Waitrose Plans £1bn Expansion, 100 New Stores

Waitrose, the  British supermarket chain, has announced an ambitious £1 billion ($1.3 billion) investment plan aimed at expanding and upgrading its store network over the next three years. The investment will focus on both opening new convenience shops and enhancing the offerings in its existing stores. Currently operating 329 stores across the UK, Waitrose plans to add up to 100 new convenience shops over the next five years, marking a significant expansion of its footprint.

This move comes as Waitrose seeks to regain momentum after losing market share during the cost-of-living crisis, which has impacted many British consumers. However, recent industry data indicates a positive shift, with Waitrose's market share inching up for the first time since January 2022. According to the latest figures from market researcher Kantar, Waitrose now holds a 4.5% share of the UK grocery market.

The investment will be strategically directed towards areas that differentiate Waitrose from its competitors, particularly in its high-quality service offerings. Unlike market leader Tesco and second-largest chain Sainsbury's, which have been phasing out service counters, Waitrose is doubling down on this aspect of its business. The supermarket chain plans to upgrade its meat and fish counters, ensuring they remain a key attraction for customers seeking premium products. Additionally, Waitrose will enhance its wine selection, giving it more prominence in stores to cater to its discerning clientele.

Waitrose is also focusing on increasing the flexibility of its stores to better respond to local demand. This includes more third-party collaborations and dedicating additional space for grocery orders made online, which have become increasingly important in the post-pandemic retail environment.

The first new Waitrose store in six years is scheduled to open later this year in Hampton Hill, southwest London, pending planning approval. A second store is expected to follow in Greater London early in the new year, signalling the start of the chain's broader expansion strategy.