on the d iv is ion o f the trade are a va ila b le from the o ff ic ia l s ta tis tics , but the m u ltip les ' share in 1971 was smaller in th is trade than any o f the other fresh food traders w ith the exception o f fishmongers, poulterers.

7 .2 4 : The average sales per shop o f the m u ltip le greengrocers were nearlyn ine-tenths higher than those o f the independents in 1961, and in 1971, s t i l l as much as fo u r-f if th s h igher. The m ultip les enjoyed higher gross margins than the independents in both 1961 and 1971, although the d iffe re n tia l narrowed during the pe riod . On the other hand, the m u ltip les rate o f s tock-turn fe ll between 1961 and 1971, w h ile that o f the independents rose. Even so, the gross p ro f ita b il ity index o f the m ultip les was s t i l l 10 per cen t, higher than that o f the independents in 1971, as compared w ith 63 per cen t, h igher in 1961.

7 .2 5 : The PIB Report N o . 165 showed that for a small sample o f m u ltip lere ta il greengrocers' shops, the gross percentage margin (on sales) averaged 30.1 per cen t, in 1967-69, and that th e ir net margins averaged 14.2 per cen t. Another sample o f independent greengrocers' shops w ith average gross margins o f 22.1 per cen t, had net margins averaging9 .7 per cen t. But for three m u ltip le greengrocery organisations whose gross margins averaged 3 1 .8 per cen t, over a ll th e ir re ta il a c t iv it ie s , the net margin was as slow as 0 .2 per cen t, fo r the same three years, 1967-69. A Price Commission investigation carried out in 1974 and1975 however, presented the fin a n c ia l results fo r fiv e m u ltip le organisations in 1973 and 1974. On an average turnover o f £ 1 .3 m illions for the two years combined, the weighted average gross margin came to 34 .0 per c e n t. , but the net margin (p re -tax) was s t il l as low as 1.7 per cen t. Even so, the return on cap ita l employed a t this level o f p re -ta x pro fits was14.7 per c e n t.*

7 .26 : In 1961, out o f the 37 m u ltip le organisations there were on ly 6 w ith50 or more shops, a lthough the average number o f outlets came to nearly 110 ap iece . The leading specia lis t m u ltip le re ta ile rs in 1971 were Gerrards Ltd. and T. Walton (London) Ltd. covering London and the Home Counties, M alco lm Campbell Ltd. (Scotland), Wm. Ross Ltd. (Lancashire and N . Wales) and W aterworth Bros. L td ., a subsidiary o f Fine Fare Ltd. (N o rth W ales, N orth West and the M id lands). In a d d itio n , however, i t is probable that most o f the 350 outlets o f MacFisheries Ltd. were classified to this trade in 1971 (see also para. 7 .4 4 be lo w ).

Fruit and vegetable wholesaling

7 .27 : In 1965, there were 2 ,630 fru it and vegetable wholesalers in G reatB rita in w ith to ta l receipts o f £468 m illio n s . There were, however, on ly 46 wholesalers w ith to ta l receipts o f more than £1 m illio n , but c o lle c tiv e ly they accounted for one-quarter o f the to ta l trade. + In the Prices Commission Report N o . 5 , f in a n c ia l data fo r 1973 and 1974 are

* Price Commission: Report N o . 5: Prices, Margins and Channels o f D is tribu tion for Fruit and Vegetables (H M SO , 1975)

+ W holesale trades in 1965, o p .c it .

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given fo r 7 nationa l w ho lesa le /d is tribu tive organisations, 18 regional market wholesalers (operating from one or two regional prim ary markets and se lling both to re ta ile rs and other wholesalers, trad ing as secondary wholesalers fo r imported produce but as prim ary wholesalers fo r home-grown produce purchased d ire c t from growers), and 16 regional d is tr ib u tive w hole­salers operating outside markets and de live ring v ir tu a lly a l l the ir produce to re ta il and other ou tle ts .

7 .2 8 : There were large d ifferences in the turnover o f the 7 nationa loperators (averaging nearly £18 m illio n per firm in 1973-74) and that o f the 18 regional market wholesalers (£ 1.1 m illio n ) and the 16 regional d is tr ib u tive wholesalers (£2.1 m illio n ) . As can be seen from the report, the percentage gross and net margins were highest for the regional d is tr ib u tive wholesalers, and th e ir return on cap ita l employed averaged 25 per cent, in the two years. The lowest margins were achieved by the regional market wholesalers, but th e ir return on cap ita l averaged about 28* per cen t. F in a lly , the nationa l w h o le sa le / d is tr ib u tive organisations w ith lower net margins than the regional d is tr ib u tive wholesalers achieved the highest return on cap ita l o f over 31* per cen t.

7 .2 9 : Among the leading importers a n d /o r d istributors o f fru it andvegetables are Geest Industries Ltd. and the Fyffes G roup Ltd. (dom inating the banana trade), D e ltec Foods L td ., T .J . Poupart L td ., Glass G lo ve r L td ., Donald Cook Ltd. (part o f Union In ternational L td .) , Fresco Foods L td ., M & W M ack L td ., and before going in to liq u id a tio n , the FPE Group Ltd.

Conclusion

7 .3 0 : The greengrocery, fru ite re rs1 trade is s t i l l predom inantly the provinceo f the small re ta il business. M u ltip le s are less im portant than in most other fresh food trades, and there is on ly a handful o f large m u ltip les , none o f them being nationa l in the scope o f the ir a c tiv it ie s .

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BAKERS

7 .3 1 : The re ta il bakery trade, according to the Census o f D is tribu tion ,comprised nearly 15,600 shops in 1961, and a fte r an increase in th e ir numbers (u n like any o f the other fresh food trades) to 1966, the to ta l fe ll to 15,200 in 1971. The number o f m u ltip le re ta il organisations also increased between 1961 and 1966, but declined by nearly o n e -th ird to 108 in 1971. From Table 7 .7 , it w il l also be seen that a fte r losing ground between 1961 and 1966, the independents' share rose above the 1961 level by 1971, a lthough the trend was reversed again in the next four years. Even so, the m u ltip les ' share o f the re ta il bakers' trade was on ly s lig h tly higher in 1975 than in 1961.

7 .3 2 : It should, however, be noted a t this stage that in 1971 the re ta ilbakery shops belonging to the independents and the m ultip les accounted fo r under 45 per cen t, o f the p riva te sector's trade in bakery products, as compared w ith 40 per cen t, claimed by grocery shops.

7 .3 3 : The percentage gross margin o f both m ultip les and independents washigher in 1971 than in 1961, the improvement being greater for the m u ltip les . On the other hand, the stock turn rate s lig h tly declined for both types o f trade during the same period.Even so, the gross p ro f ita b il ity index rose by 15 i per cen t, fo r the independents between 1961 and 1971, and by over 23 per cen t, for the m u ltip les , the la tte r increasing the ir advantage a t the same tim e.

7 .34 : Accord ing to the Census o f D is trib u tio n , there were on ly 25 m u ltip lebakery organisations w ith more than 50 establishments in 1971, accounting for 57 per cen t, o f the m u ltip les ' trade. But the average number o f establishments operated by these 25 large concerns was nearly 100, and the turnover per organisation averaged nearly £2^ m illio n s . In fa c t, it is known that one concern - the A ll ie d Bakeries G roup, part o f Associated British Foods Ltd. - a lone had nearly 2 ,500 throughout the United Kingdom in 1971, w h ile Spillers Ltd. through United Bakeries Ltd. had over 250 shops and Ranks Hovis M cD ougall (RHM) perhaps as many as 600. Among other large re ta il bakers at tha t time were D .S . Crawford Ltd. (part o f United Biscuits L td .) w ith over 230 re ta il shops in Scotland and A .D . Wimbush & Son Ltd. w ith 120 shops in the West M id lands.

7 .3 5 : The circumstances whereby the large flo u r-m illin g combines becameincreasing ly invo lved in the ownership o f re ta il outlets have been described elsewhere. * U nfortuna te ly , however, no separate sales or fin a n c ia l data are a va ila b le for the re ta il bakery interests o f the various groups, so that i t is not possible to be precise about the ir re la tive shares o f the trade's tu rnover. However, i t is u n lik e ly that the combined share o f the three largest in te rests- A ll ie d , United Bakeries, British Bakeries (RHM) - came to less than one -th ird o f the to ta l p riva te re ta il bakery sales in 1971.

7 .3 6 : However, in terms o f the to ta l volume o f bread sales - taking in toaccount the ir sales through other than th e ir own re ta il outle ts - the re la tive importance o f the three largest groups was considerably h igher. A ccord ing to a PIB report published in 1970, the ir combined share o f the 1969 volume o f bread sales was as high as 61 per cent.(See Report N o . 151, Bread Prices & Pay in the Bakery Industry).

See Chapter 5: G ra in M il l in g . A Study o f the Evolution o f Concentration in the Food Industry fo r the United Kingdom, Part 2 , V o l. 1 (Commission o f the European Communities, O ctober 1975).

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By 1974, the ind ica tions are that th e ir combined share had increased to 76 per cen t. Furthermore, the largest o f the three concerns in 1971 was British Bakeries (RHM) w ith 25 per cen t, o f to ta l bread sales, but A ll ie d Bakeries was close behind w ith 24 per cen t. Each increased th e ir share by 1 percen tage-po in t between 1971 and 1974, but United Bakeries (Spillers) nearly doubled the ir share from 12 per cen t, to 24 per cen t. This has been due p rim a rily to the S p ille rs ' merger w ith J .W . French Ltd. in 1971, which gave them the bread-m aking businesses form erly belonging to the Cooperative W holesale Society Ltd. and J . Lyons & Co. Ltd. These last two named concerns had the th ird and fourth largest shares (7 per cen t, and 1^ per cen t, respectively) o f bread sales in 1969.

7 .3 7 : More re ce n tly , a report o f the M onopolies and Mergers Commission onFlour and Bread* has been published, w hich suggests tha t the "Big Three" bakery groups were responsible fo r 62 per cen t, o f the to ta l bread market in la te 1976, w ith the remainder being d iv ided between independent p lan t bakers (11 per c e n t.) and master bakers (27 per c e n t.) .But whereas the "Big Three" held more than fo u r-fifth s o f the standard bread m arket, th e ir share o f non-standard bread sales was less than one-qua rte r, the la tte r sector being dominated by the master bakers.

* M onopolies and Mergers Commission: Flour and Bread, (H M SO , 1977), Table 2 .6 , p .23.

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DAIRYMEN

7 .3 8 : Between 1961 and 1971 the number o f establishments - in the m ain,the depots from w hich m ilk d e live ry roundsmen operate - classified as dairymen in the Census o f D is tribu tion more than halved from over 7 ,000 in 1961 to 3 ,400 in 1971. There was also a fa ll in the number o f organisations: the independents by nearly o n e -h a lf to under 2 ,700 in 1971, and the m ultip les by th re e -fifth s from 25 in 1961 to on ly 10 in 1971. As can be seen from Table 7 .8 , there was a substantial rise in the m u ltip les1 share o f to ta l sales between 1961 and 1966, but by 1971 part o f th e ir gain had been lost again and the ind ica tions are tha t the process has continued since 1971.

7 .3 9 : In pa rt, these developments can be a ttr ibu ted to the closure o f manyo f the re ta il shops (as d is tin c t from depots) operated by some o f the larger m ultip les since 1966, and the increasing proportion o f sales o f fresh m ilk and cream being sold through supermarkets and other grocery shops rather than by home d e liv e ry . In 1961, 92 per cen t, o f the p riva te trade in fresh m ilk and cream went through dairymen and another 7 per cen t, through grocers; by 1971, the dairym en's share had dropped to 85 per cen t, and the grocers' share increased to 12 per cen t. In a d d itio n , whereas nearly o n e -f if th o f the dairym en's business in 1961 came from other goods (p r in c ip a lly groceries) in 1971 th e ir con tribu tion was down to o ne -ten th , despite the efforts o f dairymen to increase the sale o f such items as bread, bu tte r, eggs, yoghurt, ch ickens, potatoes on the ir house-to-house de live rie s .

7 .40 : The most s trik ing contrast between dairymen and other fresh foodtrades is the large s ize -d iffe rence that exists between the establishments o f the m ultip les and the independents. In 1961, the sales per establishment o f the m ultip les were a lready more than four times those o f the independents, but by 1971, they were more than ten times as g rea t. These s ize-d iffe rences re la te to a d iffe rence in the function o f the two types o f dairymen: the independents are predom inantly buyers and distributors o f bo ttled m ilk ; the m u ltip les , on the other hand, are the processing da iries , hea t-trea ting and b o ttlin g m ilk a t centra l dairies and d is tribu ting the bottled m ilk to town depots from w hich the re ta il rounds are operated. For the la tte r, there are techno log ica l economies o f scale in the processing da iries , w ith each being capable o f supplying 20 or more sa te llite re ta il depots, w h ile the d a ily ga llonage handled by the la tte r is l ik e ly to g rea tly exceed that o f the typ ica l b o ttle d - m ilk buyer.

7 .41 : From Table 7 .8 i t w i l l be seen tha t both independents and m ultip leshad substantia lly higher gross margins in 1971 than in 1961, the improvement being re la tiv e ly greater fo r the m u ltip les . Both also had higher rates o f stock turn in 1971 as w e ll, a lthough the m u ltip les ' s tock-turn rate rose by fo u r-fifth s as compared w ith on ly o n e -f if th for the independents. Consequently, the gross p ro f ita b il ity o f the m ultip les was three-tenths higher than than o f the independents in 1971, whereas in 1961 the independents' gross p ro f ita b il ity was one-s ix th higher than the m u ltip les .

7 .4 2 : In 1971, the fiv e largest m u ltip le organisations together accountedfor 441 establishments and as much as 60 per cen t, o f the p riva te dairym en's to ta l tu rnover. The largest o f these fiv e concerns was Unigate Ltd. and the second largest, Express D airy Co. L td . , part o f G rand M e tropo litan Hotels Ltd. since 1969. In th ird p lace came Northern Dairies Ltd. (renamed Northern Foods Ltd. in 1971), fo llow ed by Associated Dairies Ltd . and C lover Dairies Ltd. W ith qu ite w id e ly d iffe rin g interests in m ilk wholesaling and manu­fa c tu rin g , these fiv e concerns have continued to dom inate the re ta il da iry trade since that da te , a lthough there are no separate sales or fin a n c ia l data a va ila b le for this side o f th e ir operations.

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FISHMONGERS, POULTERERS

7 .4 3 : The smallest o f the fresh food trades distinguished by the Census o fD is tribu tion comprises fishmongers and poulterers, and between 1961 and 1971 not on ly did the number o f establishments classified as such fa ll by nearly one-quarte r but the value o f th e ir sales rose by as l i t t le as 6 per cen t. As can be seen from Table 7 .9 , sales d id in fa c t rise by nearly tw o -fifth s between 1961 and 1966, on ly to fa ll away again sharply in the next fiv e years. In a d d itio n , the m u ltip les ' share o f to ta l p riva te sector's sales rose from under 23i per cen t, in 1961 to nearly 36^ per cen t, in 1966, but by 1971 the ir share had dropped to 4 per cen t. This fa l l in the re la tive importance o f the m ultip les derives, in pa rt, from a drastic reduction in the number o f th e ir outle ts (from 462 in 1966 to on ly 94 in 1971), but the average sales o f the m ultip les ou tle t in 1971 were also under tw o -fifth s o f what they were in 1966.

