Its bold expansion plan will see the food retailer open 100 new convenience stores and four large supermarkets.

The plan to revitalise the grocer’s retail footprint will also fund modernising 150 existing stores, nearly half of the company’s entire portfolio.

The first new Waitrose store since 2018 will open in Hampton Hill, West London later this year, subject to planning approval, with a second following in Greater London which will open early in the new year.

James Bailey, Executive Director for Waitrose, said: “Waitrose will always offer fantastic food, but the groundwork we have undertaken behind the scenes in recent years means we can now focus on growth through new shops and ensuring our existing ones are providing great shopping experiences that match the quality of our products.

“We have taken time to understand how our customers like to shop, and used this knowledge to introduce new concepts that will be tested and rolled out nationally as we continue to work towards the Waitrose of the future.”

This expansion comes as Waitrose begins to regain market share after a challenging period marked by intense competition from rivals like Marks & Spencer and the broader impact of the cost of living crisis.

According to independent data for the three months to August, Waitrose recorded its strongest growth since November 2023, the first time it has increased its market share since January 2022.