Merrill Lynch Global Research, Bloomberg, Datastream, IBES Chart 68: Retail is expensive on a range of metrics Tesco Aldi Lidl Waitrose Morrisons Sainsbury's Asda -100 -50 0 50 100 m Market share of grocers, yoy Source: Kantar Worldpanel Chart 69: Not cheap even if you strip out the two biggest ex-UK