Leading high street chain to open 150 new UK stores after recording £1.5billion in sales
The high street is set to see a major boost
PA
High street bakery Greggs has revealed it is to open 150 new stores after sales soared by nearly a quarter last year, saying the cost-of-living crisis has led to more consumers relying on low cost meals.
The chain reported total sales of £1.5billion over 2022 – a 23 per cent surge on the previous year.
Over the course of the year, Greggs opened a record 186 new shops, but did see 39 closures.
The bakery aims to have more than 3,000 shops in the UK.
Greggs are set to open 150 new stores across the country
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Around 500 stores have had their opening hours extended, providing meal options for more people.
About 5 per cent of its total sales came from delivery services, with strong demand for sharing boxes, Greggs said.
They have also dipped their toe into the fashion market, after teaming up with other leading high street chain Primark to release a number of menu-inspired clothes.
Chief executive Roisin Currie said: “2022 has been a year of strong progress for Greggs, the result of committed efforts to deliver our strategic growth plan.
The leading high street bakery opened a record 186 shops in 2022
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“The significant opportunities on which the plan is based will remain centre stage in the year ahead as we make Greggs more accessible to even more customers.
“Although consumer incomes remain under pressure, Greggs continues to offer exceptional value to people looking for great tasting, high-quality food and drink on the go.
“We have an exciting, ambitious plan for the years ahead and, by continuing to nurture what makes Greggs special, I believe we are extremely well-placed to realise the opportunity to become a significantly larger, multi-channel business.”
It follows further positive news for British high streets, after Poundland announced plans to open more shops over the coming weeks.
The group saw a reported total sales of £1.5billion over 2022
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The discount retailer unveiled plans to open and relocate at least 50 new stores over the next nine months in a move set to create up to 800 jobs.
Despite a great year, Gregg’s profit lifted by just 1.9 per cent after it was bit by steep cost inflation and the withdrawal of the Government’s pandemic support.
Its pre-tax profit hit £148.3 million in 2022, up from £145.6 million the previous year.
Cost inflation is predicted to be a challenge again, reaching levels of 9 to 10 per cent, driven by staff pay pressures and energy costs.
But the group say they managed to pass on some of the costs to consumers through price rises, with the iconic sausage roll rising from £1 at the start of 2022, to £1.20 at the start of 2023.
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