Unveiling its expansion plan this week, the food giant said it had already opened 14 shops so far since the beginning of the current financial year. The new stores to open will include 34 branches of The Food Warehouse, where customers can buy in bulk. So far this year, Iceland have opened up new branches in Bargoed, Chesterfield, Grantham, Rawtenstall, Fox Valley Sheffield, Coventry and Craigavon. The exact locations for the remaining new stores has yet to be unveiled by Iceland.
News of the expansion comes despite Iceland reporting a decline in full-year profits last week, with the company confirming it was facing “savagely competitive” trading conditions.
Iceland posted adjusted earnings before tax of £140.1million in the 52 weeks to March 29, down 8.7 percent on the previous year.
Sales were up 4.5 percent to £3.08billion.
Iceland Group Chief Executive Tarsem Dhaliwal said: “Within an intensely competitive UK marketplace, 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.
“Our sustainability initiatives over the last year have substantially raised public awareness of Iceland and enhanced respect for our brand and its values, and we are confident that this can only enhance our prospects in the longer term.”
Last year, Iceland pumped £101million into its business, as the supermarket continues to steam ahead with expanding its empire in the face of tough competition.
Lidl this week announced it will open 40 brand new stores, creating 1,500 jobs in the process as part of a £500million expansion plan.
The discount food group said is expanding its UK portfolio of 760 shops over the next five years, with plans to open its most central London store to date.
Located on Tottenham Court Road, the first store to be built in Zone One will stock a full range of Lidl products.
Lidl will open 39 more stores in locations around Greater London, which will include Alperton, East Acton, Hackbridge and Watford.
According to research firm Kantar, Lidl has a 5.8 percent share of UK grocery spending.
This is up from 5.4 percent a year ago.
Iceland has 2.1 percent of market share.