B&M announces plans to open 30 new UK stores over the next year in huge expansion plan
B&M has announced plans to open 30 new stores over the next year in a huge UK expansion.
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Despite recording a drop in profits due to rising costs, B&M wants to continue expanding, with plans to open another 30 stores in the next year. The bargain retailer currently has 665 stores in the UK and has a long-term target of 950 sites.
In the last financial year, B&M has opened 21 new stores, including five relocations and 12 new garden centres. Some of the new stores it plans on opening over the next 12 months will include relocations of older sites to larger retail spaces.
B&M’s pre-tax profits fell 17% to £436million, down from £525million, in the year to March 25, 2023. Despite the drop in profits, they said it expects better results in the current financial year.
Chief executive Alejandro Russo said: "The 2023 financial year has been another year of strong underlying progress for B&M and the long-term future looks very positive. It has also been a year of planned management transition. Simon Arora has stepped down after 19 years of leading this business and we thank him and wish him well for the future.
“B&M has many years of profitable growth ahead, to be delivered through our four channels of growth (existing B&M UK stores, new B&M UK stores, France and Heron) and in delivering this growth, B&M will generate cash and compound earnings growth for our shareholder. We are actively responding to the short-term pressure on consumers from the cost-of-living crisis, with a relentless focus on price and value.”
However, B&M has not yet released details on where the new stores will open.
B&M stores which have closed this year
- Castlegate Shopping Centre, Stockton - Feb 25
- Maesglas Retail Park, Newport, Wales - March 4
- Boucher Road, Belfast - March 26
- Queens Drive Retail Park, Kilmarnock - March 26
- Broadwalk Shopping Centre, Bristol - March 29
- Bishop Auckland, Durham - May 5
- Widnes - May 17
- Burnden Retail Park store in Bolton - May 24
B&M stores which have opened since April
- Leven (expansion) - April 29 - re-launch
- Armagh (expansion) - May 5 - re-launch
- Widnes - May 24
- Fforestfach (Swansea) - May 26
- Jarrow (major refit) - May 27 - re-launch
- Fazakerley - May 31