7 .4 4 : W h ile the leading specia lis t m u ltip le in th is trade - MacFisheries Ltd. - has closed a great many o f its smaller shops, it is probable tha t changes in the product-range o f its remaining larger outle ts has led to th e ir rec lass ifica tion as e ithe r grocers or greengrocers, fru ite rers (w ith fish) by 1971. C e rta in ly the dram atic fa ll in the m u ltip les ' rate o f s tock-tu rn between 1961 and 1966 indicates a d ive rs ifica tio n o f th e ir range in to other foods, and the fa c t tha t th e ir 1971 stock-tu rn was c lose ly comparable to its 1961 level suggests that those outle ts s t i l l classified to the trade are again more specialised fishmongers' shops.

7 .4 5 : It is notew orthy, too , that in 1971 nearly fo u r- f ifth s o f theindependent businesses had on ly one shop, as compared w ith l i t t le more than tw o -th irds in 1961, despite a 15 per cen t, fa ll in the number o f single-shop businesses during the same period . M oreover, w ith on ly 94 outle ts belonging to 6 m u ltip le organisations in 1971, i t is ev ident tha t none o f them has a large number o f shops.

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SUMMARY

7 .4 6 : There is considerable d ive rs ity in the experience o f the fresh foodre ta il trades from many points o f v ie w . W ith the exception o f the dairym en, the trend in the volume o f sales between 1961 and 1975 has been downwards, and m arkedly so in the case o f fishmongers, poulterers and greengrocers, fru ite rers (see Table 7 .1 ) . W h ile the number o f re ta il businesses and establishments have fa lle n between 1961 and 1971 in a ll the fresh food trades, the decrease has been m inimal in the bakery trade and com parative ly small among butchers, whereas the fa ll in the case o f the dairymen has been around o n e -h a lf by both measures.

7 .4 7 : As can be seen from Table 7 .1 0 , the m ultip les share o f trade salesrose among dairym en, butchers and, in a ll p ro b a b ility , greengrocers between 1961 and 1971, but declined in the bakery and fishmongery trades. Since 1971, however, the trend in the m u ltip les ' share has a lte red for the three trades where the data are a v a ila b le . The sales concen tra tion -ra tios for the largest m ultip les in four o f the fiv e trades are also g iven in Table 7 .1 0 , the trend being markedly upwards among dairymen and butchers, s lig h tly down­wards among greengrocers and m arkedly lower among fishmongers.

£ M

illio

ns

at 19

71

pric

es

- 105 -

TABLE 7.1

Changes !n volume o f sal es by fresh food reta ilers, 1961-75

£M il lions at 1971 prices

1961 1971 1975

1961-75change

%

Dairymen 311 396 418 + 34.4Butchers 837 858 816 - 2 .5Fishmongers, poulterers 117 81 76 - 35.0Greengrocers, fruiterers 370 361 304 - 17.8Bakers 311 298 285 - 8 .4

A ll 1,946 1,994 1,899 - 2 .4

- 106 -

TABLE 7 .2

Butchers: O rganisations, establishments, sales, gross margin and s tock -tu rn , 1961-75

1961 1966 1971 1975

N o . o f o rgan isations: Independents M u lt ip le s

2 6 ,1 8 885

• • •

822 3 ,6 6 2

71 . . .

N um ber o f establishm ents 3 6 ,1 9 2 3 2 ,8 8 3 3 1 ,5 3 6

To ta l sales (E M îllîo n s ) 5 5 3 .5 6 6 5 .9 8 5 8 .4 1460.9

Independents' share (%) Establ îshments To ta l sales

8984

8782

8781 81

M u lt ip le s ' share (%) Establishments To ta l sales

1116

1318

1319 19

Sales per shop (£) Independents M u lt ip le s

1 4 .621.2

1 9 .02 8 .7

2 5 .43 9 .6

1 5 .3 20.2 2 7 .2

Gross pe rcen tage m argin Independents M u lt ip le s

on sales (% )2 1 .725 .1

21.22 5 .4

2 3 .62 5 .8

A l l 2 2 .3 22.0 24 .1 0

Rate o f s to ck -tu rn (Times Independents M u lt ip le s

per annum)106 .5

3 8 .71 0 9 .4

3 3 .28 0 .03 4 .4

• • •

• • •

A i l 8 1 .3 7 7 .6 6 4 .0

- 107 -

TABLE 7 .3

M u lt ip le Butchers: number o f organisations, establishments and sales, bynumber o f shops, 1961 and 1971 __________________________________________

No. o f organisations Establishments Total Sales

1961 1971 1961 1971 1961 1971

% % % %

10-19 shops20-4950-99100 or more shops

6315

i 7

451736

2011

!

14*125*

68

2213*

j 64*

16*12*5

66

85 71 100 100 100 100

TABLE 7 .4

Butchers: Gross and net percentage margins, 1958-74

Average for period: Actua l:

1958-62 1967-69 1971-74 1971 1974

G ross-margins:

IndependentsM ultip les

20.0621.86

24.5723.17

20.5124.46

23.7625.75

23.9223.56

N et margins:

IndependentsM ultip les

6 .663.96

7.375 .10

5.414.26

5 .404.01

5 .934.53

- 108 -

Gross and net margins o f wholesale butchers, 1958-74

TABLE 7 .5

ImportersSlaughteringWholesalers

Non-slaughteringWholesalers

Gross margins: 1958-62 8.17 * 7 .78

1971-74 5.11 5 .57 6 .68

1971 5.25 5 .25 6.621974 4.73 6.09 6.92

Net margins: 1958-62 0.23 * 1.68 • • •

1971-74 0.81 1.29 1.60

1971 0.66 0.88 1.301974 0.73 1.75 2.05

* Average for the three years, 1960-62 on ly.

- 109 -

TABLE 7 .6

Greengrocers, fru iterers: O rganisations, establishments, sales, gross marginsand s tock -tu rn , 1961-71_________ _________ ________ ______ ____________________

1961 1966 1971

No. of Organisations Independents M ultip les

26,58237 32

20,22019

Number o f Establishments 31,441 25,861 22,902

Total Sales (£ M illions) 271.7 292.6 360.4

Independents' share (%) Establishments Total sales

969 3 i

9693

9 7 i9 5 i

M u ltip les ' share (%) Establishments Total sales

462

47

2*4 i

Sales per shop (£000) Independents M ultip les

8 .415.8

11.018.2

15.427.9

Gross percentage margin on sales (%)

IndependentsM ultip les

20.5 ) 27 .8 ) 22.6 ( 25 .6

( 31.921.0 22.6 25.9

Rate o f stock-turn (Times per Independents M ultip les

annum)44.353 .3

53.148.8

49.944.2

44 .8 52 .7 49.6

- 110 -

TABLE 7 .7

Bakers: O rganisations, establishments, sales, gross margins and s tock -tu rn , 1961-75

1961 1966 1971 1975

N o . o f O rgan isa tions Independents M u lt ip le s

8 ,2 1 4138 157

8 ,1 3 2108

N o . o f Establishments 15 ,583 16 ,513 15,211

Tota l Sales (E M illio n s ) 1 9 8 .4 2 6 2 .6 2 9 8 .0 4 9 7 .7

Independents ' share (% ) Establishments T o ta l sales

726 1 *

6657

7 2 *6 3 * 6 0 *

M u lt ip le s ’ share (%) Establishments T o ta l sales

283 8 *

3443

3 7 *3 6 * 3 9 *

Sales per shop (£000) Independents M u lt ip le s

10 .917 .4

13 .819 .9

17.12 6 .0

Gross percen tage m argin Independents M u lt ip le s

on sales (% )4 0 .44 3 .8

4 0 .65 0 .4

4 7 .35 5 .7

. • • •

4 1 .8 4 4 .8 5 0 .4 • • •

Rate o f s to c k -tu m (Times Independents M u lt ip le s

per annum)3 5 .54 8 .8

3 9 .44 6 .7

3 5 .04 7 .3

4 0 .2 4 2 .3 3 8 .6 • • •

- I l l -

TABLE 7 .8

Dairymen: O rganisations, establishments, sales, gross margins and stock-1-urn, 1961-75

1961 1966 1971 1975

N o . o f O rgan isa tions Independents M u lt ip le s

5 ,0 6 625

• • •

242,688

10

N o . o f Establishments 7 ,0 2 4 4 ,6 8 7 3 ,4 1 7 . . .

Tota l Sales (£ M illio n s ) 2 6 1 .4 3 1 5 .2 3 9 5 .5 5 8 6 .0

Independents' share (% ) Establishments T o ta l sales

7643

6832

85 35 i (4 0 i)

M u lt ip le s ' share (% ) Establishments T o ta l sales

2457

3268

156 4 i (59*)

Sales per estab lishm ent (£000) Independents M u lt ip le s

21.288.1

3 1 .7143 .7

4 8 .55 0 0 .6

Gross percen tage m argin on sales (%) Independents M u lt ip le s

21.120.1

2 2 .42 4 .4

2 6 .72 6 .0

. . .

2 0 .5 2 3 .7 2 6 .2 . . .

Rate o f s to c k -tu rn (Times a year) Independents M u lt ip le s

6 7 .25 9 .9

102 .95 7 .9

8 1 .7 1 0 8 .4

6 2 .4 6 7 .4 9 9 .3

- 112 -

Fishmongers, pou lte re rs : O rgan isa tion s , estab lishm ents, sa les, gross m argins and s to c k - tu rn , 1961-75__________ __________ __________ ______________ _______________________

TABLE 7 .9

1961 1966 1971 1975

N o . o f O rgan isa tions Independents M u lt ip le s

4 ,6 2 88 8

3 ,9 7 26 . . .

N o . o f Establishments 6,100 5 ,5 3 8 4 ,6 5 8 . . .

Tota l Sales (£Mns) 7 6 .6 106.1 8 1 .4 131.1

Independents ' share (% ) Establishments To ta l sales

9 1 .17 6 .6

9 1 .76 3 .6

9 8 .09 6 .4

• ♦ •

M u lt ip le s ' share (%) Establishments To ta l sales

8 .92 3 .4

8 .33 6 .4

2.04 .0

Sales pe r estab lishm ent (£000) Independents M u lt ip le s

3 .333 .1

1 3 .38 3 .6

17 .231.1

. . .

Gross pe rcen tage m argin on sales Independents M u lt ip le s

(%)2 4 .32 4 .7

• ♦ • 2 7 .83 0 .5

• ♦ •

2 4 .4 2 5 .9 2 7 .9

Rate o f s to ck -tu rn (Times per annum) Independents M u lt ip le s

1 33 .05 8 .4

9 8 .31 5 .7

7 3 .95 9 .1

• • • '

101.1 3 3 .7 7 3 .3 • • •

- 113 -

TABLE 7 .1 0

Changes In m u ltip les and largest m u ltip les ' share o f fresh food re ta il trades, 1961 and 1971

1 9 6 1 1 9 7 1Trend in Sales

N o . o f N o . o f C oncen tra tio norgan is - Share o f o rgan is ­ Share o fa t ions Sales a tions Sales 1961-71 1971-75

D A IR Y M E N A l l M u lt ip le s Largest M u lt ip le s

2512

5747

105

6 4 i60

++

-

BUTCHERSA l l M u lt ip le s Largest M u lt ip le s

857

1 5 i10

716

19121

++

K

BAKERSA l l M u lt ip le s Largest M u lt ip le s

1387

3 8 i 10825

3 6 i21 ?

+

GREENGROCERS A l l M u lt ip le s Largest M u lt ip le s

376

6i3 i

199

4±3 i

+ . . .

FISHM O N G ER S A l l M u lt ip le s 8 2 3 i 6 3 i - • • •

K = Constant

? = N o t ce rta in

. . . = U n a va ila b le

- 115 -

8: COOPERATIVE SOCIETIES

8 .1 : Cooperative socie ties, wholesale and re ta il, p lay a s ig n ifica n t rolein food d is tribu tion in G reat B rita in , and in this Chapter it is intended to review the changes in th e ir organisational structure and trade-shares that have occurred during the last quarter o f a cen tu ry . H is to r ic a lly , the development o f cooperation commenced in productive a c tiv it ie s w ith an involvem ent in re ta il trading as an offshoot, but it was in re ta ilin g that great strides were made in the la tte r h a lf o f the 19th cen tu ry . Their methods o f doing busi­ness changed l i t t le from the ir in cep tion . The re ta il societies aimed:

"a t p rovid ing th e ir members w ith the necessities o f l i fe , charged a t current market prices, and - a m atter o f p rin c ip le - cash had to be paid for the goods, no c red it being a llo w e d . A ny surpluses that m ight accrue were to be d is tribu ted to members as a d iv idend on purchases."*

By the turn o f the cen tu ry , the membership o f the re ta il societies was approaching the 2 m illio n mark, and the ir combined share o f na tiona l grocery and other food sales was at least 7 * per c e n t. , more than double the share o f the food m u ltip les . +

8 .2 : In the years im m ediate ly a fte r W orld War I, the Cooperativesocie ties ' share o f grocery and other food sales was s t i l l h igher than that o f the m u ltip les, but the position was reversed by the end o f the in terw ar-years when the m ultip les claim ed 16* per cen t, to the Cooperative 's 15 per cen t. The m ultip les continued to make headway in the years im m ediate ly a fte r the end o f W orld War II, but so did the Cooperative societies. A ccord ing to the 1950 Census o f D is tr ib u tio n , the Cooperative societies accounted for 23 per cen t, o f the sales o f grocery and provision shops in tha t year and 16 per cen t, o f the other fresh food shops, or 20 per cen t, o f to ta l food shops' sales. This compared w ith the m u ltip les ' share o f 21 per cen t, fo r grocery and provision shops, 15 per cen t, o f other fresh food shops, and 18* per cen t, o f to ta l food shops sales.

* J .B . Jefferys: Retail Trading in B rita in , 1850-1950 (Cambridge University Press,1954), p. 17.

+ J .B . Je fferys, op. c i t . , p . 19.

- 116 -

8 .3 : In 1950, there were 1,000 re ta il Cooperative societies w ith a to ta lmembership o f around 10 m illio n s . During the next decade, membership rose to 13 m illions but the number o f societies declined to 835 as a process o f ra tiona lisa tion by mergers among the smaller socie ties, or by small w ith larger societies, began to occur. Even so, more than one-quarter o f the 835 societies in 1961 had fewer than ten shops, accounting for on ly 2\ per cen t, o f the to ta l Cooperative re ta il sales o f just over £1 ,000 m illio n s . A t the other extreme, there were 67 societies w ith more than 100 shops ap iece w hich accounted for o n e -h a lf o f the to ta l Cooperative re ta il sales.

