Deeside based Iceland set to open 50 new stores despite ‘savagely competitive’ retail environment
Deeside based supermarket chain Iceland has unveiled plans to open 50 new stores this year despite warning of a ‘savagely competitive’ retail environment.
The move is aimed at countering the rapid expansion of cut-price supermarkets like Aldi which opened its third store in Chester today.
Since the beginning of the current financial year, Iceland has opened 14 new stores and expects to open a total of 50 new stores including 34 The Food Warehouse stores over the year as a whole.
The update came as Iceland reported adjusted earnings before tax of £140.1 million, which were down £13.4m (8.7%) on the previous year.
Iceland said that fall was seen in the first half of the year, while the second had proved more stable.
Iceland group pumped £101million worth of investment into the business in the last year, up from £81million a year earlier.
Iceland Group Chief Executive Tarsem Dhaliwal commented
Within an intensely competitive UK market place, adversely affected by consumer uncertainty and the well-known pressures of changing shopping habits on the high street, we have continued to focus on investing for the future: expanding our store footprint, enhancing the appeal of our existing stores, growing our award-winning Online business, continuing to roll out new and exciting food lines that are unique to Iceland, developing our supply chain to support the growth of our retail estate, and finding new channels to sell our food through The Range in the UK and a growing global franchise and export business.
Aldi opens fourth store in Chester
Olympic Silver Medalist, Gemma Gibbons Burton, cut the red ribbon to officially open the new Aldi Parkgate Road store in Chester today.
The Team GB Judo star handed out 250 prizes to customers who were queued in the rain prior to the stores opening this morning.
The Parkgate Road store is the third Aldi to open in Chester and will be run by Store Manager, Adam Raby, along with a team of 28 colleagues from the local area.
Spotted something? Got a story? Send a Facebook Message | A direct message on Twitter | Email: News@Deeside.com
Public Notice Advert