The Grocer’s annual Power List is an arduous and somewhat terrifying task, as we risk causing mortal offence, and sometimes not deliberately.

But it’s also a state-of-the-nation moment for us, and over the years there have been a number of different themes: the nanny state issue the trade credit crunch issue the power vacuum issue and last year’s consumer power issue.

This year’s list has four key themes, and all of them different once again. The first is the Great British Summer, including the jubilee, Euro 2012 and, of course, the Olympics.

The second is a shift in the balance of power resulting from the continuing underperformance of the grocery retailers vs fmcg suppliers on the Stock Exchange. While profits have indeed gone up for the all of the big four - though not Marks & Spencer of course - the bottom line hides the fact that additional profit has in most cases been dwarfed by the prodigious capex invested in the space race.

It’s now been somewhat curtailed, of course, but like the staggering in the 4x400 relay, it’s hard to determine from the extended nature of the property pipelines who, if anyone, will be the winner. And that’s why some of our top choices among retailers bear little resemblance to turnover or market cap, while suppliers - limiting their UK investment by and large to the bare minimum - have noticeably fared better this year - particularly those with a global reach, of course.

Another key theme seems to be executive pay. And with perfect timing, Tesco CEO Philip Clarke this week held back from claiming a bonus. As we also reveal some 5,000 Tesco managers in total received a fraction of their potential bonuses. Conversely, the bosses of Diageo and Unilever, among others, have been able to justify substantial hikes in their pay packets without a shareholder revolt. Another sign of power.

But one event dominates all others in this year’s Power List: the crisis within Britain’s biggest grocery retailer. If once there was a power vacuum at Tesco, Philip Clarke has filled every inch of it in a powerplay the like of which has not been seen for years. There can only be one captain, he said. And only one No1.

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