China is set to overtake the US as the world’s largest grocery market for the first time by 2014, new research has suggested. According to market research firm IGD, the Chinese grocery market will grow to a value of EUR761bn (AUD$1,202bn), outstripping the US that is set to be worth EUR745bn in four years’ time. IGD said that the Chinese economy was not as badly hit by the global economic recession as the US. Meanwhile, the IMF has predicted that Chinese economic growth could outstrip... ...Read more »

Woolworths, Australia’s largest supermarket operator, is not expecting to lower their guidance despite economic headwinds, as they remain positive after reporting a record first-half. “One of the things we did when this first erupted, we determined a couple of things. Number one, let’s not change our targets, so our guidance has been the same even though we set those back in March last year for ourselves, we haven’t changed them,” Woolworths CEO, Michael Luscombe, told... ...Read more »