A Blow for Loyal Shoppers
A major supermarket, Waitrose, has announced plans to close some of its "badly organised and outdated" stores, leaving thousands of loyal shoppers disappointed. The move comes as the company seeks to attract a wider customer base and make its stores more accessible.
Strategic Changes Ahead
James Bailey, director of Waitrose, emphasized the importance of store locations by stating that they need to be in "the right place in the right postcode." He revealed that Waitrose has developed comprehensive plans to revamp its shopping estate, taking into account the challenges posed by Covid-19 and the cost of living. The company aims to relocate several stores to more cost-effective and efficient areas.
Debunking the Myths
Contrary to popular belief, Mr. Bailey dismissed the misconception that Waitrose is exclusively for middle-class shoppers and serves a very specific clientele. Instead, Waitrose intends to make its stores more accessible and appealing to a broader range of customers.
New Store Formats
Although the number of large-scale stores will remain the same after the overhaul, Waitrose plans to open more smaller convenience stores. This move is part of the company's strategy to enhance its presence and cater to the evolving needs of customers.
Lower Prices and Market Share Challenges
Waitrose recently announced a price reduction on 250 products, with an average discount of 10%. This is the third wave of price reductions by the company this year. Despite these efforts, monthly industry data consistently shows Waitrose losing market share to competitors like Tesco, Sainsbury’s, Aldi, and Lidl. The Grocer, a leading industry publication, also regularly identifies Waitrose as the most expensive major supermarket in the UK.
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