Tesco is set to increase its global grocery market share to nearly 2% by 2008 but will still be dwarfed by Wal-Mart’s predicted 8.6%, according to a new report.

However, the Global Retail Concentration 2004 report from analyst PlanetRetail does not take into account mergers, acquisitions or new market entries, so Tesco could surpass its forecast before then.

“Tesco is looking at markets like Russia and Greece so we can expect faster growth than we have forecast,” said Bryan Roberts, Planet Retail’s global retail research manager.

For more details see The Grocer tomorrow.