Waitrose has reportedly been cutting costs to help fund a revamp of its UK store network in a bid to win back customers.

The British supermarket is planning to overhaul its 332 stores in a move that would cost it up to a quarter of a million pounds, according to sources at The Telegraph.

It has been reported that the retailer, currently the most expensive UK supermarket according to Which?, doesn’t currently have the full £250,000 available.

Despite the consumer champion also recently revealing that Waitrose beat the 'Big Four' supermarkets for customer satisfaction, the company has been losing customers to cheaper options like Aldi and Lidl amidst the cost-of-living crisis.

Figures from Kantar show that over the past year, Waitrose has seen its customer share of the UK market drop from five per cent to 4.7 per cent.

The plans follow Waitrose's announcement last month that it was committing a record £100 million to lower the prices of everyday items.

More than 300 own-brand products have seen their prices drop since the strategy came into play on 15 February, with nearly a quarter of these items being reduced by 20 per cent or more.

The Telegraph said that Waitrose is currently forming a “turnaround plan” alongside US consultancy Bain.

It has also reportedly cut down its range in order to increase sales and lower the amount of duplication.

Retail Systems has reached out to Waitrose for comment on the plans

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