Supermarkets looking for acquisitions: why do they do it?

From Carrefour to Lidl, supermarket groups have been investing heavily in acquisitions in recent years. But what are they looking for? And why are they doing it? A new study by Strategy&, a subsidiary of PwC, has looked into this question.

Both upwards and downwards

Between 2013 and 2022, Europe’s major food retailers made 5% more acquisitions each year, totalling 84 deals. In 2020 and 2021, they took advantage of market turbulence to make cheaper acquisitions, but also the need to ensure security and strengthen supply chains, especially during the Covid crisis. Given the current volatility, Strategy& expects further verticalization ahead.