8 .4 : The p ro life ra tio n o f very small societies had long been id e n tif ie d asone o f the major sources o f weakness w ith in the Cooperative sector, faced w ith the grow ing com petitive pressures from the m u ltip les. O perating w ith in a lim ited trading area, and e ffe c tiv e ly precluded from most o f the com petitive benefits to be obtained from bulk buying, the smallest societies tended to ac t as a drag on the Movement as a w ho le . N o t that the larger societies were free o f organisation and trading problems; the apparen tly strong as w e ll as the obviously weak often found themselves w ith decreasing surpluses, and w ith them a shrinking d iv idend that they could declare for the ir members1 b e n e fit. As one commentator w ritin g in the m id-1960s put it:

"Inasmuch as the "d iv id e n d " is used as a means o f a ttra c tin g custom, every reduction is l ik e ly to lead to some, even i f on ly m arg ina l, reduction in trade , and th is , in tu rn , in the g iven circumstances, is l ik e ly to reduce the d iv idend s t il l fu rthe r. A v ic ious spiral is set up from w hich cooperative societies find it extrem ely d if f ic u lt to escape . . . . . As dividends and consequently trade fe ll o f f , the societies may have been tempted to m ainta in the a lleg ian ce o f the ir members by paying d ividends out o f reserves, thus weakening further th e ir a b i l i ty to meet the challenge o f competitors by jud ic ious in ve s tm e n t."*

8 .5 : An Independent Commission, chaired by the late Hugh G a its k e ll,produced an a u th o rita tive diagnosis o f the problems confronting the Cooperative movement in 1958, and in 1960 the Cooperative Union Ltd. produced a plan w hich recommended a pro­gressive reduction in the number o f societies to around 300. As can be seen from Table 8 .1 , th is target was not reached u n til 1971, a lthough the progress a fte r 1966 when the numbers stood a t just under 700 was rap id . Even so, in 1971 there was s t il l around one-quarter o f the existing societies w ith less than 10 shops, a lthough the larger societies (w ith a t least 100 shops) had increased the ir share o f to ta l Cooperative re ta il sales to nearly 62 per cen t, as compared w ith 50 per cen t, ten years e a rlie r.

8 . 6: The to ta l re ta il trade o f Cooperative socie ties, as can be seen fromTable 8 .1 , increased by o n e -f if th to nearly £1,215 m illions between 1961 and 1971. But this represented a d e c lin ing share o f to ta l re ta il trade: from 11 per cen t, in 1961 to under 9 * per cen t, in 1966, fa llin g s t il l fu rther to 7 * per cen t, in 1971.

* Sidney Pollard: The Cooperatives a t the Crossroads, Fabian Research Studies 245, 1965.

- 117 -

8.7: It has already been shown in Table 2.4 that the Cooperativesocieties1 share of total retail food sales which stood at 18i per cent, as late as 1957, fell away to 16 per cent, in 1961 and as low as 11 per cent, in 1971. Food sales have traditionally accounted for the largest proportion of Cooperative retail trade. In 1950, the food share was nearly three-quarters and in 1961, just over three-fifths, but by 197l it was down to 55 per cent.

8.8: Perhaps the most striking indication of the Cooperative societiesgrowing weakness during the 1960s can be seen in Table 8.2. In 1957, their total food sales came to £621.6 millions, but four years later they had increased by less than 1 per cent, to £626.8 millions. Between 1961 and 1971, they rose by under 7\ per cent., where­as price-increases during this decade would alone have produced a rise of over 50 per cent.In other words, the volume of Cooperative retail food sales declined by three-tenths between 1961 and 1971.

8.9: There have been some changes, however, in the composition of theirfood sales in both the long and the short-term. Groceries, processed meat and confectionery which accounted for 65 per cent, of Cooperative food sales in 1950 were down to 52 per cent, by 1966, recovering only slightly by 1971. On the other hand, sales of fresh milk and cream contributed 26i per cent, of total food turnover in 1971 as compared with 20 per cent, in 1961 and 15 per cent, in 1950. Otherwise the changes have been comparatively small, apart from a drop in the relative importance of bakery products between 1966 and 1971.

8.10: The changes in the number of Cooperative retail shops in each of thefood trades, and in their total sales, between 1961 and 1971 are shown in Table 8.3.Overall the number of food shops fell from nearly 33,000 in 1961 to just over 11,700 in 1971, a fall of nearly two-thirds. Each trade had fewer outlets in 1971 than in 1961, the relative decline being largest among greengrocers, bakers and fishmongers/poulterers. More striking is the decline in sales, even at current prices, of the same three trades, for despite increases of one-half in dairymen's sales and one-eighth for grocers, the overall increase in the sales of Cooperative food shops was under one-tenth.

8.11: Since 1971, the total sales of Cooperative food shops have risen tomore than £1,360 millions in 1975, or by 71 per cent, at current prices. (The number of food shops, on the other hand, fell from 11,700 in 1971 to around 9,000). The percentage- increase for dairymen was 29 per cent.; for butchers 62 per cent.; for grocers, 88 per cent.; but for the other three trades combined, there was a fall of 22 per cent. Allowing for price- increases, however, the Cooperative food shops1 trade actually fell in terms of volume by over 15 per cent, between 1971 and 1975. This contrasts with a fall in the volume of multiple food shops' trade of 7\ per cent, during the same period.

8.12: The Census of Distribution does not provide separate gross margin andstock-turn data for Cooperative food shops, but the Prices and Incomes Board data for 1967-69 suggest that the gross margins of a sample of Cooperative grocery branches at 16.7 per cent, were somewhat lower than achieved by a sample of multiple grocery branches (17.8 per cent.), while the Cooperative net margins at 3.9 per cent, compared with 5.3 per cent, for the multiples.*

Cooperative share of food sales

* PIB Report No. 165, Appendix E, Tables 4 and 6.

- 118 -

8.13: From the annual statistics published for individual retail Cooperativesocieties, it is possible to compare the degree of sales concentration among them and how it has changed during the last fifteen years or so. In Table 8.4 is shown the share of total Cooperative retail sales held by the 6 largest and the 4 largest retail societies at intervals during the 1961-75 period. Thus, the 6 largest societies in 1961 had a combined share of16.6 per cent, of total Cooperative retail sales, and this had increased to 20.7 per cent, by 1966, without any change in the identity of these largest societies. Between 1966 and 1971, however, the share of the 6 largest rose dramatically to 34 per cent., while by 1975 it had risen to 37.6 per cent. By 1975, the Portsea Island Society which held fifth place in 1966 had fallen out of the top 6, while a new regional society - the North Eastern, formed in 1970 by the amalgamation of 33 societies, of which the largest was Newcastle - ranked third after the Cooperative Retail Services Ltd. (CRS) and London. It should be mentioned that CRS Ltd. operates directly through some 27 branches in various parts of the country by virtue of taking-over the assets and liabilities of formerly autonomous societies which have at times in the past found themselves in financial difficulties.

8.14: For the largest societies it is possible to establish also how theircombined share of total Cooperative food sales has changed since 1968, with the results shown in Table 8.5. Their share of food sales :s slightly greater than their share of total sales, but the trend towards higher concentration in the largest societies is equally pronounced.

The Cooperative wholesalesale societies

8.15: The Cooperative Wholesale Society Ltd. (CWS) and the ScottishCooperative Wholesale Society Ltd. (SCWS) were both founded in the 1860s, to undertake the processing and production of goods for sale by the retail societies as well as carrying on activities as their wholesale suppliers. The retail societies were only under a moral obligation to buy through the wholesale societies, and with a widening range of commodities becoming available and a growing tendency for manufacturers to supply their largest customers direct, their dependence on the wholesale societies tended to decrease.

8.16: In Table 8.6 are shown the turnover data of the two wholesalesocieties for the 1961-74 period, from which it will be seen that the increase in their com­bined sales (at current prices) was less than 11 per cent, during this period. In mid-1973, the activities of the SCWS were absorbed into the CWS, and by 1974, the turnover of the CWS amounted to £912.6 millions, or about one-half more than in 1971. In 1973, more than three-quarters of the combined turnover comprised the sales of the Food Division, and the CWS is credited with supplying over three-fifths of the retail societies' requirements of packaged foods and groceries.

The largest retail Cooperative societies

- 119 -

Retail cooperative societies: Number and size-distribution, 1961 and 1971

TABLE 8.1

1961 1971

No. of Societies

Total reta i1 trade

No. of Societies

Totalretailtrade

£Mns £Mns

TOTAL 835 1012.2 313 1214.6

% % % %

Societies with:

Under 10 shops 100 - 199 100-1 99 200 or more

2765

> 8 ) 8

2.547.5

50.0

2462104

2.2 36. C 27.7 34.1

100 100.0 100 100.0

- 120 -

TABLE 8.2

Retail cooperative societies: Total food sales, 1950-71

1950 1957 1961 1966 1971

% % % % %

Groceries, processed meats,chocolate and sugar confectionery 65 56i 55 i 52 53?

Carcase meat, fresh fish, poultry 11 12 12 11 11Fresh fruit and vegetables 2i 3 i 4 4 31Bakery products 6i 9 8i 8i 5iFresh milk and cream 15 19 20 24i 26i

100 100 100 100 100

TOTAL C O O P , FO O D SALES (£ Mns) 438.4 621.6 626.8 623.0 673.3

TABLE 8.3

Retail cooperative societies: number and sales of food shops, 1961-71

1961 1966 1971 1961-71

No. No. No. Percent, changeof Sales of Sales of Salesshops £Mn shops £Mn shops £Mn Shops Sales

% %

Grocers 13.92 488.1 12.82 485.5 7.75 549.9 - 44 + 13

ButchersGreengrocersBakersDairymenFishmongers,

poulterers

6.001.461.150.700.17

67.814.538.5

117.91.3

5.311.100.980.660.12

65.211.136.8

147.21.3

2.850.320.300.450.05

49.05.7

12.8177.6

0.8

- 53- 78- 74- 36- 71

- 28 - 61- 67 + 51- 39

TOTAL FOOD SHOPS 32.90 728.1 20.99 747.1 11.72 795.8 - 64 4 9

- 121 -

Shares of largest Cooperative retail societies of total Cooperative retail sales, 1961-75

TABLE 8.4

1961 1966 1971 1975

Share of total Cooperative retail sales held by:

% % % %

6 largest societies 16.6 20.7 34.0 37.6

4 largest societies 13.5 17.1 27.6 31.2

Ranking of largest societies:

London 1 1 2 2CRS 2 2 1 1Birmingham 3 3 5 5RACS 4 4 3 4Greater Nottingham 5 6 6 6Portsea Island 6 5 (7) (8)North Eastern . . . 4 3

TABLE 8.5

Shares of 4 and 6 largest Cooperative retail societies of total Cooperative food sales, 1968-75 __________

1968 1971 1974 1975

Share of total Cooperative food sales held by:

6 largest societies 25.2 34.7 36.6 38.6

4 largest societies 20.7 30.2 30.3 32.4

- 122 -

Turnover of Cooperative wholesale societies, 1961-74

TABLE 8.6

£ Millions

CWS sew sCombined CWS and

se w s

1961 465.17 87.52 552.69

1966 490.94 90.35 581.29

1968 483.36 141.23 624.59

1971 526.02 85.77 611.79

1974 912.61 * 912.61

* Included with CWS following merger in 1973.

- 123 -

9: SALES CONCENTRATION IN THE RETAIL FOOD TRADES

9.1: Having examined in some detail the structure and performance of themultiples and independents in the grocery and fresh food trades separately, and in the immediately preceding chapter, the Cooperative societies as well, the stage has now been reached where it is possible to look at the broad division of the food trades between the three kinds of organisations, as well as the level of sales concentration achieved by the largest concerns.

9.2: In Table 9.1 is shown the relative shares of the food trades held bythe multiples, independents and Cooperative societies at intervals during the 1961-75 period. The advance of the multiples is clear: their share has risen from 25 per cent, in 1961 to 41 per cent, in 1975. The greater part of their gains has come from the independents, whose share fell from 57 per cent, to 47 per cent, during the same period, although the Cooperat­ives too have seen a reduction in their share from 18 per cent, to 12 per cent.

9.3: At the same time there has been a substantial fall in the number ofbusinesses among each of the three organisations. The number of multiple organisations declined by over one-third between 1961 and 1971 from 537 to 349, and the number of Cooperative societies by over three-fifths from 835 to 313. Thus, whereas the multiples1 and Cooperative combined share of 43 per cent, of food trade sales was shared among 1,372 businesses in 1961, their 49 per cent, in 1971 was handled by less than half that number. Among the independents, too, there has been a fall of over one-fifth in numbers between 1961 and 1971, although in 1971 at 141,150 they represented all but 0.5 per cent, of the total businesses.

9.4: The relative importance of the larger multiple and Cooperativeorganisations in 1971 can be seen from Table 9.2. In that year, the 36 largest multiples accounted for 26i per cent, of the total food shops1 trade and the 45 largest Cooperative societies for just over 7\ per cent. Thus, the 81 largest retail organisations together were responsible for well over one-third of the total food trade. At the other extreme, two- fifths of the total trade was shared among nearly 133,000 single-shop independent businesses.

9.5: There have been, however, divergent trends as between the grocerytrade and the fresh food trades as far as the division of sales between the three main types of

- 124 -

organisation is concerned. As can be seen from Table 9.3, the multiples1 share of the grocery trade has risen from under 29* per cent, in 1961 to over 49 per cent, in 1975, whereas since 1966 the multiples' share of the fresh food trades has fallen from 26* per cent, to little more than 23 per cent. Once again, in the grocery trade the multiples have taken trade in greater measure from the independents than the Cooperatives. Indeed, the Cooperative societies succeeded in increasing their share slightly between 1971 and 1975. Among the fresh food trades, the independents' increasing share since 1966 has come from both the multiples and the Cooperative societies.

9.6: From Table 9.4 which relates to the grocery trade, it will be seenthat the 19 largest multiple organisations alone accounted for one-third of the total sales in 1971, and that altogether well over two-fifths was controlled by these multiples and the largest Cooperative societies. This represents a high concentration not only of sales but also of buying power.

9.7: The tremendous changes in the concentration of buying power whichhas come about not merely from the advance of the multiples and the rationalisation among Cooperative societies but also from the activities of the voluntary groups can be seen from the data published by the A.C. Nielsen Company. From Table 9.5 it will be seen that there were 2,800 major buying points for the grocery trade accounting for 43 per cent, of total sales; by 1965, the number of points had halved but the proportion of total sales they represented had risen to 70 per cent. In the next five years, the number of major buyers had fallen to under 650 and their share of sales increased to 80 per cent. Indeed, 42 per cent, of the sales potential was held by just over 200 multiples, and another 23 per cent, by the 100-odd voluntary group wholesalers.

9.8: Since 1970 the proportion of total sales represented by the majorbuying points has gone on increasing, albeit slowly. But more significant has been the fall in the number of those buying points from 647 in 1970 to 383 in 1975. The multiples1 buying points have dwindled to 62, only three-tenths of their 1970 numbers, while their share of sales increased from 42 per cent, to 49 per cent. In fact, Neilsen credits the six largest multiples - Allied Suppliers, Asda, Fine Fare, International, Sainsburys and Tesco - with one-third of the total grocery trade potential in 1975, leaving less than one-sixth to be shared among the remaining 56 multiple grocers.

