Swiss retailer Migros increased its market share by 1.2 percentage points to 23.3% in 2020 and strengthened its leadership in the online retail segment.
The retailer attributed the gain in market share to expanded, customer-oriented offers as well as investments in product quality.
The company saw sales growth of 4.4% to CHF29.9 billion (€27 billion) during the financial year.
Profit amounted to CHF1.75 billion (€1.6 billion), mainly driven by one-off successes from the divestment of Globus and Glattzentrum.
Without the proceeds from the divestments, Migros recorded a group profit of CHF555 million (€500.9 million).
Online retail sales saw record growth of 45.5%, amounting to CHF 2.99 billion (€2.7 billion), exceeding the 10% of total sales for the first time.
The performance of Digitec Galaxus (+56.4% in Switzerland), Migros Online (+40.0%), and the digital businesses of specialist stores (+138.8%) contributed to this success.
Migros Online emerged from LeShop as a digital supermarket in the autumn of 2020, the retailer added.
Following a successful transfer, the retailer’s online offer moved closer to the Migros supermarkets, giving customers a seamless shopping experience.
Impact Of Pandemic
The retailer witnessed increased demand during the pandemic in its retail and online channels, while its travel, gastronomy, and fitness and leisure divisions suffered a severe setback.
Despite the challenges and the ongoing crisis due to the pandemic, the group successfully implemented its strategic goals by streamlining the company portfolio, investing in growth areas, and the price-performance ratio.
Migros increased the quality of its private-label products and has implemented measures to permanently lower the prices of approximately 1,000 of its most popular products since September 2020.