Greggs has announced that it will not be raising prices further in 2023, despite experiencing a slowdown in sales during the third quarter.
CEO Roisin Currie highlighted cost stabilisation as a primary reason for maintaining current prices, alongside planned expansion and menu innovations to boost growth.
In a recent announcement, Greggs CEO Roisin Currie confirmed that there are ‘no plans to put up prices for this year.’ This decision comes despite earlier inflationary pressures, primarily driven by rising wages, which led to a slight price increase of Greggs’ famous sausage roll back in July. This price stability reflects an unexpected easing of cost pressures.
Sales rebounded in September as employees returned to work, providing a more optimistic outlook for the remainder of the fiscal year.
Additionally, Greggs has fortified its delivery services by partnering with Uber Eats and Just Eat, ensuring accessibility for a broader customer base.
These menu innovations are a strategic move to adapt to seasonal changes and consumer preferences, potentially offsetting the summer’s sales slump.
The company’s resilience in a challenging economic climate showcases its ability to navigate disruptions effectively.
With a stable pricing strategy, ongoing expansion, and innovative menu offerings, Greggs is poised for growth despite a challenging third quarter. The company’s focus on strategic locations and partnerships highlights its commitment to long-term success.
Greggs’ refusal to raise prices further in 2023, paired with its robust expansion and new offerings, reaffirms its strong market position.
As analysts remain optimistic, the bakery chain continues to adapt and thrive amid economic challenges.
