Supermarket chain Waitrose has announced plans to open 100 new convenience stores across the UK over the next five years as part of a £1 billion
investment initiative.
This significant investment will also be allocated toward refurbishing existing stores, with the announcement made at a newly upgraded location on Finchley Road in North London.
The first of these new stores is expected to open by the end of 2024 in Hampton Hill, West London, marking Waitrose's first new store opening in six years. While four of the new stores will be larger locations, the majority—100—will be ‘Little Waitrose’ convenience stores.
James Bailey, Waitrose’s executive director, emphasized that the new stores will feature “more of what people expect from us and love, such as counters, unequalled service, and a lot more fresh food.”
As part of this investment, Waitrose plans to upgrade service counters across its stores, even as many other food retailers are choosing to remove theirs. The success of counter-bought items, such as the fact that 12 percent of all Parmesan sales come from the Finchley Road store, highlights the value of this service to customers.
“Waitrose will always offer fantastic food, but the groundwork we have undertaken behind the scenes in recent years means we can now focus on growth through new shops and ensuring our existing ones are providing great shopping experiences that match the quality of our products,” said Bailey.
This expansion comes as Waitrose begins to regain market share, reporting its strongest growth since November 2023 in the three months leading up to August 4. The chain had been impacted by competition from rivals like Marks & Spencer and by consumers seeking cheaper options during the ongoing cost of living crisis.
While Waitrose has not disclosed specific locations for most of the new stores, it has confirmed that the second new store will also be in Greater London, where many of its current stores are located.
Currently, most Waitrose stores are concentrated in the south of England, with 54 of approximately 360 stores located in London. The chain has little to no presence in areas such as North Yorkshire, the Scottish border, and the north of Scotland. This contrasts with competitor Tesco, which has 4,273 stores across the UK.
Waitrose is also known as the most expensive supermarket chain in the UK, according to the Which? retail watchdog. Their monthly price analysis reveals that an average Waitrose shop (63 items) costs £146.98, which is 29 percent more than the same shop at Aldi, which costs £113.87.
Additionally, studies in recent years have shown that proximity to a Waitrose store can increase property values, with homes near one of its stores seeing an average price boost of up to £36,000. Photo by Derek Harper, Wikimedia commons.