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  "documentTitle": "Grocery profitability outlook –Europe",
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      "text": "3. New diabetes and obesity drugs (GLP-1): Households with GLP-1 drug users cut overall grocery spending by ~6-11%. With users potentially reaching ~4-9% of the EU population by 2029, this could result in further decline in revenue and margins.",
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      "text": "5. Increasing share of private label: Private label share is expected to grow by 3.1-5.6pp up to 31-33%. Due to the higher margin of these products, this will positively impact profitability of hyper/supermarkets.",
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      "text": "2. Continued labor market tightness: Wage inflation is expected to stabilize at ~2.5% p.a., but at an elevated level compared to historic rates. If retailers can only pass 90-100% of inflation to consumers, margins are negatively affected.",
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      "text": "6. Growing share of online: Share of online is expected to increase from 6% to 7-9%. Online business is still margin dilutive with 5-10pp lower EBITDA margin, but will likely improve over time.",
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      "text": "4. Continued market share erosion to discounters: Discounters are expected to grow their market share by 0.9-3.8pp, up to 23-26% of the total retailers market.",
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      "text": "1. Continued higher food inflation: Food inflation is expected to be ~2.2% p.a., and will erode retailers' margins if only 90-100% of inflation can be passed on to consumers.",
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