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Britain’s Waitrose to invest $1.3 billion in stores over three years
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LONDON (Reuters) – British upmarket supermarket group Waitrose plans to invest 1 billion pounds ($1.30 billion) in new and existing shops over the next three years, it said on Wednesday.
LONDON (Reuters) – British upmarket supermarket group Waitrose plans to invest 1 billion pounds ($1.30 billion) in new and existing shops over the next three years, it said on Wednesday.
The chain, part of the employee-owned John Lewis Partnership, said it would open up to 100 convenience shops across the UK over the next five years. It currently trades from 329 stores and also trades online.
Waitrose lost some market share through the cost-of-living crisis, but industry data published in July showed it edged higher for the first time since January 2022. It had a share of 4.5% according to the latest data from market researcher Kantar that was published last week.
The supermarket group said its investment would also focus on areas that differentiate it from competitors.
While rivals market leader Tesco and No. 2 Sainsbury’s have removed their service counters, Waitrose is upgrading offers at its meat and fish counters.
It will also give its wine selection more prominence, while stores would also have greater flexibility to respond to local demand, have more third party collaborations and more space dedicated for grocery orders made online.
The first new Waitrose store in six years will open in Hampton Hill, south west London, later this year, subject to planning approval, with a second following in GreaterLondon early in the new year.
($1 = 0.7680 pounds)
(Reporting by Radhika Anilkumar in Bengaluru and James Davey in London; Editing by Nivedita Bhattacharjee and Shounak Dasgupta)
Market share is the portion of a market controlled by a particular company or product. It is expressed as a percentage of total sales in the market.
A convenience shop is a small retail store that sells a limited range of everyday items, often located in residential areas for easy access.
The cost-of-living crisis refers to a situation where the costs of essential goods and services rise significantly, impacting consumers' purchasing power.
A supermarket is a large self-service store that sells food and other products, typically organized into aisles and offering a wide variety of goods.
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