Greggs rolls into Canary Wharf as sales surge

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The ‘pastry powerhouse’ is due to open 150 new stores by the end of the year

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It seems Citibankers can’t get enough of Greg’s Sausage Rolls as the firm plans to open a second Canary Wharf location, only a year after the first one opened.

The new site is one of 13 openings in London this year, including new bakeries on Liverpool Street, Tottenham Hale and Shepherd’s Bush, as rising cost of living pressures the company to capture a growing share of the capital’s fast-food market. helped in Price menu option. It has opened 106 new shops across the UK since the start of the year.

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Gregg boss Roisin Curry told the Standard: “Averaging transactions at Greggs gives us a more affordable transaction.

“Footfall continues to rise and transactions continue to grow. We haven’t seen a change in behavior compared to customers for big ticket items like furniture. Our £2.50 breakfast is still really important to a lot of people.”

The Newcastle-based “pastry powerhouse” reported a 14.6% increase in sales for the 13 weeks to October, a 9.7% increase in similar sales in the company-managed stores. There are now 2,271 Greggs outlets.

Shares of Greggs jumped 10% to 1,894p this morning on news that the company has been able to keep cost inflation below forecast and sales growth.

Energy costs are set to fall below the government’s new price range, and the firm is investing more than £100 million into operating efficiently, including the completion of a new automated pizza manufacturing line at Enfield, which will use capacity from its existing plant. will expand. Manchester will produce an additional 1.5 million pizzas a week.

“It’s a complete end-to-end production line that will do everything from cutting the pizza to adding toppings,” Curry said.

“We have gone on a digital journey, and we have accelerated that digital journey during the pandemic. We are seeing a lot more efficiency and automation. ,

Greggs faced a fight with police earlier this year over a late night sale of sausage rolls at his new flagship Leicester Square shop.

The bakery chain is seeking permission to serve hot meals 24 hours a day at its new West End location, which currently closes at 11 p.m. However, police and Westminster councilors have rallied against the plans.

The firm has brought back its Pumpkin Spice Latte hot drink, and expanded its popular vegetarian range to include toasties and baguettes. Sales of Greggs’ new salad range got a boost in the summer, Curry said, while chicken gauzen and wedges grew in popularity.

Julie Palmer, partner at Begbies Traynor, said: “The pastry powerhouse has delivered again this morning. In an economy where customers seek to cut costs at every opportunity, Greggs has a significant advantage over its valued competitors like Pret and today. The trading update for the first half shows no change in momentum.

“Businesses in every sector are facing the same issue of rising costs and materials and energy and labor are not going to be cheap. Throw in the weakest consumer confidence in years and it’s a really tough market. Greg’s may be a rare winner as customers want to trade in a more affordable menu in these tough times. ,

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