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October 12, 2010    

Waitrose sees strong growth despite tough economic conditions

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by Kay Murchie

Luxury supermarket chain, Waitrose, has today said despite the tough economic conditions, it expects annual sales to rise by a double-digit percentage for some years to come, fuelled by its ambitious expansion plan.

The chain, which is part of the renowned employee-owned department store John Lewis, is quickly becoming one of the UK’s fastest growing supermarket.

Waitrose managing director, Mark Price, recently pledged to double sales and market share over the next 10 years as the chain strives to become “more accessible to more people” by opening smaller convenience stores.

In addition, chefs Delia Smith and Heston Blumenthal feature in the chain’s advertising, in a bid to get the nation cooking.

The upmarket chain recently announced it would match Tesco’s prices on 1,000 branded products and, as a result, reported that sales had grown by 9.6% compared with the same time a year ago.

Mr Price added that consumers will be bracing themselves for tough spending cuts, which include tax hikes, but he does not expect the economy to fall back into recession.

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