Advertising expenditures

9.9: Between 1968 and 1975, the total expenditure on press and TVadvertising by food retailers quadrupled, although there was relatively little change in its division between the two media, with press advertising accounting for three-fifths or more of the total. As can be seen from Table 9.6, the largest spenders have been the Cooperatives: nationally and locally, they accounted for over one-ha If of total food retailing expenditure in 1968, and still as much as one-third in 1975.

9.10: The total advertising spending of the eight multiple grocers named inTable 9.6 more than trebled from £1.81 millions in 1971 to £5.87 millions in 1975. The two largest spenders - Fine Fare and Tesco - were together responsible for three-quarters of the named multiples' total in 1971, but their share had dropped to two-thirds by 1973, and in 1975 was down to one-half. This was principally attributable to the relative large increases in spending between 1971 and 1975 by Allied Suppliers and International Stores: in 1975, their shares of total advertising were 17* per cent, and 14* per cent, respectively compared with 5 per cent, apiece in 1971.

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9.11: It will also be seen from Table 9.6 that the voluntary groups rankcomparatively high among the advertisers listed. In 1971, their combined expenditure amounted to £865,000, increasing thereafter by nearly three-fifths to £1,363,000 in 1975.

9.12: In comparison with their sales, the levels of advertising expenditureby food retailers are very low. In 1971, the combined spending by the eight named multiples was equivalent to only 0.14 per cent, of their sales, and while the proportion rose after 1971, it was still as low as 0.19 per cent, in 1974 and 0.22 per cent, in 1975.The highest ratio of advertising to sales applied throughout to Fine Fare, but even in its case, it only fluctuated around 0.5 per cent, while for Tesco, it was about 0.2 per cent.

Changes in sales concentration among grocery retailers

9.13: The next chapter of this Report comprises a detailed analysis ofchanges in concentration among food distributors using a number of different indicators, ranging from turnover to net profit and own means. The sample of distributors comprises quoted and unquoted companies but not Cooperative societies, the main reason for excluding the latter being the difficulty of apportioning their capital assets or profits between food and non-food distribution. Even among the quoted and unquoted companies, there are some integrated concerns whose financial data cannot be divided between their retail and other distribution activities, and which, therefore, have to be treated as a whole. Thus, given the fact that the measures of concentration presented in the second part of this Report relate to all the food distribution activities of the sample companies without distinction as between different trades or types of activity, it is instructive to examine the evidence of changes in concen­tration by the one measure (sales) whereby some sub-division of the sample as well as the inclusion of Cooperative societies becomes possible.

9.14: The first sub-division of the sample comprises grocery retailers whosesales exceeded £20 millions either in 1971 or in 1974. From Table 9.7, it will be seen that there were 28 experiences in the sample in 1969, of which 6 were Cooperative societies. A seventh Cooperative society in 1971 entered the sample in 1971, and in the following year there was one "death" counterbalanced by one "death" among the private sector experiences. The subsequent fall in the sample to 26 experiences in 1974 and 1975 is attributable to two further "deaths".

9.15: The total sales covered by the sample amounted to £1,513 millions in1969, more than doubling to £3,119 millions in 1974. In 1971, the sample's sales were equivalent to about 47 per cent, of total grocery trade sales; by 1975, nearer 52 per cent. Thus, it must be borne in mind that the sales concentration-levels presented in Table 9.7 refer to the top 45-55 per cent, of the grocery trade, and not to the whole. It will be seen that the share of the four largest experiences has fluctuated between 55 per cent, and 50 per cent, during the seven years 1969-75, with a downwards trend overall. For the eight largest experiences, there was a marked decrease in their sales concentration-ratio between 1969 and 1971, but if the 1975 provisional figures are ignored, there has been an upwards trend from 1971 through to 1974. The same applies to the share of the twelve largest experiences.

9.16: The Linda indices - which reflect the size-disparity of theexperiences concerned - show an upward trend among both the four largest and the eight largest, but a marked downward trend among the twelve largest. This confirms the tendency already commented upon in Chapter 5 for the medium and smaller grocery multiples to grow at a faster rate than the largest concerns, as well as the entry of newcomers to the sample, such as Carrefour.

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9.17: Apart from a number of entries to or departures from the 12 largest ex­periences, the number of experiences changing rank-order among them reached a peak of eight in 1971, the figures for the individual years being shown in Table 9.8. Two of the experiences among the top 12 in 1969 had disappeared through acquisition before 1974, and while there were four Cooperatives among the top 12 at the beginning of the period there were only two at the end. Two concerns - Fine-Fare and International - retained their fourth and fifth places throughout the period; otherwise, the changes in rank only amounted to one or two places.

9.18: The size-mobility among the experiences was greater taking the sampleas a whole, as can be seen from Table 9.9. Once again the peak number of changes in rank- order occurred in 1971, when three-quarters of the experiences were involved in a change of rank. But the maximum number of changes in rank of 2 or more points occurred in 1975, and the next largest in 1972.

9.19: The two experiences with the greatest improvement in their rankingduring the period were Asda and Kwik-Save with 14 points increase each; otherwise, the largest improvement of 7 points each were achieved by Safeways, Waitrose and Hillards. The largest falls in ranking, on the other hand, occurred for the Birmingham and Portsea Island Cooperative Societies with 10 points each.

Changes in sales concentration among other food distributors

9.20: A similar analysis has been carried out among other food distributorswhich may be regarded broadly speaking, as competitors with each other. The Cooperative Wholesale Society has been excluded partly by virtue of its predominant size compared with the other food distributors, but mainly because it is not competitive with the private sector businesses insofar as it does not supply private retailers but largely confines its activities to dealing with the retail societies.

9.21: Altogether the number of experiences included in this analysis, as canbe seen from Table 9.10, increased from 17 in 1969 to 18 in 1971 (by the entry of Makro into the sample), but fell to 16 as the result of amalgamations in 1974. The total sales represented by the sample increased from £623 millions in 1969 to £1614 millions in 1974.

9.22: It will be seen that the sales concentration-ratio for the four largestexperiences declined between 1969 and 1973, but increased slightly in 1974. The same down­ward trend was evident for the eight and the twelve largest experiences between 1969 and 1973, but the increase in 1974 was more marked for both groups than for the four largest.

9.23: The size-disparity of the four largest concerns at first increased, butsince 1972 it fell markedly with the upward movement in the concentration-ratio. There was, however, comparatively little change in the size-disparity of the eight largest experiences up to 1974, when it fell significantly with increased concentration. Finally, among the twelve largest experiences, the Linda index rose between 1969 and 1971, fell between 1971 and 1973, and rose slightly in 1974.

9.24: Changes in the identity of experiences among the 12 largest werecomparatively small, but as can also be seen from Table 9.11, there were considerable changes in rank-order among them in each of the years covered. Taking the whole sample, the proportion of experiences where the change in rank amounted to 2 or more points was, however, relatively small except, as Table 9.12 shows, in 1974.

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9.25: The two experiences registering the greatest improvement in rankingwere Booker McConnell (a gain of six places during the period), and Makro which had risen to twelfth position in the three years since it entered the field in 1971. The other note­worthy change was that second place in 1974 was held by Linfood, just ahead of Fitch Lovell, with Wheatsheaf continuing to hold the first position which it reached in 1970.

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TABLE 9.1

Shares of food shops' sales, by type of organisation, 1961-75

1961 1966 1971 1975

TOTAL FO O D SHOPS SALES (£Mns) 4,115 4,790 6,395 11,125

Shares of sales by: % % % %

Multiples 25 32 37 41

Independents 57 52* 50* 47

Cooperative societies 18 15* 12* 12

TABLE 9.2

Distribution of food shops sales, by type and size of organisations, 1971

No. of organisations

Food Shop Sales £Mns

Percent. of Total Food

Sales

Larger Organisations with %

more than 100 shops:Multiples 36 1,695 26.5Cooperative societies 45 486 7.6

81 2,181 34.1

Rest of large organisations:Multiples 313 697 10.9Cooperative societies 268 300 4.7

Single-shop independentbusinesses 132,924 2,563 40.1Other independent businesses(2-9 shops) 8,225 654 10.2

TOTAL 141,811 6,395 100.0

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TABLE 9.3

Shares of grocery and fresh food retailers1 sales, by type of organisation, 1961"75

Per cent.

1961 1966 1971 1975

Grocers and provision dealersMultiples 29.4 35.8 44.3 49.2Independents 50.0 47.4 42.5 37.1Cooperative societies 20.6 16.8 13.2 13.7

Fresh food retailersMultiples 19.7 26.5 24.4 23.2Independents 66.6 59.7 65.0 67.7Cooperative societies 13.7 13.8 10.6 9.1

TABLE 9 .4

Shares of grocery shop sales, by type and size of organisation, 1971

No. of organisations

Grocery Shop Sales £Mns

Percent, of Total Grocery

Sales

Larger organisations withmore than 100 shops:

Multiples 19 1,390 33.3Cooperative societies . . . 347 8.3

1,737 41.6

Remainder of large organisations:Multiples 116 463 11.1Cooperative societies 203 4.9

Single-shop independentbusinesses 79,747 1,487 35.7Other independent businesses(2-9 shops) 2,784 275 6.6

TOTAL 82,979* 4,165 100.0* Includes Cooperative Societies.

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TABLE 9.5

Number of major buying points and share of grocery trade, 1950-75

1950 1965 1970 1972 1975

No. of major buying points 2,800 1,400 647 535 383- Cooperatives ... . . . 336 264 227- Private sector ... • • . 311 271 156

Multiples • • • • • • 202 167 62Voluntary group wholesalers 109 104 84

% % % % %

Proportion of grocery trade:Cooperatives 15 15 14Private sector

Multiples • •. • • . 42 45 49Voluntary group wholesalers 23 21 19

A ll major buying points 43 70 80 81 82

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Expenditure on press and TV advertising by food retailers

TABLE 9 .6

1968 1969 1970 1971 1972 1973 1974 1975

Fine Fare 233 533 774 816 1011 1042 1399 1746Tesco 437 438 513 560 939 687 1056 1164Sainsburys 102 167 122 86 152 185 156 489A llied Suppliers 88 179 89 201 221 640 1039International 24 • • • 94 95 119 111 288 854Safeway 68 • • • 59 59 126 114 155 143Key Markets 17 • • . 41 41 45 55 128 201Asda - - • • • 67 192 174 306 237

Above multiples 969 • • • 1782 1813 2785 2589 4128 5873

Spar 101 202 196 296 208 219V G 197 235 183 366 303 382 352 486Mace 190 233 176 203 224 217 265 367Spar/Vivo - - - - - 104 351 510

865 735 922 968 1363

CooperativesNational 882 1005 666 601 895 1333 1705 1973Local 1300 1410 1622 1573 2090 1787 2079 3026

2182 2425 2288 2174 2985 3120 3784 4999

TOTAL: FO O DRETA ILING 3905 4989 5069 5442 7492 8215 10881 15103of which:

Press 2549 3326 3717 4228 5539 5993 7846 1C598TV 1356 1663 1352 1214 1953 2222 3035 4505

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Sales concentration among larger grocer/ retailers, 1969-75

TABLE 9.7

1969 1970 1971 1972 1973 1974 1975 provisional

No. of experiences 28 28 29 29 28 26 26

Total sales (£Mns) 1513 1699 1970 2213 2554 3119 3865

Concentration-ratios (C): % % % % % % %

Share of 4 largest (C4) 54.4 53.7 52.2 53.3 53.2 52.9 50.1

Share of 8 largest (Cg) 74.5 72.9 70.2 70.9 71.6 72.7 70.7

Share of 12 largest (C ]2) 82.8 81.5 79.1 80.0 81.1 83.3 81.5

Linda indices (L):

U 0.369 0.348 0.334 0.374 0.374 0.384 0.391

L8 0.321 0.312 0.324 0.343 0.334 0.318 0.332

l 12 0.321 0.310 0.302 0.305 0.300 0.289 0.276

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Changes In composition and rank-order among twelve largest grocery retailers, 1969-75

TABLE 9.8

1969 1970 1971 1972 1973 1974 1975

Entries to/departures from Top 12 - 1 1 2 1 1 -

Changes In rank among Top 12 2 2 8 3 4 5 -

TABLE 9.9

Changes in rank-prder among larger grocery retailers, 1969-75

1969 1970 1971 1972 1973 1974 1975

No. of experiences among whole sample with changes in rank 14 18 22 21 16 17 11

No. of experiences with changes in rank of2 places or more 5 9 9 10 6 8 11

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Sales concentration among other larger food distributors, 1969-74

TABLE 9 JO

1969 1970 1971 1972 1973 1974

No, of experiences 17 17 18 18 18 16

Total sales (£Mns) 623 719 824 941 1236 1614

Concentration-ratios (Q % % % % % %

Share of4 largest (C4) 46.1 45.0 43.8 41.5 41.4 42.1

8 largest (Cg) 72.8 71.2 70.8 68.0 66.7 73.2

12 largest (C ]2) 91.0 89.7 88.1 86.5 84.8 90.9

Linda Indices (L)

L4 0.325 0.363 0.348 0.376 0.332 0.303

l 8 0.211 0.210 0.202 0.203 0.202 0.174

l 12 0.153 0.164 0.168 0.161 0.158 0.160

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Changes In composition and rank-order among twelve largest other food distributors, 1970-74

TABLE 9.11

1970 1971 1972 1973 1974

Entries to/departures from Top 12 1 1 - - 2

Changes in rank among Top 12 8 9 8 7 8

TABLE 9.12

Changes in rank-order among larger non-food distributors, 1970-74

1970 1971 1972 1973 1974

No. of experiences among whole sample with changes in rank 12 13 13 12 12

No. of experiences with changes in rank of 2 pts. or more 4 1 4 5 11

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10: THE COMPUTER GENERATED MEASURES OF CONCENTRATION

Introduction

10.1: The methodology* stipulated by the EEC Commission for the analysis ofindustrial concentration requires that measures of concentration such as the traditional concen­tration ratio (CR), the coefficient of variation (V), the Gini coefficient (G) and the Linda (L), entropy (E),and Hirschman-Herfindahl (H) indices be derived for selected variables and in relation to a sample of the largest firms operating in the industry selected for study. In addition, Linda Indices were calculated for each variable in each year for values of N* =2 . . . . . N. For the purposes of this study of the UK food distribution industry nine variables representing alternative measures of firms' size have been used for a sample of 53 firms in 1969 and 44 in 1974. Bearing in mind the change in sample size between 1969 and 1974, mostly as a result of merger activity, as well as variations in the availability of data some 579 measures of concentration have been generated by the computer for 1969, and 487 for 1974. The full set of these measures for each year of the study period may be found in Appendix 4.

