The turbulent world of retailing is tough enough in its own right for the prospective investor to navigate. The narrower world of supermarkets is even tougher.
Any share owner who decides to take exposure to the retail sector will have to consider at the very least whether to take a position in one of the three big listed grocers: Tesco, Wm Morrison and J Sainsbury. Which, if indeed any, is compelling?
All are members of the FTSE 100, but the biggest by far is Tesco, with a market value not far short of £20 billion. It started life in 1919, when Jack Cohen began selling groceries from a stall in east London. Ten years later he opened his first shop. The modern Tesco operates from