Greggs, the well-known high street bakery chain, has unveiled plans to open up to another 160 stores in the year ahead as it cheered a strong end to 2023.
In 2023, the group expanded its presence by inaugurating 220 new stores, while also closing 33 and relocating 42. This resulted in a net gain of 145 new locations, bringing its overall estate to 2,473.
In 2024, Greggs plans to open a net total of 140 to 160 new shops, aiming to enhance customer accessibility to its stores.
In the fourth quarter, it recorded a 9.4% increase in like-for-like sales in its self-managed shops, contributing to an overall comparable store growth of 13.7% for the year 2023.
The performance in the last quarter indicates a deceleration compared to the 14.2% growth observed in the preceding three months. Greggs attributed this slowdown to a reduced contribution from price inflation.
The company said cost pressures were continuing to ease back, with expectations for a “more stable cost base in the coming year”.
“Wage inflation remains, although higher rates of pay across the economy will also provide support to consumer incomes,” according to the group.
Roisin Currie, chief executive of Greggs added, “We enter 2024 with plans to continue to invest in our shops and expand supply chain capacity.”
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