Greggs targets over 140 new stores following record year
Greggs has said it expects to open between 140 and 160 new stores in 2024, following a record year for new openings.
The bakery chain opened 220 stores in 2023, with 33 closures and 42 relocations resulting in a net 145 new shop openings. By year end, Greggs had a total trading estate of 2,473 stores.
Greggs had previously set a long-term target to operate up to 4,500 UK stores.
The chain also revealed that its total sales in 2023 were up by 19.6% to £1.8bn, and reported “further strong trading” throughout the fourth quarter.
Greggs’ company-managed shop like-for-like sales were up by 13.7% and 9.4% for 2023 and the fourth quarter respectively.
Greggs said the strong like-for-like performance reflected the popularity of its brand as it continues to develop its product range and increase its accessibility through digital channels and extended trading hours. By the year end, the chain had rolled out its delivery service to 710 shops with Uber Eats, alongside its existing partnership with Just Eat.
Roisin Currie, Greggs chief executive said: “2023 was a year of further progress by Greggs. I am proud of our teams, who did a fantastic job serving more customers as we continue to grow our shop estate and offer greater availability through digital channels and extended trading hours.
“We enter 2024 with plans to continue to invest in our shops and expand supply chain capacity to deliver the growth strategy, supported by our strong balance sheet. Our value-for-money offer, and the quality of our freshly prepared food and drink continue to evolve and position us well for further progress in the year ahead.”