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Waitrose is set to undertake a significant expansion, committing over £1 billion to refurbish existing stores and open 100 new convenience locations over the next five years. This initiative will include the launch of up to four large supermarkets in addition to new Little Waitrose shops.
The expansion effort kicks off with the reopening of a redesigned store on Finchley Road in north London on Wednesday. This store will serve as a model for the new concepts that will be tested and potentially rolled out across the company’s network. Following this, Waitrose's first new location in six years will debut in Hampton Hill, London, later in 2024.
Some of the new stores will be relocations of existing outlets. Executive Director James Bailey highlighted that part of the investment will focus on enhancing technology to ensure shelves are consistently stocked, addressing a common issue in retail.
Bailey emphasized the importance of understanding customer preferences in the redesign of the Finchley Road store. He remarked, “We have taken time to understand how our customers like to shop and used this knowledge to introduce new concepts that will be tested and rolled out nationally.”
The expansion comes on the heels of Waitrose's return to profitability in March, following a challenging period marked by rising living costs that had impacted consumer spending. Recent Kantar data indicates that Waitrose has achieved its strongest market share growth since November 2023, with positive trends continuing through August 4.
Bailey noted, “At the moment we are on a real positive upward trajectory.” This positive momentum is further buoyed by the upcoming arrival of Jason Tarry as the new chair of the parent company, John Lewis Partnership, in September.
Overall, Waitrose’s extensive expansion and refurbishment plans reflect a strategic push to enhance its market position and customer experience in the face of evolving retail dynamics.
