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  "documentTitle": "Grocery profitability outlook –Europe",
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      "text": "Bolder actions are needed as historical cost optimization will not be sufficient and impact will heavily depend on the actions taken.",
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      "text": "3 Solutions: ... bolder actions are needed to avoid further profitability erosion. Grocers need to do a step change across a set of levers on growth, operational excellence, transformative change. Bolder actions are needed as historical cost optimization will not be sufficient. While many grocers are making progress, none fully accelerated their efforts.",
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      "text": "2 Outlook: ... will be at risk if no counter measures are taken. Over the next 5 years, pressure on grocers' margins will continue. If no counter measures are taken, average EBITDA impact could range -0.2 to -2.7 pp for hyper/supermarkets. Impact of trends could make super/hypermarkets EBITDA margins thin (~4% on average) with 1-2% of revenue required for renewal CAPEX.",
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      "text": "1 Looking back: ... are low and under pressure from macro-economics and industry dynamics. Grocery retail EBITDA margins are 7.1% on average (2009-23), significantly below other industries. Hyper/supermarkets faced stronger pressure compared to discounters. Most grocers limited EBITDA decline through raising prices/negotiating purchase terms, reducing SG&A and lowering investments.",
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