Waitrose Halts Expansion Plans, Will Invest In Current Stores
Waitrose called a halt to its aggressive expansion plans, scrapping plans for seven stores, and taking a £25M hit for the property writedown, according to the Evening Standard.
In December last year, Waitrose unveiled plans to launch 14 new stores, adding 200k SF to its estate. Instead of expanding, the company will invest in the shops it already has. Plans for London now include redesigning branches with more wine bars, juice bars and new concepts to improve convenience.
Tesco and Sainsbury’s have also recently slowed their expansions as customers are buying more locally and online. [ES]