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BMI View: We expect Spain's Mass Grocery Retail (MGR) sector to experience moderate growth over our
five-year forecast period, as the industry undergoes greater consolidation driven primarily by convenience
and discount formats. While a strengthening labour market and low inflation levels will support steady,
albeit unimpressive, growth levels in the Spanish food and drink sector.
Key Trends & Industry Developments
? We have identified the northern regions in the country, including the Basque country, as being areas
primed for greater consolidation by mass grocery retailers.
? Mercadona has plans to open four stores in neighbouring Portugal by 2019, the first foreign investment
by the family-owned group after a rapid expansion in its domestic market.
? We hold our view that the discount segment will remain the most promising category in the MGR sector
over the next five years.
? While we forecast the Spanish alcoholic drinks industry to sustain positive growth rates over the next five
years, the pace of expansion will remain slow.