10.2: In total there are many thousands of estimates of concentration whichhave been prepared as part of a co-ordinated research project by the EEC on concentration in the food industry, using the same definitions and the same indices, to enable comparisons to be made between member countries. While it may be necessary to have all these measurements to ensure that comparisons can be made between countries, notwithstanding their different data bases, it is unnecessary to compare all the different measures available for the food distribution industry within a country. Thus, this Chapter aims to reduce the mass of alternative computations provided by the EEC to a few simple measures which summarise the level and changes in concentration in the UK food distribution industry in recent years.

The Variables and Sources Used

10.3: The nine variables used as measures of firms' sizes are listed belowtogether with definitions where clarification is necessary:

+ Linda, R. (1976) Methodology of Concentration Analysis Applied to the Study of Industries and Markets. Commission of the European Communities, Brussels.

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(01) Turnover(02) Employment(03) Wages and Salaries(04) Net Profit

(05) Cash Flow

(06) Gross Investments(07) Own Means

(11) Net Assets

Total sales, excluding inter-group sales.

Cash Flow, less depreciation provision, i.e. net profit before tax.The definition used here is that given to us by the EEC. It is a gross cash flow comprising gross trading profits (after charging directors fees and emoluments, pensions to past directors, superannuation payments, compensation for loss of office, auditors' fees etc.) and other income (from investments and other sources) before allowing for depreciation provisions, plus prior year adjustments other than tax, less hire of plant.Net expenditure on tangible fixed assets.This EEC term is given as the sum of issued ordinary and preference share capital plus total reserved.are fixed assets, after deduction of depreciation plus total current assets, less total current liabilities.

(12) Value Added is taken as the sum of Cash Flow (05) and Wages and Salaries(03).

10.4: As with a previous"1" study which concerned the UK food processingindustry the source of data for the quantitative analysis of the food distribution industry remains that of the records held by the Companies Division of the Department of Industry. However, within the Companies Division itself there are two records' systems from which the appropriate data has been extracted. In the first instance a system of Standardised Accounts are maintained relating to companies engaged in either the retail or wholesale distribution of food and where each firm had in 1968 net assets of £2m. or more and/or gross income in excess of £200,000. For firms not meeting this size criteria recourse was had to the annual reports filed by each company as a legal requirement and available in the Public Inspection Rooms of the Department of Industry at Companies House in London. In total, the accounts of some 60 companies have been examined, 30 by the former method and 30 by the latter and a list of these is provided by Table 10.1. The reader will be aware that the Cooperative societies are absent from this list, the reason for which was given earlier at paragraph 9.13.

10.5: It was decided that recourse to the data of the Public Inspection Roomsshould be made for two reasons; first of all, because some firms considered too small by the Standardised Account size criteria in 1968 had achieved considerable importance in UK food distribution by 1974. Secondly, and more importantly this source was used so that the quantified inputs represented as nearly as possible firms' food distribution activities. Some of the firms listed in Table 10.1 are known to be engaged in activities which extend beyond food distribution, for

+ A Study of the Evolution of Concentration in the Food Industry for the United Kingdom. Part One: Industry Structure and Concentration 1969-72. Development Analysts Ltd. published by Commission of the European Communities, January 1975.

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example, backwards integration into food manufacturing and processing, and the relevant data for food distribution subsidiaries could only be identified through the inspection of separate accounts. The companies that were scrutinised in this manner may be identified from the list in Table 10.1 where the word "Distribution" appears in parenthesis after the company name. In this way the values attached to the variables used reflectas reasonably as possible firms' food distribution activities.

10.6: The use of data from the Public Inspection Rooms does create one problem;namely, that of non-availability of data on certain variables. The reason for this is that the Companies Act does not require subsidiary companies to disclose full details, and as far as this study is concerned this affects in particular the data on employment and wages and salaries, and hence value added.

The Number of Firms in the Sample and Values of the Variables Used

10.7: Whilst 60 firms were considered at some stage during the study period,the sample size has varied year by year. Table 10.2 shows the sample size (N) in each year between 1969 and 1974 together with the values of the nine variables upon which the quantitative measures of concentration are based. The number of firms to which the values relate is given in parenthesis against each variable, any difference between this figure and the overall sample size (N) is accounted for by the non-availability of data.

10.8: The data set out in Table 10.2 shows that the value of turnover for thefood distribution sample firms increased from £2,095.4m. in 1969 to £4,402.4m. in 1974 or by a factor of 2.1 times. Net profits and cash flow also slightly more than doubled over the period whilst the greatest increase is attributable to net assets which grew by almost two and a quarter times. Value added increased by a factor of 1.89 and the fall in total employment was enough to enable value added per person employed to slightly double over the six year period.

Change in Composition of the Sample

10.9: The number of firms forming the sample in each year and the reasons forchange as between, on the one hand, new entrants (births) and on the other merger activity (deaths), are set out in Table 10.3. Merger and acquisition activity has been of both an internal and external nature. Internal take-overs, that is within the sample of food distribution companies, first occurred during 1971 when Cavenham Ltd. acquired both Moores Stores Ltd. and Wrights Biscuits Ltd. In recognition of this, Cavenham (Distribution)enters the sample as a new enterprise in that year. During 1972, Cavenham (Distribution) went on to acquire Allied Suppliers Ltd.No other mergers or acquisitions occurred within the sample until 1974 when,

(i) Wrensons Stores Ltd. were acquired by Fitch Lovell (Distribution).

(ii) Gardners (Bristol) Ltd. and Arthur Richardson and Sons Ltd. were acquired by Booker McConnell (Distribution)

and (iii) during the same year that Upward and Rich Ltd. were taken-over by Associated Food Holdings Ltd., the latter merged with Thomas Linnell and Sons Ltd. to form Linfood Holdings Ltd. Linfood Holdings Ltd. therefore constitute a new enterprise admitted to the sample.

10.10: External take-overs, that is sample firms acquired by firms not previously engaged in the food distribution industry were first recorded during 1972 when Cater Bros.

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(Provisions) Ltd. were acquired by Debenhams Ltd. - a company whose primary activity is the operation of non-food retail department stores as well as footwear manufacture. Then, during 1973, International Stores Ltd. were acquired by The British American Tobacco Co. Ltd. and again during 1974, Baxters (Butchers) Ltd. were acquired by Brooke Bond Liebig Ltd., a food processor. Notwithstanding these external take-overs, these three acquired enterprises remain separately identifiable in terms of the required quantitative data and are therefore not deleted from the sample. Also during 1974, Morris and David Jones Ltd. and Oriel Foods Ltd. were acquired by R.C.A. Corporation of America and because of this R.C.A. Corporation (Distribution) are admitted as a new enterprise.

10.11: Other reasons for changes in the composition of sample enterprises are that Brierley's Supermarkets Ltd. and F.P.E. Group Ltd. both went into liquidation during 1974 and Makro Self-Service Ltd. entered the sample in 1971 as an entirely new enterprise in UK food distribution.

The Direction and Change in Concentration

10.12: The remaining paragraphs of this Chapter are concerned with determining the direction and extent of change (if any) in the level of concentration in the food distribution industry between 1969 and 1974 as measured by the traditional concentration ratio (CR) and in the degree of oligopolistic inequality revealed by the Linda Index (L). The measures of CR and L generated by the computer for each of the nine variables in each year of the study period may be found in Appendix 4 , Table 3, but for ease of reference the CR series for 1969 and 1974 are reproduced here in Table 10.4. Similarly the L series for 1969 and 1974 are reproduced here at Table 10.5.

10.13: The directions of change in CR and L for the nine variables and across successively larger values of N are summarised in parts one and two, respectively, of Table 10.6. Focussing attention, first of all, on the directions of change in concentration shown in Table10.6 (i) reveals that at CR4 and CR8 five out of the nine variables registered increases in con­centration between 1969 and 1974. Concentration has tended to increase at the level of the tenth and twelfth firm where six out of nine variables showed increases. At CR20/ CR30 anc ^^40/ variables for which the comparison can be made indicate that concentration clearly increased between 1969 and 1974.

10.14: In Table 10.6 (ii) at L4 eight out of nine variables indicate that the degree of oligopolistic inequality fell between 1969 and 1974. This tendency is maintained by the majority of variables at Lg but reversed at L]q, L]2 ond \~20' ^t L3Q the eight variables are equally divided between increase and decrease. At L^q, the five variables for which the com­parison can be made clearly reveal an increase in the degree of inequality.

10.15: The pattern of directions of change for the concentration ratios is on the evidence of Table 10.6 different to the pattern of changes in direction for the Linda indices. It is interesting to note that the concentration ratio on turnover at CR4 fell from 41.3 per cent, in 1969 to 39.1 per cent, in 1974 (see Table 10.4) whilst at the same time the value of L4 on turnover increased from 0.311 in 1969 to 0.328 by 1974 (see Table 10.5). This shows that while the share of turnover attributable to the four largest firms fell between 1969 and 1974 the distribution of that share amongst the four firms became less equal; in other words, concentration decreased and oligopolistic inequality increased. However, data for the top-eight firms shows that concentration over the six year period increased from 58.2 per cent, to 59.3 per cent, accompanied by a fall in the Linda Index from 0.269 to 0.237.

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10.16: The inconsistencies in the directions of change both within and between concentration ratios and Linda indices does not enable us to state with any accuracy whether or not there has been any significant change in concentration and industry dominance between 1969 and 1974. In Part One of our previous report on the food processing industry+, (paragraphs 5.23 to 5.25) it was explained why it is necessary to use statistical tests to ensure that concentration really has increased. Briefly, although the measures of size are strictly accurate from an accounting point of view, they are nevertheless subject to sampling error. The precise definitions of size chosen, the precise accounting years, the precise treatment of some items in the accounts, can vary. Thus the particular set of figures reported in the accounts, and reported for taxation, may be regarded as a sample from a population of figures which could have been reported. For example, a particular company's accounting year might end on 4th April 1974 and its accounts might be quite different if its year ended 31st December 1973. Its chosen accounting year must be regarded as a sample from all legal alternative financial years. Since the same applies to all companies, the measures of concentration based on their accounts must be regarded as point estimates surrounded by a band of sampling error. It is therefore necessary to estimate these bands of error, or standard errors, before we can be confident that a particular concentration measure really has changed. We must be confident that the observed change cannot be explained by changes in accounting methods, or in any other method, which contribute to sampling errors.This also explains why it is important to use those measures of concentration which have standard errors.

10.17: It is possible to determine standard errors of the mean change in con­centration of the nine variables used to measure firms1 size between 1969 and 1974. Such data is presented in Table 10.7 for successively larger values of CRkj and where the mean difference in concentration ratios across all nine variables is denoted by D^^. The mean differences, D^^, need to be qualified by their standard errors,which indicate that only at CR20 and CR3Q are the mean changes in concentration between 1969 and 1974 of +1.909 per cent, and +2.478 per cent., respectively, significant from a statistical point of view.

10.18: The average value of the Linda index, L$, is defined as the arithmetic mean of Linda indices in the interval between n* = 2 and n*m, where n*m is the number of firms against which the minimum value of a series of Linda indices is recorded. Detailed results on Linda indices for each variable in each year for n* hypotheses are presented in Appendix 4 , Table 3b, whilst the Ls and n*m values are tablulated at Table 4 in the same Appendix. For convenience, Table 10.8 sets out the 1969 and 1974 values of Lsand n*m for each variable and it can be seen that between the two dates six out of the nine values of Ls declined. The interval between n* = 2 and n*m is termed the oligopolistic arena and falls in Ls imply a lessening in size disparity amongst the member firms. Of equal importance are the changes in value of n*m, especially the increases in n*m which indicate a reduction in dominance through an expansion of the number of firms located in the oligopolistic arena. The variables for which such a phenomenon is most noteworthy are net profit (04) and turnover (01): the former showing an increase in this number from 5 to 31, and the latter from 4 to 18. Whether such a finding is consistent with comments in Chapter 9 that smaller firms have experienced faster growth rates (as measured by turnover) than larger firms remains to be tested.

10.19: It is not possible to use the Ls values as a basis for testing such differential growth rates, and neither is it possible to test for the statistical significance of any difference between Ls (1969) and Ls(1974) because the distribution of Ls is not normal. However, it is possible to determine statistical significance by using the summary measure of the Linda indices,

+ Development Analysts Ltd. (1975) op.cit. p .113.

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denoted by L^and defined as the arithmetic mean of all the Linda indices up to N* = 42, except for 1974 when the upper limit is N* = 33. The sampling distribution of L£ is normal because it is an average of L*[\J and the Central Limit Theorem implies that, under very general conditions, the distribution of L £ would tend to normality as the size of sample increases. That is Var (L 5) =Var (L^ /N gives the variance of the sampling distribution of L £, so its standard error can be calculated.

10.20: Means and standard errors for L * (1969-1974) are set out in Table 10.9 for all the variables except gross investments (06), which has been excluded for lack of data. In terms of their direction of change, four variables show increases in L£ and the other four show decreases. It is worth comparing the directions of change in L *s with those for the CR^/CRg and L j/Lg set out in Table 10.10, from which it is evident that the pattern for all variables at CR4 is perfectly replicated by L* . Furthermore, four variables exhibit a consistent pattern in their direction of change measured by CR j/CRg, L^/Lg and L* ; namely, an increase for wages and salaries (03), own means (07), and net assets (11), and a decrease for net profits (04). However, for turnover (01) and employment (02) the comparability between L£ and the other measures is less marked. That the results for CR4 are consistent with L| is interesting because L* is based on 42 enterprises (33 in 1974) whereas CR4 is based on the top four enterprises, which may differ from variable to variable. Thus, the Linda measure L£ also reflects the degree of concentration in the upper tail of the size distribution of firms, in addition to measuring the degree of concentration in the distribution as a whole.

10.21: In statistical terms only two of the variables in Table 10.9 have values of Lg that were significantly different in 1974 from what they were in 1969; namely, own cc^ital(07) and net assets (11). However, the same test that was applied earlier to the concentration ratios may be used here to determine if there has been any significant change in the mean differ­ence between L§ in 1969 and 1974; that is, to work in terms of the differences between Ls 1 i(1974)ar|d Lg /i(1969) across all eight variables (i.e. excluding gross investments). The mean difference in L£ between 1969 and 1974 can be stated as + 0.01824, but with a standard error of 0.0156 may be said not to be statistically significant. This enables us to conclude that overall and irrespective of magnitude and direction there has been no significant change in con­centration between 1969 and 1974.

10.22: Estimates of the coefficient of variation (V), the Gini coefficient (G), the Hirschman-Herfindahl statistic (H), and the entropy index (E) are given in Table 2 of Appendix 4 . These are in different units, and have different sensitivities to changes in N, so comparisons between them are difficult. Our previous study of the food processing industry + showed how it was possible to reduce all these measures to the standard deviation of the natural logarithms of firms1 size, denoted by d , on the assumption that the distribution of enterprises were lognormal. For some purposes this asssumption is not justified because we are measuring only the relatively few comparisons in the upper tail of the distribution. However, for the present purpose of measuring concentration, this assumption is justified, and in the following analysis using the entropy index (E) derivations of d from E are based upon the following relationship known to hold in a lognormal distribution:

E = - I y; loge yj ( Equation 1)

= loge N - i d 2 (Equation 2)where y\ is the market share of the ith enterprise. The EEC definition usedin Table 2 of Appendix 4 is - 1000 in logs10

+ Development Analysts Ltd. (1975) op.cit. p .117.

