Whitbread share price: Costa Coffee launches new food-led concept store
Whitbread’s (LON:WTB) coffee shop chain, Costa Coffee, has opened a new food-led concept store in central London in an attempt to boost sales.
Costa Fresco will sell porridge, pastries, salads, quiches and cakes in an attempt to attract more sales, with “handcrafted” breads and all using “quality ingredients”. Whitbread did not clarify whether a large scale roll-out was on the cards but said the Fresco opening was “a reflection of exciting things to come from Costa”.
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Costa Fresco is being launched into a seemingly saturated market, coming up against FTSE-listed Greggs (LON:GRG), private equity-backed Pret a Manger and Eat, as well as Japanese-style Itsu, Wasabi and Abokado, but with what appears to be a more ‘premium’ and healthy offering.
“We really want to bring something different to the food market in London. The store will be similar to the traditional Costa stores, but will have much more of a food focus. All pastries, cakes and bread will be baked on site. Our customers are telling us they want more, good quality food,” said Carol Welch, Costa’s global director of brand & innovation.
Whitbread’s share price opened in negative territory this morning amid a generally subdued UK stock market. As of 09:46 GMT, the blue-chip group was trading 0.37 percent lower at 4,556.00p. The FTSE 100 benchmark index meanwhile stood at 6,187.97 points, 0.58 percent down intraday.
As of 10:04 GMT, Tuesday, 08 December, Whitbread plc share price is 4,559.00p.