Swiss inflation dipped slightly to 1.3% in June, according to the Swiss Federal Statistics Office. This was driven by price increases in fruit, certain vegetables, hotels, and holidays, which were offset by declines in prices for air transport, petrol, diesel, and clothing and footwear. On a month-on-month basis, prices remained unchanged.
This slight dip follows a series of interest rate cuts by the Swiss National Bank (SNB), which lowered rates to 1.25% in July, marking the second reduction this year, with the SNB citing a decrease in underlying inflationary pressure.
UBS economist Alessandro Bee told Reuters recently that if the trend continues, inflation should not impede further rate cuts by the SNB, barring any significant upward surprises.
Looking at the broader economic landscape, the Swiss State Secretariat for Economic Affairs projected that the country’s economic growth in 2024 will be below average at around 1.2%. However, it anticipates a normalisation to 1.7% growth in 2025 as the global economy gradually recovers.
In the first quarter of 2024, Switzerland’s GDP showed moderate growth, with expansion in the services sector and solid increases in private consumption. However, the industrial sector remained stagnant.
'The eurozone recovered somewhat from the previous weak phase, but growth is likely to remain subdued in the coming quarters,' the secretariat noted. 'This will have a correspondingly dampening effect on exposed areas of the Swiss export economy. Overall, global demand from the Swiss perspective is expected to remain below its historical average in the coming quarters.'
Here's an overview of the top ten supermarket retail chains in Switzerland, according to their most recently-available full-year turnover. All data is supplied by Retail-Index.
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1. Coop
Turnover: €30.4 billion (2021)
Coop is Switzerland's leading grocer with a turnover of €30.4 billion in 2021. It currently has around 2,500 outlets in Switzerland across various sales formats as well as wholesale and production companies.
The Coop Group is a cooperative. which is headed up by a board of directors with ten members, as well as being managed operationally by a seven-strong executive board.
2. Migros
Turnover: €27.7 billion (2021)
Migros places second on the list with an annual turnover of €27.7 billion recorded in 2021.
The retailer currently boasts 1,191 stores across Switzerland and its banners include Migros Supermarkt, Alnatura, Do it + Garden, Leshop.ch, Micasa, SportXX, Voi and melectronics. Migros has nearly a century of history behind it, having been founded in 1925.
In May, Migros Supermarket AG, the supermarket business unit of Migros, announced it will implement a new organisational structure from July. The move will lead to the elimination of 150 full-time positions.
3. Denner
Turnover: €3.68 billion (2022)
Denner recorded an annual turnover of €3.68 billion in 2022, with an estimated 860 stores as of this year.
The Zürich-based operator's banners include Denner, Denner Bibite and Denner Express.
The Denner Board of Directors recently appointed Torsten Friedrich as the retailer's new CEO. He will take up his position in January 2025. Until then, Adrian Bodmer will continue to manage the business of Switzerland's largest discounter.
4. Manor
Turnover: €2.5 billion (2021)
Manor recorded an annual turnover of €2.5 billion in 2021, and currently boasts 61 outlets across Switzerland.
Manor's banners include Manor Food, Manora Fresh To Go, Manora Restaurants, Habitat and Sanovit.
The Manor department store group dates back to a partnership between two wholesalers, Ernest and Henri Maus, and the retailer Léon Nordmann, which was established in 1902.
5. Aldi
Turnover: €2.1 billion (2021)
Aldi is fifth on the list with an annual turnover of €2.1 billion recorded in 2021.
Part of the Aldi Nord group, and having had a presence in Switzerland since 2005, Aldi has 220 outlets and three distribution centres. Each caters to a defined region in Switzerland, to which around 75 branches are assigned.
Aldi Suisse recently partnered with Gofast to install fast-charging stations for electric cars at around 150 of the 240 Aldi outlets across Switzerland, with the rollout starting in the summer of 2024.
6. Volg
Turnover: €1.5 billion (2021)
Volg reported a turnover of €1.5 billion in 2021. The retailer has 607 stores in Switzerland and operates the Volg Dorfladen brand.
Volg belongs to the fenaco Group, which was founded in 1993 through the merger of six agricultural cooperative associations.
7. Prodega/Growa/Transgourmet
Turnover: €1.4 billion (2020)
Prodega/Growa/Transgourmet is the leading business in the cash-and-carry and wholesale market in Switzerland, and had an annual turnover of €1.4 billion in 2020.
There are 31 Prodega cash & carry stores located throughout Switzerland. Philipp Dautzenberg is the current chief executive officer of the retailer.
8. Lidl
Turnover: €1.35 billion (2020)
Lidl reported an annual turnover of €1.35 billion in Switzerland in 2020 and has more than 165 outlets across the country.
The retailer is celebrating its 15th anniversary in Switzerland this year. In 2009, the first 13 Lidl stores opened their doors in Switzerland.
9. SPAR
Turnover: €613 million (2021)
SPAR reported a turnover of €613 million in Switzerland in 2021 and has 266 outlets in the country at present.
Its banners include SPAR Express, SPAR, TopCC amd maxi (SPAR). SPAR entered the Swiss market in 1989.
South Africa's SPAR Group, which operates the SPAR brand in the country, recently announced plans to sell its Polish division, amidst a streamlining of operations.
10. OTTO's
Turnover: N/A
Headquartered in Sursee, OTTO's has 140 stores in Switzerland. The company was founded in 1978 by entrepreneur Otto Ineichen.
About Retail-Index
Retail-Index is a specialist supplier of management information on consumer retail markets, provided by Veraart Research Group in the Netherlands. Its mission is to supply managers with up-to-date key information on retail markets in Europe and support them in their international expansion.
The company dates back to 1964, when it started as a market research and marketing consulting company for consumer products and services. In 1989, it started publishing written reports on various retail sectors in Europe. As of 2005, it publishes its information on retailers through the online database and curated datasheet exports available on www.retail-index.com. A team of researchers manages the data to reflect upon current developments in the markets, collected from an extensive number of sources.
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