- 143 -

10.23: After converting the values of E given in Table 2 of Appendix 4 to logse they may be substituted in Equation 2 which can be rewritten in terms of d to give the estimates of d for each variable in 1969 and 1974. This data is presented in Table 10.11 from which it can be seen that for eight out of the nine variables, o(E) 1969 >d (E) 1974.Whether or not these changes are statistically significant can be determined through formal F-tests applied to each variable. The results of such tests enable us to state with confidence that there was no significant change in business concentration for this industry over the study period. Such a conclusion is consistent with the earlier finding regarding L*s but conflicts with the mean change in the concentration ratio at CR20 given in paragraph 10.16 and Table 10.7. The explanation is that changes in the concentration ratio measure the extreme growth of the very largest firms and is influenced by exceptional events such as large mergers (i.e. Cavenham), whereas changes in ( (E) are governed by the average growth of all firms of different sizes.

The proportionate growth of large and small firms

10.24: Questions such as, "Did the largest firms in the size distribution of enterprises increase their share of the market?" may be answered by reference to the concen­tration ratio. Equally important from the point of view of competition policy is the question:"Did large firms on the average grow proportionately more quickly than small firms?" The con­clusions contained in the previous paragraph are compatible with the hypothesis that on the average the proportionate growth of the smaller firms in food distribution was the same as that of the larger firms over the period 1969-74. It is possible to give further consideration to such an hypothesis but in relation to only one measure of firms1 size namely, value added (12). Value added being the sum of gross profits and wages and salaries reflects the contribution of an enter­prise to the gross national product and may be considered preferable to using, say, turnover which may vary between enterprises depending upon the degree of integration. Whilst it is true that with value added expressed in money terms it is therefore affected by changes in prices, the use of the standard deviation of the logarithms, d , overcomes this difficulty because it is not affected by changes in the general level of prices.

10.25: The hypothesis concerning differential growth rates of large and small firms may be tested using the following relationship: d^/ d _i = 0/p , where Q is the regression of the logarithm of size at time t on the logarithm of size at time t-1, where p is the associated correlation coefficient and where d is the standard deviation of the logarithms on value added at t and t-1. As explained in Hart and Prais (1956)+, 3 measures the proportionate growth of larger enterprises relative to small enterprises and p is a measure of size mobility.It would be possible to use a rank correlation coefficient to measure changes in rank order, but because some enterprises are very close together in size and a very small difference in their respective growths can change their order, it is better to use p , which gives small weight to such small variations in growth and large weight to large variations in growth.

10.26: To find estimates for |3 and p it is necessary to turn to the original data on value added as it is not possible to determine $ and P from the tables in Appendix 4 . There are 27 enterprises for which data on value added is available in both 1969 and 1974 and logarithms of these values has been used to derive the dynamic concentration parameters set out in Table 10.12. With the point estimate of 0 at 0.8769 it may be suggested that the proportionate growth^of the larger enterprises in food distribution was below that of their smaller rivals. How­ever, 0 is not significantly below unity so the conclusion may be given that small and large

+ Hart, P.E. and Prais, S .J. (1956) The analysis of business concentration: a statistical approach. Journal Royal Statistical Society, Series A, Vol. 119. pp. 150-191.

- 144 -

enterprises had similar growth rates between 1969 and 1974. The value of p = 0.9402 is sig­nificant so that it would seem that there was some change in the rank order of enterprises over the period regardless of the growth rates of large and small firms being on a similar scale.

10.27: These conclusions are, nevertheless, dependent upon only 27 pairs of observations on value added so that more reliable conclusions could be reached if data on more enterprises was readily available, especially over a longer time period of say at least ten years.This shortage of data does not affect too much but it does have important effects on £ , so we do not yet have a satisfactory estimate of the standard error of 0

Profitability and Size of Enterprise

10.28: AN the measures of concentration In Appendix 4 are derived from univariate distributions of firms. To measure the relationship between two variables, such as profitability and size, it is necessary to have measures derived from bivariate distributions. An example of the use of such bivariate distributions to measure the relationship between profitability and size of enterprise in the food processing industry was given in paragraphs 5.40 to 5.44 of our previous report .+

10.29: A possible alternative method is used in Table 5 in Appendix 4 which ranks enterprises by different measures of profitability and by different measures of size. To illustrate this method let us consider the rate of profit on turnover, variable 04 divided by variable 01, and denoted by Rl in Table 5 of the said Appendix. This is probably the best of the measures of profitability in food distribution which are published in Table 5. The rank of R1 could be correlated with the rank of variable 01 or the rank of variable 04. If the rank correlations were negative, for example, we might conclude that increases in the size of enterprise were associated with decreases in profitability.

10.30: It is tempting to use Appendix 4 Table 5 to calculate such rank correlations, but the temptation must be resisted. There are two fundamental reasons for this.First the rank correlations are influenced by insignificant changes in size which have a significant effect on rank. To overcome this problem, the product-moment correlation coefficient should be used. It is true that variables such as turnover (01) and profit (04) have very large dispersions, but the problem of the excessive weight of a few large enterprises can be overcome by using logarithms.

10.31: The second problem is even more serious. The correlation between a ratio, such as Rl, with its numerator (04) may be quite different from the correlation with its denominator (01). This well known problem has been called "the Steindl paradox" by Johnston (1954) who explained why the relationship between labour productivity and size of manufacturing plant in the USA depended on whether the numerator (output) or the denominator (employment) is used to measure size. Thus we must not correlate, or even compare, Rl, R2, R3 or R4 in Appendix 4 Table 5 with the sizes or ranks of their numerators and denominators.

10.32: A bivariate distribution of enterprises by the logarithm of their profits and by the logarithm of their turnovers would avoid the pitfalls of the Steindl paradox. It might be inconvenient to publish bivariate frequency distributions, but it is still possible to publish

+ Development Analysts Ltd. (1975) op.cit. pp. 125-128.0 J . Johnston (1954) 'Productivity and size of establishment1. Bulletin of the Oxford

Institute of Statistics pp. 339-361.

- 145 -

information on the mean of the conditional distribution of the numerator (04) given the denominator (01). The simplest way to do this is to regress the logarithm of profit (Pj) for the ith enterprise on the logarithm of its turnover (Tj). To smooth out fluctuations it is advisable to take averages of Pj and Tj over time so that Pj is the ith firms' average profit in 1969 and 1974. T| is similarly defined.

10.33: The results of this logarithmic regression are set out in Table 10.13 from which it can be noted that there is a significant positive relationship between the logarithms of profit and turnover for the 35 enterprises for which this data was available in both 1969 and 1974. Furthermore, with the value of the regression coefficient 3 = 0.9396, which is significantly less than unity, it can be stated that a one per cent, increase in turnover is associated with a less than one per cent, increase in profit. It would appear therefore that profitability is dependent on the size of turnover .

Conclusion

10.34: This Chapter has applied normal statistical tests to various measures of concentration, derived from data on a sample of companies engaged in the UK food distribution industry, to determine whether or not there has been any significant change in the level of industry concentration between 1969 and 1974. It has not proved possible to present a straightforward and unqualified answer to the problem posed. The tests on L*s and cf(E) indicate there to have been no significant change in the average level of industry concentration during the study period.In addition, the test on d for value added, the preferred measure of firms' size, also reached that same finding by concluding that small and large firms had similar growth rates irrespective of some changes in rank order. However, the need for a better estimate of the standard error ( s( D) ) in the logarithmic regression on value added leaves the issue of whether small firms grew at a faster rate than larger firms unclear.

10.35: Notwithstanding these findings, the test on profitability and size of enterprise as measured by turnover does in fact point towards smaller firms having faster growth rates. Indeed, this view may be reinforced as far as turnover and profit are concerned, by reference to the change in n*m between 1969 and 1974 for these variables. This shows that the number of firms located in the oligopolistic arena increased by 14 for turnover and by 26 for profits. Furthermore, it was shown to be the case that no statistical difference in the concentration ratio (CR) was found amongst the four, eight, ten and twelve largest enterprises between 1969 and 1974, but that such differences arose at the twentieth and thirtieth largest firm. For this to occur smaller firms must have increased their share at the the expense of the larger firms.

- 146 -

U. K . Food Distribution Companies forming sample for Quantitative Analysis

TABLE 10.1

Tesco Stores (Holdings) Ltd.J . Sainsbury Ltd.International Stores Ltd.Fitch Lovell (Distribution)Danish Bacon Co. Ltd.Wheatsheaf Distribution & Trading Ltd. Geest Industries Ltd.Moores Stores Ltd.Associated Food Holdings Ltd.Morris and David Jones Ltd.Fyffes Group Ltd.Del tec Foods Ltd.Nurdin & Peacock Ltd.Kin loch (Provision Merchants) Ltd.R. H . Thompson & C o . Ltd.A . J . M ills (Holdings) Ltd.Bishops Stores Ltd.Waitrose Ltd.Safeway Food Stores Ltd.Matthews Holdings Ltd.Cater Bros. (Provisions) Ltd.Baxters (Butchers) Ltd.Spar Food Holdings Ltd.F . J . W allis Ltd.Gateway Securities Ltd.Arthur Richardson & Son Ltd.T . J . Poupart Ltd.Lennons Group Ltd.Towers & Co. Ltd.Amos Hinton & Sons Ltd.Wm. Morrison Supermarkets Ltd. Upward & Rich Ltd.Gardners (Bristol) Ltd.Kwik Save Discount Group Ltd. Hillards Ltd.Joseph Stocks and Sons (Holdings) Ltd. Morgan Edwards Ltd.F . P .E . Group Ltd.Cullen's Stores Ltd.Glass G lover & Co. Ltd.Thos. Linnell & Sons Ltd.Londis (Holdings) Ltd.Brierley's Supermarkets Ltd.W alter Duncan & Goodricke Ltd.Oriel Foods Laws Stores Ltd.

Wrensons Stores Ltd.Bejam Group Ltd.Makro (Se lf Service) Ltd.Linfood Holdings Ltd.A llied Suppliers Ltd.Wrights Biscuits Ltd.A . B . F . (Distribution)Union International (Distribution) Booker McConnell (Distribution) Cater Bros. (Provisions) Ltd. International Stores Ltd.Baxters (Butchers) Ltd.R .C .A . Corporation (Distribution) Cavenham (Distribution)

Fina

ncia

l Da

ta f

or t

he U

.K.

Food

Dis

trib

utio

n In

dust

ry

TABL

E 10

.2

(£00

0s)

Year

1969

1970

1971

1972

1973

1974

Sam

ple

Size

(N

)53

5353

5252

44

01

Turn

over

2,09

5,39

8 (5

3)2,

348,

212

(53)

2,65

0,12

4 (5

3)2,

943,

645

(52)

3,54

5,10

7 (5

1)4,

402,

355

(41)

02 E

mpl

oym

ent

(No.

)16

8,71

8(43

)17

2,52

9 (4

4)17

7,02

9 (4

6)18

0,25

3 (4

5)19

1,09

0 (4

5)15

9,24

0 (3

4)

03 W

ages

& S

alar

ies

122,

127(

43)

137,

496

(44)

159,

431

(46)

171,

949

(45)

208,

475

(45)

233,

827

(34)

04 N

et P

rofit

s52

,406

(49)

56,6

81 (

50)

67,6

02 (

50)

88,8

27 (5

0)10

9,60

9 (4

8)10

7,78

7(40

)

05 C

ash

Flow

70,2

19 (

52)

77,8

98 (

51)

91,2

12(5

1)11

4,08

9 (5

0)17

9,82

7 (4

9)14

4,48

4 (4

0)

06 G

ross

Inv

estm

ents

33,9

96 (2

8)36

,788

(28

)39

,261

(27

)48

,252

(27)

55,4

34 (2

5)64

,909

(21

)

07 O

wn

Mea

ns23

0,76

4(53

)25

0,13

0 (5

3)30

8,39

7 (5

2)39

1,30

9 (5

1)42

4,47

3 (5

1)45

9,76

5 (4

0)

11

Net

Ass

ets

296,

150

(53)

316,

225

(53)

398,

039

(53)

505,

447

(52)

576,

543(

51)

662,

288(

41)

12 V

alue

Add

ed18

2,47

3 (4

3)20

4,59

7 (4

4)23

6,82

8(45

)27

0,78

3 (4

5)32

9,80

7(45

)34

5,58

9 (3

4)

SOU

RCE:

Ap

pend

ix

4 ,

Tabl

e 1.

- 148 -

Sample Composition and Reasons for Change, 1969-74

TABLE 10.3

YearSample

SizeBirths(+)

Deaths(-)

1969 53

1970 532 2

1971 53- 1

1972 52

1973 522 10*

1974 44

* includes 2 companies which went into liquidation.

- 149 -

Selected Concentration Ratios (CR4 . . . . CR^q) 1969 and 1974

TABLE 10.4

1969

c r 4 00u

CR10 c r 12 O 70 to O

OCOC£u

CR40

(01) Turnover 41.3 58.2 64.9 69.6 82.3 91.3 96.1(02) Employment 60.6 76.2 79.8 83.2 92.4 97.4 99.7(03) Wages & Salaries 57.1 72.7 77.5 81.4 91.2 96.5 99.6(04) Net Profit 55.7 70.9 75.0 78.3 88.2 95.7 99.1(05) Cash Flow 55.5 70.7 74.5 77.7 87.4 95.2 98.8(06) Gross Investments 64.1 79.8 84.4 88.2 97.1 . . . .

(07) Own Means 52.2 67.0 72.0 76.1 87.0 94.6 98.2(11) Net Assets 49.9 67.4 73.7 78.1 88.1 95.0 98.4(12) Value Added 58.9 72.8 77.1 80.9 90.9 96.4 99.5

1974

c r 4 00onU

CR10 CR12 c r20 c r 30 O O

(01) Turnover 39.1 59.3 65.9 71.9 85.6 95.0 99.8(02) Employment 59.7 72.9 77.7 81.8 93.4 99.4(03) Wages & Salaries 59.3 72.8 78.1 82.7 93.6 99.1 . .(04) Net Profit 55.1 67.1 71.7 75.8 88.6 97.6 100.0(05) Cash Flow 50.5 65.4 69.9 74.1 87.6 97.6 100.0(06) Gross Investments 76.8 89.1 92.4 95.1 99.9 % # # ,(07) Own Means 60.5 72.4 76.2 79.7 89.8 97.2 100.0(11) Net Assets 54.6 72.9 77.1 80.5 90.0 97.1 99.9(12) Value Added 59.2 72.2 77.4 81.8 93.2 98.9

SOURCE: Appendix 4 , Table 3.

- 150 -

Selected Linda Indices ( L 4 . . . . L4Q) 1969 and 1974

TABLE 10.5

1969

l 4 l 8 L10 L12 O<N CO—1 L40

(01) Turnover .311 .269 .231 .219 .182 .160 .155(02) Employment .421 .426 .443 .402 .314 .313 .335(03) Wages & Salaries .432 .414 .382 .349 .287 .279 .273(04) Net Profit .579 .477 .441 .404 .289 .233 .241(05) Cash Flow .499 .473 .447 .409 .287 .225 .228(06) Gross Investments .674 .523 .467 .417 .365 . . , .

