Greggs has now closed 56 stores up and down the country following a “challenging start” to the year.
The popular bakery chain has slashed its total estate down to 2,649 stores with factors such as its menu criticised as a potential cause.
Confirmed shutdowns include the High Road branch in Ilford, East London – which ceased trading in June – alongside the Fitzroy Street outlet in Cambridge, which closed its doors on March 31.
The Lytham store in Lancashire also shut on March 28, whilst the Foleshill branch in Coventry closed on January 4 and the Amersham location in Buckinghamshire ceased operations on January 18, BirminghamLive reports.
Despite the closures, the bakery boss has rejected suggestions that the nation has reached “peak Greggs”.
Chief Executive Roisin Currie said: “I absolutely don’t believe we have reached peak Greggs,”
“There have been previous times in our history where we have seen downturns and we came back through again. The business is fundamentally strong.”
She highlighted that significant areas of the UK remain without access to a Greggs outlet, noting the chain remains under-represented in retail parks, supermarkets and roadside and transport hubs.
Ms Currie characterised trading conditions as demanding, with consumer confidence at low levels and people “saving rather than spending”, particularly those on modest incomes.
Zoe Gillespie, a wealth manager at RBC Brewin Dolphin, commented: “Greggs had warned profits would be lower than the same period last year, as the UK’s good weather stifled demand. This will do little to address fears the UK has hit peak Greggs.”
Russ Mould, the investment director at the broker AJ Bell, said: “Lack of information on current trading has left investors wondering if the business has become as stale as a day-old Belgian bun.
“This situation won’t stop the growing debate about whether Greggs has reached peak sausage roll.
“There are suggestions it has grown too fast, the menu is too bloated and consumer tastes are changing. People want healthier options, and while Greggs has some of these in its stores, the core pastry-based items remain its bread and butter.”