UK-based bakery chain Greggs has announced plans to open between 140 and 160 new shops in the UK in 2024.

The plan follows its opening of 220 locations in 2023, raising its total store count to 2,473 after accounting for 33 closures and 42 relocations.

The expansion is part of Greggs' strategy to make its stores more accessible to customers.

The company will primarily focus on diversifying its presence across retail parks, travel sites, roadside locations and industrial estates.

The bakery chain also aims to roll out evening opening hours at some of its shops.

Greggs CEO Roisin Currie said: “We enter 2024 with plans to continue to invest in our shops and expand supply chain capacity.”

Despite the expansion plans, Roisin Currie stated that there are "no plans currently" to raise prices across the product ranges.

This comes after a series of price hikes for its iconic sausage roll throughout 2023.

The company has noted that there will be a "more stable cost base in the coming year" as cost pressures continue to subside.

However, Currie cautioned that it would be “a long time before we see deflation” that could lead to price reductions, especially since retailers are facing increased wage costs.

The bakery company announced the expansion plan along with its most recent results.

Greggs reported total sales of £1.81bn for the year 2023, an increase of 19.6% compared with 2022.

In company-managed shops, like-for-like sales were 13.7% higher than those registered in 2022.

The company also reported strong demand for its vegan offerings, including the return of the vegan steak bake and festive ranges.

In 2023, it opened two more 24-hour airport branches, bringing the total to six across the UK.