Itsu taps Savills as it eyes doubling of store estate
Itsu has charted a course for major expansion with the Asian-inspired food chain laying out plans to double its store estate.
The seller of sushi, noodle bowls and rice boxes has appointed property company Savills as sole agent to help identify as many as 80 new sites across the UK.
Savills said it is targeting a number of locations across London to strengthen Itsu’s foothold in the capital, as well building a presence in city-centre locations across the country, eyeing sites with high levels of footfall from shoppers, students and office workers.
Matthew Brown, director in retail at Savills Bristol, said in a statement: “We look forward to working with Itsu on its growth strategy as the brand looks to increase its presence across the UK."
London-based Itsu was founded in 1997 by entrepreneur Julian Metcalfe, who also founded the Pret A Manger sandwich chain a few years prior. Up until now, Pret has seen the fastest growth of the two food businesses, with around 700 stores now open across 17 countries.
But there are signs Itsu is now catching up, emulating Pret’s rapid expansion amid a slowdown in trade for the sandwich chain and public consternation over price hikes and changes to its coffee subscription.
In its most recent accounts, Itsu posted sales of £101 million with a pre-tax profit of £753,000, reversing losses of £8.8 million during the coronavirus pandemic. Meanwhil, Pret posted revenues of £790 million with a pre-tax profit of £25.6 million.