Spar is the runt of the litter

• Spar is not the runt of the litter, but rather the worst-performing grocery retailer in 2026 based on share price performance.
• The company's struggles to solve long-standing issues in its business stem from its unique operating model as a warehousing and distribution business rather than a traditional retailer.
• The recent board shake-up and Spar's poor performance raise concerns about the company's ability to rebuild trust with its independent store owners and restore the business to a sustainable footing.