(07) Own Means .414 .381 .347 .313 .246 .208 .213( 11) Net Assets .418 .339 .292 .280 .256 .220 .221( 12) Value Added .416 .468 .423 .374 .289 .282 .266

1974

1-4 l 8 L 10 l 12 l 20 l 30 l 40

(01) Turnover .328 .237 .215 .192 .172 .149 .163(02) Employment .542 .475 .416 .371 .264 .285 . .

(03) Wages & Salaries .557 .457 .389 .340 .271 .288 . .

(04) Net Profit .545 .436 .389 .343 .226 .190 2.068(05) Cash Flow .509 .431 .382 .327 .213 .178 .381(06) Gross Investments .962 .790 .725 .651 .832 . . • •

(07) Own Means .495 .555 .498 .433 .305 .245 .551(11) Net Assets .454 .366 .380 .361 .290 .240 .470(12) Value Added .651 .489 .409 .359 .268 .284 • •

SOURCE: Appendix 4 , Table 3.

- 151 -

Part (î): Directions of Change in Concentration Ratios, 1969-74

TABLE 10.6

Variablesshowing:

CR4 CRg C^IO ^12 c r20

QC \

ui

c r 40

Increase

Decrease

5 5 6 6

4 4 3 3

9

0

8

0*

5

0 +

* for 1 variable CR = 100 per cent.

+ for 1 variable CR = 100 per cent, for 3 variables CR = 100 per cent.

at N = 28 in 1974.

at N = 21 in 1974. at N = 34 in 1974.

Part (ii): Directions of Change in Linda Indices, 1969-74

Variablesshowing: l 4 l 8 l 10 L12 L20 OCO L40

Increase

Decrease

8 6 4 3

1 3 5 6

3

6

4

4 0

5

0 ®

0 for 1 variable L^ = 21 in 1974.

0 for 1 variable Ljssj=21 in 1974. for 3 variables Lj^ = 34 in 1974.

- 152 -

Means and Standard Errors of CRjsg ¡(1974) - CRjSj^j(1969)

TABLE 10.7

Z ■ '

Cxiu

d c n Standard Error

c r 4 + 2.382 1.397

CRg + 0.952 1.636

CR10 + 0.850 1.318

CR12 + 1.076 1.084

CR20 + 1.909 0.655

CR30 + 2.478 0.374

°C N - CRN ,i <'974> - CRN ,i

- 153 -

Comparison between Ls (1969) anc Ls (1974)

TABLE 10.8

VARIABLE

Ls (1969) Ls (1974)

„ ~k nm Value M *nm Value

(01) Turnover 4 0.4165 18 0.2497

(02) Employment 3 0.5398 3 0.5279

(03) Wages & Salaries 4 0.5125 3 0.4641

(04) Net Profit 5 0.6285 31 0.3232

(05) Cash Flow 5 0.5711 6 0.5565

(06) Gross Investments 6 0.6128 7 0.8830

(07) Own Means 4 0.4945 4 0.6366

(11) Net Assets 5 0.5009 8 0.4850

(12) Value Added 3 0.4448 3 0.5297

SOURCE: Appendix 4 , Table 4.

- 154 -

Means and Standard Errors of Linda Indices, Ls (1969-74)

TABLE 10.9

Variable No. 1969 1970 1971 1972 1973 1974

01 0.20560(0.01197)

0.19953(0.01180)

0.19830(0.01158)

0.20638(0.01629)

0.20060(0.01326)

0.20552(0.02001)

02 0.36180(0.01919)

0.34943(0.01168)

0.34096(0.01040)

0.35405(0.01541)

0.31161(0.01329)

0.35681(0.01918)

03 0.32514(0.01208)

0.31542(0.01281)

0.32235(0.01194)

0.31309(0.01421)

0.47195(0.03093)

0.34729(0.01734)

04 0.33333(0.02009)

0.33059(0.02268)

0.35676(0.01975)

0.36113(0.02189)

0.32312(0.02030)

0.30165(0.02530)

05 0.32310(0.02526)

0.31551(0.02052)

0.34021(0.02225)

0.33980(0.02115)

0.34035(0.01637)

0.29598(0.02475)

07 0.27802(0.01416)

0.27556(0.01382)

0.34040(0.01915)

0.40400(0.02764)

0.36485(0.02502)

0.37741(0.02495)

11 0.27655(0.01436)

0.27078(0.16129)

0.32216(0.01777)

0.34803(0.01797)

0.32272(0.01863)

0.33133(0.01925)

12 0.32635(0 .01120)

0.32064(0.01241)

0.33306(0.01520)

0.33780(0.01837)

0.31423(0.01789)

0.35979(0.02175)

SOURCE: Derived from Appendix 4 , Table 3(b)

- 155 -

Direction of Change in L* compared with CR^/CRg and L^/Lg, 1969-74

TABLE 10 JO

Variable c r 4 CRg l 8 L s *

01 - + + - -

02 - - + + -

03 + + + + +

04 - - - - -

05 - - + - -

06 + + + +

07 + + + + +

11 + + + + +

12 + - + ' + +

- 156 -

TABLE 10.11

Derivations of d from E, 1969 and 1974

logs.e

Variable ci (E) 1969 tf(E) 1974

01 1.16 1.01

02 1.43 1.28

03 1.36 1.28

04 1.43 1.24

05 1.44 1.20

06 1.32 1.45

07 1.37 1.36

11 1.38 1.31

12 1.38 1.28

SOURCE: Derived from Appendix 4 , Table 2.

- 157 -

Dynamic Concentration Parameters for Value Added (12), 1969-74

TABLE 10.12

logS io

N 27A0 0.8769

s( 6 ) 0.0678t 12.9336

AP 0.9402

TABLE 10.13

Logarithmic regression between P; (profit) and Tj (turnover), 1969-74

logs.10

N 356 0.9396s ( $ ) 0.0933t 10.0707£ 0.8443

- 159 - APPENDIX 1

FOOD DISTRIBUTION INTERESTS OF LEADING FOOD PROCESSORS

Food ProcessorsFoodRetail/WholesaleInterests

Associated British Foods Fine Fare* (incl. Melias) Allied Bakeries Group Alliance Wholesale Grocers*

GrocersBakersWholesale grocers

Cavenham Group Allied Suppliers* Grocers

Union International J.H . Dewhurst* T.W. Downs British Beef*

ButchersFood distributors Wholesale butchers

Brooke Bond, Liebig Baxters (Butchers)* Butchers

Fitch Lovell Keymarkets* (incl . D. Grieg) West Layton*Lovell & Christmas and others*

GrocersMeatFood wholesalers

Ranks Hovis McDougall British Bakeries Bakers

Spillers Meade-Lonsdale Group Meat wholesalers

Associated Dairies Asda Superstores

Unilever Mac Fisheries Fishmongers

Booker McConnell Budgen*Holland & Barrett*William Brothers*Booker Belmont*James Harper & Son( Edinburgh)*

GrocersHealth food shops ButchersFood wholesaling ii

Barker & Dobson Oakeshotts* Grocers

* Included in Food Distributions analysis

- 161 - APPEN D IX 2

CHAPTER 2.

CHAPTER 3

CHAPTER 4

CHAPTER 5

CHAPTER 6

SOURCES OF STATISTICAL TABLES

Tables 2.1 - 2.2 Based on Census of Distribution andDepartment of Industry monthly series.

Tables 2.3 - 2.8 Based on Census of Distribution, 1950-71and DA estimates, 1975.

Tables 2.9 DA estimates based on Retail PricesIndex.

Tables 2.10 - 2.11 DA estimates based on Census ofDistribution, Department of Industry monthly series and Retail Prices Index.

Table 2.12 Based on Census of Distribution,1961 and 1971.

Tables 3.1, 3.4 Based on Census of Distribution andDepartment of Industry monthly series.

Tables 3.2 - 3.3, Based on Census of Distribution.3 .5 -3 .6

Tables 3.7 - 3.9 Prices & Incomes Board Report No. 165.

Tables 4.1 - 4.6 Based on Census of Distribution.

Tables 4.7 - 4.9 DA estimates based on Census ofDistribution.

Tables 5.1 - 5.2, DA estimates.5.4- 5.55.3 Annual reports of Tesco Ltd., and

J . Sainsbury & Sons Ltd.

Tables 6.1 - 6.2, 6.4 - 6.5 Census of Distribution.Table 6.3 DA estimates based on Census of

Distribution and PIB data.

Table 6.6 Prices & Incomes Board, Report No. 165.

- 162

CHAPTER/

CHAPTER 8

CHAPTER?

Table 6.7

Table 6.8

Table 6.9

Table 7.1

Tables 7.2 - 7.3, 7 .6 -7 .9

Tables 7.4 - 7.5

Tables 7.10

Tables 8.1 - 8.3

Tables 8.4- 8.5

Tables 8.6

Tables 9.1, 9.3

Tables 9.2, 9.4

Table 9.5

Table 9.6

Tables 9.7 - 9.12

DA estimates.

Based on data in the two reports onThe Density of Cash & Carry Wholesaling by Manchester Business School, RORU.(see footnote to para. 6.23)

Trade sources.

DA estimates based on Census of Distribution and Retail Prices Index.

Census of Distribution.

See text, para. 7.7 and 7.17.

DA estimates based on Census of Distribution.

Census of Distribution.

DA estimates based on Co-operative retail societies' accounts.

Co-operative Statistics

Based on Census of Distribution andDept, of Industry monthly series.

Census of Distribution.

Nielsen Researcher.

Various

DA estimates.

- 163 -

THE M E A S U R E S O F C O N C E N T R A T IO N- symbols and formulae

APPEN D IX 3

- 164 -

F O R M U L A E

(1) The Linda Index (L), is the arithmetic mean of the (n* - 1) ratios of oligopolistic equilibrium (EG), each being previously divided by n*. The upper and lower limits of L are 1 and O O , respectively.

n* - 1

i = 1

n* - 1

EO.in*

where, EOj = i

An*n* - i Ai

A n* - A

1 - A l

(2) The Coefficient of Variation (V)

V J(xj - M )‘

M

lower limit = 0 upper limit

j

(3) The Gini Coefficient (G)

G =■n .x

i = 1

(i - 1). Fxj - i . Fxj _ -jlower limit

upper limit

- 165 -

(4) Herfîndahl-Hîrschman Index (H)

H = 1000 v2 + 1 1000 ni = i

lower limit - 1000

upper limit = 1000

(5) Entropy Index (E)

E = 100 2i= 1

X. log x. lower limit = 100 (- log n)

upper limit = 0

S Y M B O L S

A i

An*LLn*m n*m

Ln* h< n* h<

Ls

the total number of units (firms) comprising the industry number of units studied -- both for each hypothesis 2, 3, 4, 8, 10, 12, 15, 20 etc.- or constituting the sample analysed.aggregate share of the total sample accounted for by the topi firms.

100% =' 1the Linda index corresponding to the n* hypothesis, the minimum value of the Linda index.

number of firms corresponding to the minimum value of the Linda index in the sample analysed.the maximum value of the Linda index.

the number of firms corresponding to the maximum value of the L index in the interval between n* = 2 and n*m.the arithmetic mean of the L index, from L2 up to and including Ln*m

- 166 -

each EO ratio is expressed by the average size of the first i firms and those of the (n* - i) remaining firms where i successively assumes values from 1 (which expresses the relationship between the size of the first firm and the average size of all other firms in the sample of the industry studied) up to n* - 1; for this reason the number of EO relationships in question is n* - 1.total value of the variable in an industryfirm ivalue of the variable for firm itotal value of the variable up to unit i.

- 167 - A PPEN D IX 4

THE C O M P U T E R G E N E R A T E D M E A S U R E S O F C O N C E N T R A T IO N

01 Chiffre D'Affaîres - Turnover02 Effectif Employment03 Masse Salariale Wages & Salaries04 Benefice Net Net Profit05 Cash Flow Cash Flow06 Investis Bruts Gross Investments07 Capitaux Propres Own Means11 Net Assets Net Assets12 Value Added Value Added

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- 219 - APPENDIX 5

C O M P A R A T I V E P E R F O R M A N C E B E T W E E N

S A M P L E F I R M S , 1 9 6 9 A N D 1 9 7 4

- 220 -

In troduction

The two sets o f tables w hich are the prime concern o f this Appendix represent an extension o f the analysis undertaken in Chapter 10 in that they are derived from the same quan tita tive data and re fer to the same sample o f firms. Thus, Append ix 5 Tables 1 and 2 present for 1969 and 1974, respec tive ly , the sample firms in each o f those years ranked according to the ir measures o f com­para tive perform ance. The measure o f performance computed fo r each firm conforms to that discussed a t paragraphs 297 and 298 in the EEC's "S ixth Report on Com petition P o lic y "* , and furthermore the format o f the tables in this Appendix replicatesTable 10 on pages 166 to 167 o f the S ixth Report.

The Measures o f Performance

Using the values o f four variab les, four ratios are required to be determ ined for each sample firm and expressed as a percentage, that is,

Ratio R1 = net p ro fit (04)sales (01)

Ratio R2 = net p ro fit (04)own cap ita l (07)

Ratio R3 - cash flow (05)sales (01)

Ratio R4 =■ ca sh flo w (05)own cap ita l (07)

The resultant percentages are ranked in descending order o f size for each ra tio and by adding the ranking for each firm on each ra tio the ith firms performance score can be obta ined. In tu rn , the performance scores are ranked enabling performance amongst the sample o f firms comprising the UK food d is tribu tion industry to be compared. As w e ll as showing the ranking and rates achieved by each firm on each ra tio , Appendix 5 , Tables 1 and 2 also ind ica te the absolute values and ranking for each firm on turnover, net p ro fit , cash flow and own means.

* Sixth Report on Com petition P o licy , Brussels, Luxembourg. A p r il 1977. A va ila b le from HM SO.

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24

20

.30

21

0.5

5

20

0.7

7

13

4.0

9

Saf

eway

Foo

d S

tore

s

3513

539

1.1

8

29

19.7

4

39

1.69

28

28

.20

12

47

.75

19

0.5

6

17

0.81

17

2.8

6

Ass

ocia

ted

Food

H

oldi

ngs

3614

034

1.4

4

44

11.5

8

26

2.7

4

36

21

.93

26

17.5

8

32

0.2

5

29

0.4

8

21

2.1

9

Cat

er B

ros.

