Greggs plans high street expansion with 100 new stores
Greggs plans to create 500 new retail jobs in the coming months as it plans to expand its high street presence by opening around 100 new stores by the end of the year.
The bakery chain has managed to swing back to profit during the first half of the year as its sales rebounded to pre-pandemic levels.
The sales were stronger-than-expected and Greggs is now expecting full-year profits to be “slightly ahead” of previous forecasts.
Greggs reported profits of £55.5m for six months to 3 July, compared with a £65.2m loss a year earlier..
The easing of covid restrictions has helped the chain recover in trade in recent months and had been “stronger than we had anticipated.”
The lifting of restrictions “made a significant difference to footfall”, it said, with sales in the second quarter up 2.8% compared with the same period in 2019, before the pandemic.
However, Greggs said its stores in public transport hubs and large city centre were among its weaker performing outlets, suggesting many workers have not yet returned to the office.
In contrast, “customers staying closer to home are supporting our heartland shops in suburban and High Street areas”.
“The strongest locations continue to be shops typically accessed by car,” it added.
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