Sainsbury’s Sets GBP1 Billion Sales Target

UK food retailer J Sainsbury has set itself an ambitious GBP1 billion sales target as it relaunches its premium ‘Taste the Difference’ range.

According to reports from the Mail on Sunday, by relaunching its premium food range later this month, Sainsbury’s plans to take on rival retailers Waitrose and Tesco in its bid to entice the high-end consumer to the shop floor.

The retailer will add 250 new ‘Taste the Difference’ items to the existing range, taking the total portfolio to 1,100 products. The premium range has an estimate value of around GBP800 million a year, or 6% of total food sales, and Sainsbury’s hopes to increase sales to GBP1 billion, or 8% of grocery sales, within two years.

New products will include slow cooked lamb shanks, Sussex Red eggs and ginger truffles. The packaging has also been given a facelift, with most products in the range displaying the retailer’s ‘Wheel of Health’ nutritional labeling system.

Along with the new products, Sainsbury’s claims it will remove all hydrogenated fats, artificial colorings, flavors and sweeteners from the range which it says 60% of its customers already buy on a regular basis.

The range will be launched later this month, with an advertising campaign led by Jamie Oliver.