Waitrose launched a £1bn store investment plan

Waitrose plans to invest £1 billion in opening 100 new convenience stores across the UK over the next five years.

The expansion of the grocer’s portfolio will include as many as four large supermarkets, plus the refurbishments of existing stores.

It plans to open its first new store, in London, by the end of 2024.

The new stores will have ‘enhanced’ fresh food counters along with ‘new shopping concepts tailored to customer preferences’.

Waitrose said it will continue investing in technology to prevent stock shortages and improve overall customer experience.

It comes as Waitrose recently began to recover market share, following a period of intense competition and challenges of the cost-of-living crisis.