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Waitrose reportedly has plans for a major refurbishment programme across its 332 store estate facilitated by a series of cost saving measures, according to The Telegraph.
According to the outlet, it is thought the full refurbishment could cost up to £250m and forms part of a turnaround strategy envisioned with the help of American consultancy Bain.
Other changes are said to include reducing the number of “duplication products” including cutting the number of yoghurts it stocks by 10%, and offering a wider range of drinks such as kombucha and sports and energy drinks while reducing the number of bottled water brands.
It said the plans were designed by executive director James Bailey and commercial director Charlotte Di Cello, who want to modernise its store estate with the additional funds created by freeing up capital.
Di Cello told the paper: “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.”
The news comes as Waitrose committed to a record £100m in price cuts across hundreds of everyday products to help customers during the cost-of-living crisis last month.
The price cuts include over 300 own-brand products, and nearly a quarter of prices reduced by 20% or more.
The cuts include reducing the prices of nearly one third of its lowest priced own brand range ‘Essential Waitrose’, which has over 900 products, by on average 14%.
At the time Bailey said: “We understand that getting value for money has never been more important for everyone. So we’re cutting the prices of hundreds of everyday favourites from carrots to butter, and tea and coffee, with many cut by 20% or more. This means our customers can enjoy greater value in every shop, and by lowering prices in our Essential range we’re making our lowest prices even lower.”
