Greggs, the UK’s much-loved bakery chain, is on track for an impressive year of growth, with plans to open between 140 and 160 net new stores by the end of 2024. The company, which operated 2,559 locations as of the end of September, has already opened 152 new stores this year while closing 66, including 43 relocations. The expansion includes the growing popularity of Greggs’ drive-through outlets, with new sites recently launched at Abbeywood Retail Park and Harlequin Business Park in Bristol.
In its third-quarter trading update, covering the 13 weeks ending 28 September, Greggs reported a 10.6% increase in total sales, bringing year-to-date growth to an impressive 12.7%. Like-for-like sales in company-managed stores were also strong, rising 5% compared to the same period in 2023.
Innovation has been key to Greggs’ continued success. The bakery chain’s product development, including the launch of a popular over-ice drinks range, has contributed significantly to its sales surge. Currently available in 800 locations, the drinks line is expected to reach 1,000 shops by the end of the year. New additions to the Autumn menu, such as the All-Day Breakfast Baguette and Mexican Bean & Spicy Cheese Flatbread, are also expected to drive sales as the colder months approach.
Extended trading hours and the expansion of digital sales channels have further bolstered Greggs’ performance. Despite the ongoing economic uncertainty, the company remains confident in its long-term growth prospects and maintains its outlook for the full year.
In a bid to balance consumer costs, Greggs has also revised its inflation estimates, now anticipating that cost increases for 2024 will fall towards the lower end of its previous 4-5% projection. This is welcome news for customers, especially those who have voiced concerns over rising prices in recent years, including the iconic sausage roll.
With a robust expansion strategy, menu innovation, and continued sales growth, Greggs is firmly on course for a landmark year, cementing its place as a staple of the British high street.
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