Grocer Waitrose has set the ambitious target of tripling its business in the next 10 years, managing director Mark Price has said.

Price told The Mail on Sunday newspaper that he is eyeing £15bn-a-year sales over the next decade.

Waitrose, owned by the John Lewis Partnership, will invest £300m per year to hit its target. It will plough the cash into 20 stores per year and growing its online business, which soared 40.5% in its first half and is expected to hit £300m by the end of its financial year.

The ambitious growth plans will involve Waitrose snatching market share from its larger rivals. Its full year sales are currently £5.3bn compared to Tesco’s £44bn and Sainsbury’s £26bn.

Price said that opening more convenience stores would be a key part of his strategy.