(P

rovi

sion

s)

3714

232

1.63

43

12.3

0

27

2.6

9

40

20

.32

25

18.6

8

29

0.3

0

26

0.5

0

20

2.4

7

Mat

thew

sH

oldi

ngs

3814

336

1.41

34

17.5

7

38

1.81

35

22

.63

6

90

.04

8

1.2

7

8

1.63

8

7.21

Fitc

h Lo

vell

(Dis

trib

utio

n)

3914

535

1.4

3

36

16.2

5

36

1.8

8

38

21

.32

31

11.8

7

35

0.1

7

36

0.2

2

31

1.05

Art

hu

rR

icha

rdso

n &

Son

4015

131

1.6

8

47

6.7

6

25

2.8

0

48

11.2

9

21

25

.12

24

0.4

2

21

0.7

0

9

6.2

3

Wrig

hts

Bis

cuits

AP

PE

ND

IX 5

, TA

BLE

1

(Con

t'd)

(All

Val

ues

are

in £

m.;

and

rate

s ar

e p

er.

cen

t.)

1969

Num

ber

of

firm

s in

Sam

ple

= 53

Ran

kin

Sco

reR

atio

04

01 '

Rat

io04 07

Rat

io05 01

n .

05R

atio

Q7

Tur

nove

r(0

1)N

et

Pro

fit

(04)

Gas

h F

low

(0

5)O

wn

Ca

pita

l(0

7)N

ame

of

Firm

Sco

reR

ank

Rat

eR

ank

Rat

eR

ank

Rat

eR

ank

Rat

eR

ank

Val

ue

Ran

kV

alu

eR

ank

Va

lue

Ran

kV

alu

e

4115

344

0.7

9

32

18.3

6

46

1.1

0

31

25

.57

45

7.0

9

45

0.0

56

46

0.0

78

49

0.3

0

Gla

ss G

love

r &

Co.

4216

440

1.0

8

38

13.6

4

42

1.43

44

18

.00

46

6.9

2

43

0.0

75

44

0.0

99

42

0.5

5

Tho

s.

Linn

ell

and

Sons

4316

538

1.19

46

7.5

9

35

1.9

7

46

12.5

1

11

51

.32

17

0.61

13

1.01

7

8.0

7M

oore

s S

tore

s

4416

949

0.01

49

3.0

5

52

0.0

7

19

33

.33

28

16.7

5

49

0.00

1

51

0.01

Ì

52

0.0

33

Spa

r Fo

od

Hol

ding

s

4517

043

0.8

0

39

13.5

6

45

1.11

43

18.8

2

7

81

.78

16

0.6

6

15

0.91

11

4.8

3

Dan

ish

Bac

on

Co.

4617

347

0.4

9

40

13.5

0

49

0.7

9

37

21

.86

38

8.61

47

0.0

42

47

0.0

68

48

0.31

Gar

dner

s(B

rist

ol)

4617

342

0.9

6

42

12.4

6

44

1.1

9

45

15.4

8

43

7.3

0

44

0.0

70

45

0.0

87

41

0.5

6F

.P.E

. G

roup

4818

545

0.7

3

45

11.3

1

48

0.8

0

47

12.3

4

19

26

.83

33

0.2

0

37

0.21

25

1.7

4

A.J

. M

ills

(Hol

ding

s)

4919

051

-0.1

6

51

-4.1

3

37

1.8

2

51

4.5

9

32

10.9

7

52

-0.0

18

50

0.0

20

44

0.4

4T

.J.

Pou

part

5019

548

0.2

7

48

5.5

2

50

0.4

5

49

9.2

9

18

30

.83

42

0.0

82

41

0.1

4

29

1.49

R.H

. Th

omps

on

& C

o.

(All

Val

ues

are

in £

m.,

and

rat

es a

re p

er.

ce

nt.

)

AP

PE

ND

IX 5

, TA

BLE

1

(Con

t'd)

Num

ber

of f

irms

in S

ampl

e -

53

1969

Ran

kin

S

core

S

core

n -

04R

atio

Tvp

r> •

04R

atio

07

„ •

05

Rat

io

of

05R

atio

Tur

nove

r ;

(01)

!

Ne

t P

rofit

(0

4)C

ash

Flo

w

(05)

Ow

n C

ap

ital

(07)

;

Nam

e o

f Fi

rmR

ank

Rat

eR

ank

Rat

eR

ank

Rat

eR

ank

Rat

eR

ank

Val

uer

Ran

k V

alu

eR

ank

Val

ueR

ank

Va

lue

51

197

52

-1.2

3

52

-4.6

8

43

1.2

8

50

4.8

8

14

38

.20

50

-0.4

7

27

0.4

9

5

10.0

7F

yffe

s G

roup

52

203

50

-0.0

4

50

-0.7

6

51

0.1

0

52

2.11

15

35

.24

53

-0.0

13

49

0.0

36

26

1.7

0D

el te

c Fo

ods

53

212

53

-1.3

2

53

-4.9

3

53

-0.4

2

53

1.6

0

44

7.3

0

51

-0.0

96

53

-0.0

31

23

1.95

Cu

llen

‘s S

tore

s

f

(All

Val

ues

are

in £

m.,

and

rat

es a

re p

er.

cen

t.)

AP

PE

ND

IX 5

, TA

BLE

219

74

Num

ber

of

firm

s in

Sam

ple

= 40

Ran

kin

S

core

S

core 1

9

„ .

04

Rat

io

rTf

04R

atio

ry

Rat

io

[vf

Rat

io

Q7T

urno

ver

(01)

..

Ne

t P

rofit

(0

4)C

ash

Flo

wm

Ow

n C

ap

ital

mN

ame

of

Firm

Ran

k R

ate

Ran

k R

ate

Ran

k R

ate

Ran

k R

ate

Ran

k V

alu

eR

ank

Va

lue

Ran

k V

alu

eR

ank

Val

ue

2

6.5

3

2

83

.03

2

6.8

9

3

87

.63

25

41

.42

9

2.71

14

2.8

6

27

3.2

6K

wik

S

ave

Dis

coun

t G

roup

2 17

4

4.4

9

5

53

.93

3

5.9

9

5

65

.38

35

24

.59

22

1.2

2

26

1.4

7

31

2.2

5B

ejam

G

roup

3 30

6

4.1

0

8

45

.92

6

4.8

7

10

54

.64

24

43

.75

16

1.79

21

2.1

3

23

3.9

0F

.J.

Wa

llis

4 39

5

4.1

2

12

40

.63

7

4.8

6

15

47

.96

30

34

.86

20

1.4

4

23

1.69

25

3.5

3

Wm

. M

orris

on

Sup

erm

arke

ts

4 39

3

4.6

0

15

34

.36

4

5.7

8

17

43

.24

1 51

4.2

7

1

23

.63

1

29

.73

2

68

.77

Tesc

o S

tore

s (H

oldi

ngs)

6 42

16

2.2

9

1

90.9

1

23

2.4

9

2

98

.75

10

139.

73

7

3.2

0

8

3.4

8

26

3.5

2

Uni

onIn

tern

atio

nal

(Dis

trib

utio

n)

7 44

11

3.2

6

9

43

.90

13

4.0

3

11

54

.27

31

29

.47

26

0.96

1

27

1.19

32

2.1

9Le

nnon

s G

roup

7 44

18

2.2

2

4

55

.05

18

3.1

4

4

78.0

1

4 331

.23

4

7.3

5

4

10.4

1

6

13.3

4

Ass

oc.

Brit

ish

Food

s(D

istr

ibu

tion

)

9 57

13

2.6

3

11

41.5

1

19

3.1

2

14

49

.18

17

68

.96

15

1.82

20

2.1

5

21

4.3

7

Kin

loch

(Pro

visi

onM

erch

ants

)

10

5927

1.5

2

3

76

.90

28

2.2

0

1 111.

42

37

19.9

6

34

0.3

03

33

0.4

4

39

0.3

9M

orga

n E

dwar

ds

(All

valu

es a

re i

n £

m.,

and

rat

es a

re p

er.

cen

t.)

AP

PE

ND

IX 5

, TA

BLE

2 (c

on

t‘d)

Num

ber

of f

irms

in S

ampl

e =

40

1974

Ran

kin

S

core

S

core

04R

atio

o

iQ

4R

atio

07

0£R

atio

p

i

8 ( fe !i.2 I

1

Tur

nove

r(0

1)N

et

Pro

fit

(04)

Cas

h F

low

(0

5)O

wn

Ca

pita

l (0

7)N

ame

of

Firm

Ran

k R

ate

Ran

k R

ate

Ran

k R

ate

Ran

k R

ate

Ran

k V

alu

eR

ank

Val

ueR

ank

Val

ueR

ank

Val

ue

11

6120

2.0

2

7

47

.10

25

2.3

4

9

54

.72

13

102.

95

12

2.0

8

16

2.41

20

4.41

Nu

rdin

an

d P

eaco

ck

11

6112

2.7

5

16

29

.47

14

3.6

2

19

38.8

1

16

83

.22

10

2.2

8

13

3.01

13

7.7

5

Mat

thew

sH

oldi

ngs

11

611

9.0

5

26

20.4

1

1 10.9

2

33

24

.63

40

9.6

3

27

0.8

7

28

1.05

22

4.2

7

Wa

lter

Dun

can

and

Go

od

rick

e

14

64

|24

1.8

0

6

49

.50

27

2.2

2

7

61

.00

29

35

.56

31

0.6

4

30

0.7

9

36

1.3

0H

illa

rds

15

6810

3.3

0

22

25

.87

12

4.21

24

32

.97

!

28

36.

95

21

1.22

24

1.5

6

19

4.7

2

Gat

eway

Sec

uriti

es

16

6914

2.61

20

27

.24

14

3.6

221

37

.82

32

| 28

.71

29

0.7

5

29

1.0

4

28

2.7

5A

mos

H

into

n an

d So

ns

17

7718

2.2

2

23

24

.83

16

3.4

0

20

;

38

.03

i

14

90

.87

13

2.0

2

11

3.0

9

11

8.11

Saf

eway

Foo

d S

tore

s

18

7928

1.39

13

38

.38

3C

1.99

Q j

54

.73

8

163.

11

11

2.2

7

9

3.2

4

15

5.9

2Li

n fo

od

Hol

ding

s

19

818

3.81

31

14.2

3

rv o

4.8

1

34

18.0

0

23

45

.35

18

1.73

18

2.1

8

7

12.1

3

Bax

ters

(But

cher

s)

20

8325

1.71

10

41

.87

32

1.9

6

16

47.8

1

34

25

.10

0.4

3

32

0.4

9

37

1.03

Jose

ph S

tock

s an

d So

ns

(Hol

ding

s)

(All

Val

ues

are

in £

m.,

and

rat

es a

re p

er.

cen

t.)

AP

PE

ND

IX 5

, TA

BLE

2 (C

ont'd

)

Num

ber

of f

irms

in S

ampl

e =

40

1974

Ran

kin

Sco

reR

atio

04 01

0 ( 00

1

05R

atio

o

f05

Rat

io

07T

urno

ver

(oi.)

:N

et

FVof

it (0

4)C

ash

Flo

w

(05)

Ow

n C

ap

ital

(07)

Nam

e o

f Fi

rmS

core

Ran

kR

ate

Ran

kR

ate

Ran

kR

ate

Ran

k R

ate

Ran

k V

alu

eR

ank

Val

ue

Ran

kV

alu

eR

ank

Val

ue

2185

22

1.97

19

27

.88

22

2.6

3

22

37.3

1

5

27

7.6

0

5

5.4

6

5

7.3

1

5

19,5

9

Fitc

h Lo

vell

(Dis

trib

utio

n)

2287

9

3.3

4

32

13.0

4

11

4.3

4

35

16.9

3

2

44

5.3

0

2

14.8

7

2

19.3

1

1

114.

04J.

S

ains

bury

2389

32

1.2

2

21

26

.32

24

2.4

2

12

52

.22

12

126.

63

19

1.5

4

12

3.0

6

16

5.8

7

Boo

ker

McC

on

ne

ll(D

istr

ibu

tion

)

2389

7

3.8

8

35

9.7

3

9

4.5

1

38

11.3

1

41

9.5

0

33

0.3

7

34

0.4

3

24

3.7

8

Cu

llen

'sS

tore

s

2591

17

2.2

5

33

12.2

3

10

4.4

7

31

26

.26

21

49

.32

23

1.11

17

2.2

0

10

8.4

0

Gee

stIn

dust

ries

2692

1528

1732

33

33

Cav

enha

m

2.4

61

9.2

03

.16

24

.68

42

8.1

410

.52

13.5

35

4.8

2(D

istr

ibu

tion

)

2793

31

1.2

7

14

37

.00

35

1.7

3

13

50

.35

6

22

7.2

6

8

2.8

9

. 7

3.9

3

12

7.81

Whe

atsh

eaf

Dis

trib

utio

n a

nd

Tra

ding

2793

21

2.0

0

25

21

.62

21

2.9

2

26

31

.57

20

51

.64

24

1.0

3

25

1.51

18

4.7

8B

isho

ps S

tore

s

2910

032

1.22

38

8.11

5

4.9

0

25

32

.67

18

64

.89

28

0.7

9

10

3.1

8

8

9.7

3F

yffe

s G

roup

2910

030

1.29

18

27

.97

34

1.8

6

18

40

.38

39

12.4

1

37

0.1

6

38

0.2

3

38

0.5

7

Gla

ss G

love

r an

d C

o.

(All

Val

ues

are

£m

., a

nd r

ates

are

pe

r.ce

nt.

)

AP

PE

ND

IX 5

, TA

BLE

2 (C

ont'd

)19

74

Num

ber

of f

irms

in S

ampl

e =

40

Ran

kin

Sco

reR

atio

04 01n

• 04

Rat

io ~

qj„

• 05

R

atio

Q

|n

• 05

R

atio

q

t"T

urno

ver

. .(

01)

Ne

t P

rofit

(0

4)C

ash

Flow

(0

5)O

wn

Ca

pita

l (0

7) _

Nam

e o

f Fi

rmS

core

Ran

kR

ate

Ran

kR

ate

Ran

kR

ate

Ran

k R

ate

Ran

k V

alu

eR

ank

Val

ue

Ran

kV

alu

eR

ank

Val

ue

3110

322

1.9

7

34

10.8

2

20

3.0

7

37

16.8

2

7

223.

31

6

4.4

0

6

6.8

4

4

40

.70

Inte

rnat

ion

alS

tore

s

3210

726

1.6

2

17

28

.90

36

1.7

0

28

30

.28

26

41

.30

30

0.6

7

31

0.7

0

29

2.3

2

A.J

. M

ills

(Hol

ding

s)

3311

335

1.1

5

29

16.6

7

26

2.3

3

23

33

.94

15

85

.24

25

0.9

8

22

1.99

17

5.8

6W

ait

rose

3411

929

1.3

6

27

20

.32

33

1.87

30

27

.93

11

133.

64

14

1.82

15

2.51

9

8.9

7

R.C

.A.

^C

orpo

ratio

n(D

istr

ibu

tion

)

3512

234

1.1

6

30

16.5

9

29

2.0

5

29

29

.20

36

20

.78

35

0.2

4

35

0.4

3

35

1.46

Tow

ers

& C

o.

3612

436

1.1

3

14

24

.79

37

1.4

0

27

30

.73

9

153.

15

17

1.7

4

19

2.1

5

14

7.0

0D

anis

h B

acon

C

o.

3712

640

0

40

0

40

0.0

4

6

63

.64

22

46

.83

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