Greggs targets 160 new sites in 2024

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Greggs targets 160 new sites in 2024

Related tags Greggs bakery Finance

Greggs expects to open between 140 and 160 net new venues this year as it looks to continue to grow its estate.

Announcing the plans in a financial update, the bakery group says it is confident of delivering on its target for sustainable growth on the back of company-managed shop like-for-like sales having risen by 13.7% in 2023’s financial year and total sales up 19.6% to £1.8bn.

The group opened a record 220 new shops last year, while 75 shops closed, 42 of which were relocations. Its total estate as of 30 December 2023 is 2,473 sites, comprising 1,970 company-managed venues and 503 franchised ones.

The group reports that inflationary pressures are easing and that fourth quarter like-for-like sales in its company-managed shops grew by 9.4%. It also says it had a strong end to the year and a more consistent Christmas trading pattern than in 2022.

“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,” says Roisin Currie, Greggs chief executive.

“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.”

Related topics QSR & Street Food

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