Greggs has announced it does not plan to raise prices over the year ahead, but has warned price cuts are not likely as wages keep costs under pressure.
The high street bakery chain has also announced plans to open 160 more shops this year.
Greggs has today shared a selection of upcoming Greggs store openings:
- Within Tesco, Bar Hill in Cambridge
- Chester Road, Mold
- Within Tesco, Ealing in London
- Church Walk Shopping Centre, Walker
- General Rees Square, Cwmbran
- Northenden Road, Sale
- U2 Portland Walk, Barrow-in-Furness
- MFG service station, Hyde Road, Mottram
The company opened 220 new shops in 2023, with 33 closures and 42 relocations resulting in 145 new sites on a net basis. It took its total estate to 2,473.
Greggs now has a total estate of 2,473 stores
PA
In 2024, the bakery chain is set to open between 140 and 160 new stores on a net basis.
Roisin Currie, chief executive of Greggs, today said she has “no plans currently” to increase prices across its ranges as the group expects a more stable cost base over the year ahead.
However, Ms Currie suggested it would be “a long time before we see deflation” that would allow the group to begin cutting prices, as retailers are among those facing higher wage bills due to increases in the National Living Wage.
The chief executive said rising wages was “good news as it puts more money into consumers pockets”.
Greggs plans to continue looking at expanding across retail parks, travel sites and roadside locations, as well as industrial estates.
Ms Currie said: “Where there’s any location where you can’t currently access a Greggs easily, we want to try and get into that location.”
They also plan to continue rolling out evening opening hours on a targeted basis across stores.
Extended hours are currently available in around 1,200 of its sites.
LATEST DEVELOPMENTS:
Greggs posted a 9.4 per cent rise in like-for-like sales across its own-managed shops in the fourth quarter
PA
Greggs posted a 9.4 per cent rise in like-for-like sales across its own-managed shops in the fourth quarter, with comparable store growth of 13.7 per cent overall in 2023.
The results helped send shares up nearly 10 per cent in early trading on Wednesday.
The final quarter performance marks a slowdown on the 14.2 per cent growth seen in the previous three months, as Greggs said there was less contribution from price inflation.