B&M announces plans to open 45 new stores

We’ve got some good news for bargain hunters, as discount retailer B&M is set to open up to 45 new stores in the UK.

The company has announced that it plans to open more stores than expected this year, after its sales and profit jumped during the pandemic.

B&M kept most of its stores open during lockdown while some rivals shut their doors, with the demand for bargains rising as money became tight.

Albert Bridge / Geograph

As a result, it expects to open between 40 and 45 new stores before the end of the financial year – with most opening towards the end of this period – although details of where they’ll be located are unclear at the moment.

Simon Arora, the chief executive of the retailer, said: “Our business model is proving well-attuned to the evolving needs of customers, given our combination of everyday value across a broad range of product categories being sold at convenient out-of-town locations.

“Our people have risen to the many challenges posed by the Covid-19 crisis, not least in serving our customers through a period of high demand, keeping our shelves filled, providing a clean and safe shopping environment, as well as sourcing higher volumes than we had planned.”

Jaggery / Geograph

B&M was given permission to keep its stores open while others were forced to shut during the summer lockdown as it also sells food and DIY products.

Amisha Chohan, an equity research analyst at Quilter Cheviot, added: “B&M announced another positive trading update this morning, proving it is firing on all cylinders in both the UK and France.

“The retailer is also winning market share and has attracted a new, middle class, customer base – who are beginning to shop with them regularly.

“We believe B&M will continue to outperform peers as consumers become much more money conscious.”

Are you excited for more B&Ms?