Poor growth has become a familiar trend in Europe’s top-three food markets. Operating margins for the region’s retailers are at 10-year lows, according to Bain. That compares unfavorably with consumer goods companies like Unilever whose margins are touching decade highs. The latter’s relative strength is helped by a push into emerging markets.

Bain reckons European retail’s already razor-thin operating margins will fall by 20-40 percent over the next decade as shoppers shift to less profitable formats like online.