Bakery and Retail Expansion Plans on Track at Greggs
Greggs, the UK’s largest retail baker, has reported that its expansion programme remains firmly on track, with a net 32 new shops opened in the year to date, giving it a total of 1,451 shops at 2nd October 2010. The group now expects total net new shops for the year as a whole to be at the upper end of its previously indicated range of 50-60.
Ken McMeikan, chief executive of Greggs.
Greggs has also completed 84 shop refurbishments, including 17 of the concept shops trialled in 2009. The group is well on course to meet its target of 120 refurbishments this year including 30 concept shops.
Construction of Greggs’ replacement bakery in Newcastle upon Tyne is progressing well, and is scheduled to begin production in mid-2011. Greggs has received planning permission for a new cake and confectionery bakery in Penrith and commences building later this month ready to open in summer 2011.
Greggs has also submitted a planning application for a new bakery in Wiltshire to enable it to unlock the significant growth opportunities already identified in the South and South West of England. Greggs is continuing to self-finance its capital expenditure requirements.
