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Greggs vs Dunkin’: exceptional growth, exclusive price?

10/09/2019 · Dunkin' Brands (DNKN)  · Greggs (GRG) 

ESG Food and Drink FTSE 250 UK US

Greggs' vegan sausage roll in front of a Greggs store

Greggs' vegan sausage roll was a PR masterstroke. But can the firm keep growing in the UK? Or should investors consider the bigger opportunity targeted by Dunkin' Donuts?


When Greggs (LON: GRG) launched its vegan sausage roll in January 2019, the firm kick-started what's likely to be a record year. Demand for the meat-free roll went off the charts, while curious meat-eaters – enticed by the excitement of a vegan sausage roll – came in droves. Greggs put itself on the map as a supporter of the vegan movement while simultaneously boosting demand for its entire range. Half-year sales rose by 14.7% to £546m.

Launching a convincing vegan alternative to the sausage roll at the start of 'Veganuary' was brilliant. The press coverage, social media activity and workplace conversations generated by this product were priceless for the Greggs brand.

However, it's hard to avoid wondering whether the firm's expansion may soon reach its natural limit. Greggs' desire to be everywhere means that it already has about 50% more stores than McDonald's in the UK. How many more can it open?

So could a similar fast-food company in a considerably larger market be…

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