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      "text": "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 and impact will heavily depend on the actions taken. While many grocers are making progress, none fully accelerated their efforts.",
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      "text": "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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