Greggs is looking to expand, with a goal of having ‘significantly more than 3,000 shops’ as it reports a surge in sales of 23% to £1.5 billion in 2022.
The on-the-go food retailer opened a record 186 new shops last year, growing its estate to 2,328 and is targeting a further 150 sites in 2023.
As Greggs looks to expand in key transport hubs including Liverpool Street Station and Birmingham and Liverpool airports, it also relocated 25 existing shops in 2022 to better sites, and refurbished 86 existing sites.
Its sales saw a slight boost through its delivery services, which now operate across 1,270 stores, while Greggs also attributed its sales growth to longer opening hours at 500 shops.
The businesses pre-tax profits also saw a slight rise to £148m as Brits opt for affordable menu items amid the cost-of-living crisis, with sales of pizza and chicken goujons growing particularly well.
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“2022 has been a year of strong progress for Greggs, the result of committed efforts to deliver our strategic growth plan. The significant opportunities on which the plan is based will remain centre stage in the year ahead as we make Greggs more accessible to even more customers,” chief executive, Roisin Currie said.
She added that Greggs is “extremely well-placed” to become a “significantly larger, multi-channel business.”
Commenting on Greggs financial results, Chartered Institute of Marketing CEO, Chris Daly said: “Greggs has reported positive financial results this morning, showing impressive resilience in adapting to changing consumer needs and behaviours. From high street steak bakes to click and collect vegan sausage rolls, this high-street brand has leant into the omnichannel opportunity to provide everyday treats at affordable prices.”
“Gregg’s marketing team has played a key role in striking effective partnerships with well-established brands such as Primark to preserve their edge, allowing them to stand out from the crowd and remain front of mind with consumers.”
He added that looking forward, Greggs “must continue to differentiate its brand from fast growing challengers such as Wenzel’s and new F&B offerings, both home-baked and from overseas, which are quickly filling up empty retail units.”
