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Food retailers set to keep building

Spending on new shops by major food retailers is likely to hold up this year despite a market decline.

That view comes from credit ratings agency Moody’s, which said in its report, UK Food Retail Growth Slows As Competition and Economic Pressures Bite that sales would grow only in the low single-digit range through 2014.

The agency said that despite this it expected food retailers to continue to expand store networks to areas where they are under-represented, and to increase the number of convenience stores they own.

As a result “capital expenditure will remain somewhat high this year, reducing financial flexibility”, it said.

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