Waitrose is set to modernise its stores across the UK in a bid to win back shoppers. The supermarket is said to be cutting costs to free up cash to revamp its stores.
The Telegraph reports that a complete refresh of all 332 of its shops would reportedly cost up to £250m. It comes as the John Lewis-owned supermarket tries to win back shoppers as the cost of living crisis continues to push customers towards discounters Aldi and Lidl.
Waitrose's market share has fallen from 5% to 4.7% over the past 12 months, according to Kantar. The upmarket grocer is now looking at a turnaround plan, led by American consultants Bain. As well as reducing its product ranges in an effort to avoid 'duplication' and boost sales, bosses look set to push ahead with plans to modernise stores and make them more efficient.
Initial changes include cutting the selection of yoghurts stocked in stores by 10%, which has reportedly led to a 10% increase in sales in the category. The supermarket has also started stocking more exclusive products, such as plant-based foods made in partnership with Deliciously Ella blogger Ella Mills.
The push to improve efficiency is said to be part of a wider drive to cut costs within the John Lewis Partnership. Waitrose commercial director Charlotte Di Cello said: “We continue to have the widest breadth of range in the market in the areas that matter to our customers most, such as Cook’s ingredients, wines and counters.”
Last week, Waitrose confirmed plans to axe its popular Heston Blumenthal range following a 12-year partnership, with products set to disappear from shelves within weeks. The supermarket said it would be taking its "product development in a new direction" under the leadership of Martyn Lee, its own executive chef.
