Waitrose has unveiled that it plans to launch a major £250 million revamp of 332 UK stores to win back more shoppers.
The plans come as Waitrose experiences a drop in its market share as shoppers flock to discount supermarkets for better deals amid the ongoing cost-of-living crisis.
With grocery price inflation hitting 17.1% last month, the upmarket retailer’s overall market share now stands at 4.7%, according to retail analysts Kantar.
A complete refresh would cost up to £250m, although Waitrose cannot currently afford this and will have to raise funds as reported in the The Telegraph.
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The John Lewis-owned supermarket has now executed a turnaround plan with US consultant Bain.
Waitrose has reduced the range of products stocked on its shelves on the advice of the consultant in an effort to reduce “duplication” and boost sales.
Bain’s work with Waitrose, which focused on improving efficiency within stores, began in the middle of last year and has since been completed.
Changes include a 10% cut to the range of yoghurts Waitrose stocks, while water brands have been dropped in favor of kombucha and sports and energy drinks.
The supermarket has also started stocking more plant-based products, such as its partnership with ‘Plants by Deliciously Ella’, a brand founded by Ella and Matthew Mills exclusively for Waitrose – and sister brand to health and wellness platform, Deliciously Ella.
The move to try to make Waitrose more efficient is understood to have been orchestrated by executive director James Bailey and commercial director Charlotte Di Cello, who are keen to free up capital to invest into modernizing stores.
It comes as Waitrose CEO, James Bailey has admitted that the upmarket retailer has been “behind the market” for the “past nine months” as consumer confidence drops.
In an interview with This is Money, Bailey said: “It’s really hard to make money at the moment,” adding that last year “saw the lowest consumer confidence levels we’ve ever seen.”
