British supermarket chain Waitrose has unveiled ambitious plans to double its sales over the next decade to £8 billion, according to Mark Price, the grocery retailer’s new managing director .
The ambitious target would boost turnover from £3.7 billion to £8 billion by 2017. Waitrose, owned by the John Lewis Partnership, will aim to reach their target through a number of startegic moves, such as the expansion of its organic lines, following several years of rapid acquisitions .
This represents a shift from the company’s recent history, which has seen it acquire 36 competitors’ stores over the last three years.
The last few years has seen Waitrose undergo a period of rapid growth, including the opening of around 50 new stores from 2000 to 2004.
Waitrose now operates 183 stores throughout the UK, but the new managing director is planning a major review of the company’s store formats and sales operations . According to insiders there is the possibility of Waitrose launching a convenience store banner, possible food and home outlets, and an expansion of its online offer.
Following the departure of previous director Steve Esom last week, who took up the head role at Marks &Spencer’s food division, Waitrose quickly responded by introducing Price at the helm.
Under his leadership, Waitrose is to focus on maintaining and further improving the quality of its food ranges and customer service .
Speaking to a Sunday newspaper, Mr Price said, “We recognise that there are 6 million people who want to buy from Waitrose but do not have access to a store, so we will be looking at our options.”
“Although our rivals are expanding their non-food ranges, Waitrose is a food shop that sells food, so this will be our primary focus,” he added.
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