Greggs Expands with Plans for More Stores as Business Thrives

Greggs, the popular UK bakery chain, has announced plans to open numerous new stores this year following a significant increase in profits. The company reported underlying pre-tax profits of £74.1 million for the first half of 2024, marking a 16% rise compared to the same period last year. Total sales also experienced a notable boost, climbing nearly 14% to £960.6 million. While some prices for bakes and sandwiches have seen minor increases, the cost of meal deals has remained stable, with Chief Executive Roisin Currie indicating that no further price hikes are anticipated for the remainder of the year. The growth in profits aligns with Greggs' strategy to expand its product offerings and increase its branch network across the UK. Despite closing 18 shops and relocating 25, the company remains optimistic about its future. Currie emphasized the progress made in the first half of the year, highlighting the broadening of their on-the-go food and drink range, which has become more accessible to a wider customer base. In its half-year report, Greggs expressed confidence in opening a net total of 140 to 160 new shops by the end of the year. The company is also diversifying its branch locations, moving beyond traditional town and city centers. Notably, Greggs has found success in establishing a presence in roadside locations, which now account for a quarter of its overall estate, reflecting a strategic shift in its expansion approach.