Greggs plans to open around 150 new bakeries in 2023 as part of major plans to expand. The firm, which opened its first shop in Newcastle in 1951, also plans to extend the opening hours of some outlets and test 24-hour drive-thrus. It comes after the chain posted bumper profits for 2022, despite cost of living pressures hitting consumers. The bakery chain has put up its prices several times in the last few years blaming rising costs. Under the new plans Greggs, which currently has around 2,300 shops, aims to open more branches in airports, train stations, supermarkets and shopping centres. It also said it hoped to grow its total number of bakeries to over 3,000 in the coming years. The chain - which made profits of £148.3m last year - put its growth down to the "value" it was offering customers impacted by the rising cost of living. Russ Mould, investment director at AJ Bell, said the firm's value proposition put it in a good place in the current climate. "With the best will in the world and even when household budgets are under real pressure sometimes people are just too busy to make sandwiches. There is always going to be a place for food-on-the-go venues and Greggs' offering is perfectly pitched in the current environment," he added.
