Waitrose has announced a bold expansion plan to open 100 new convenience stores over the next five years, part of a £1 billion investment strategy aimed at revitalising the premium grocer’s retail footprint.

This initiative marks the first significant expansion of the upmarket grocery chain in several years, reflecting renewed confidence as it looks to reclaim its position in a fiercely competitive market.

The expansion begins with the reopening of the revamped Finchley Road store in north London, set to open today. This store is the first in a series of planned upgrades, with Waitrose’s first new store in six years scheduled to open in Hampton Hill, west London, by the end of the year.

James Bailey, executive director of Waitrose, outlined the group’s strategy, which includes opening up to four large supermarkets and several smaller Little Waitrose outlets, some of which may involve relocating from existing sites. The investment will also focus on modernising older stores to enhance customer experience. “We’re committed to delivering more of what our customers expect from us – unequalled service, quality counters, and an expanded fresh food offering,” Bailey told The Guardian.

The refurbishment of the Finchley Road store sets the tone for the retailer’s future direction. The upgraded store will feature enhanced fresh meat and fish counters, a new out-of-hours pickup point for online shoppers, and a range of new concepts that will be tested for potential national rollout. Innovations include a Hot Wok ready-to-eat meals counter, Crosstown doughnuts in the bakery section, and the UK’s first dedicated internal space for click-and-collect online orders. The store will also cater to local tastes with a dry aged beef cabinet and a parmesan section, capitalising on the Finchley Road location’s status as one of Waitrose’s top sellers of the Italian cheese.

This expansion comes as Waitrose begins to regain market share after a challenging period marked by intense competition from rivals like Marks & Spencer and the broader impact of the cost of living crisis. Data from Kantar show that in the three months to 4 August, Waitrose recorded its strongest growth since November 2023, the first time it has increased its market share since January 2022.

The timing of this growth also coincides with a significant leadership change at Waitrose’s parent company, the John Lewis Partnership. Jason Tarry, a seasoned Tesco veteran, is set to take over as chair next month, succeeding Sharon White. Tarry is expected to steer the group back towards its retail roots, following White’s controversial diversification strategy, which had shifted focus towards non-retail ventures.

As Waitrose embarks on this new chapter, Bailey emphasised the importance of understanding customer preferences: “In designing the store, we have taken time to understand how our customers like to shop. This knowledge will guide our efforts as we work towards creating the Waitrose of the future.”

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