It gives me no satisfaction to see our flagship retailer struggling. Nor does it surprise me. The IPM has been looking to forecast the impact of loyalty schemes on improving loyalty. Responses across core grocery retailers in the run-up to Christmas put Waitrose at the top and Tesco firmly at the bottom.

Tesco has done marvellous things with its Clubcard. But can Clubcard continue to perform miracles or will Tesco have to make every little thing count in store too?

Colin Harper, head of insight, IPM