B&M to open 14 new stores this summer after sales boost - full list of store openings
B&M is set to open multiple new stores across the country
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B&M is set to open 14 new stores across the UK with one site looking to open as soon as this week in a boon for the economy.
This latest expansion by the discount retailer comes amid the recent wave of store closures which have decimated high streets in Britain.
As it stands, B&M has 741 locations in sites across the country and has opened 47 new sites in the last financial year.
In its latest financial statement, the B&M European Value Retail shared it is looking to open at least 1,200 stores in the UK in the years to come.
This is a dramatic revision of its previous target of 950 new store openings over time.
Among the massive retailers to confirm store closures this year include Marks and Spencer (M&S) and WHSmith.
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Britain's high streets have been hit by a wave of store closures as of late
PAHere is a full list of the new B&M stores opening this summer:
- Maesteg, Wales - June 8
- Bulwell, Nottingham - June 12 (relocation)
- Kingswood, Bristol - June 14
- Oakham, Rutland - June 22
- Oldham, Greater Manchester - June 26 (relocation)
- Bransholme, Hull - June 28
- Bordon, Hampshire - June 29
- Bloxwich, Walsall - July 12
- Bradley Stoke, South Gloucestershire - July 12
- Gainsborough, Lincolnshire - July 20 (relocation)
- Cannock, Staffordshire - July 23
- Arndale, Manchester - July 24
- Victoria Chambers, Derby - July 26
- Harpurhey, Manchester - August 24 [this is part of a wider expansion plan].
Earlier today, B&M group reported that revenues increased by a 10 per cent in the year to the end of March, compared with the previous year, as per the company's financial results.
Sales throughout the UK rose by 3.7 per cent compared to 2023 on a like-for-like basis, which does not include the impact of new store openings.
According to B&M, this was bolstered by a higher volume of sales, with more products being purchased, and its competitive pricing.
Over the year, the group’s annual pre-tax profit came to £498million which is up from 14 per cent from the £43 million reported in 2023.
As a brand, B&M is popular for selling a range of household products, DIY, food and clothing at a budget price.
With the financial success of the past year, the group claims it is in the midst of a "turning point" in the way it carries out its business.
LATEST DEVELOPMENTS:
The discount retailer is continuing to expand into new areas
B&MAlex Russo, the group's chief executive, gave insight into what the future of B&M will look like.
He explained: “The success of our new stores, our continued volume growth and improved sales densities show that we are as competitive as ever and we have plenty of runway ahea.
Russo noted that B&M is currently "well set" for 2024 but the brand is committed to a "laser focus on low prices".
The B&M group also confirmed plans open a "meaningful number" of stores in France.