When the retail juggernaut that is Tesco unveils its slowest quarter of growth in 15 years, even those members of the industry vehemently opposed to the dealings of the UK’s largest retailer must start to hear alarm bells ring.

For a long time now it has seemed that, as sure as the sun rises in the morning, Tesco’s inexorable rise up the retail ranks will continue unabated. However, the news that record numbers of shoppers are apparently abandoning the UK’s number one in favour of big-four rivals Asda and Morrisons provides some food for thought. Maybe a financial crisis was the push consumers needed to reassess their eating habits and start shopping around - albeit that they have not ventured beyond the big four in any significant way yet.

It would take something fairly miraculous for Tesco to lose its massive lead in market share - it has, after all, only reported slowed growth, rather than an actual fall in sales. But the chain’s dip in popularity can be viewed as a benchmark for the grocery industry in general.

The festive period traditionally brings with it a hugely welcome spike in food sales. However, I fear that the next couple of weeks may see many firms, especially smaller ones, pinning their hopes on the anticipated boost to prop them up for some time after Christmas and New Year. And with consumers cutting spending wherever they can and overall grocery growth now at a standstill, that could be a risky approach.