Upmarket retailer Waitrose has confirmed it is targeting GBP15bn (US$24.2bn) of sales in ten years as it looks to build its presence in the UK.

The grocer, which booked revenues of GBP5.3bn in fiscal 2012, is looking to triple its sales over the next ten years, as part of an ambitious growth plan for the business. In a bid to achieve this, the retailer will invest GBP300m in opening 20 stores per year and work to grow its online business further.

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CEO Mark Price told The Mail on Sunday Waitrose has been “outperforming” its competitors for four and a half years.

“We have grown at five, six, seven per cent ahead of the market. We have got a great combination of value for money, aspirational quality and innovative products.”

Its sales, however, are behind that of Tesco’s at GBP44bn, Sainsbury’s at GBP26bn, Asda’s GBP23bn and Morrisons’ GBP18bn.

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Waitrose’s online sales are growing strongly and were up 40.9% in its first-half. Last month, the retailer said it could more than double its “online capacity” in London with the opening of another e-commerce grocery depot in the city.

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In May, Ocado teamed up with Morrisons in a technology and distribution deal that will see the online firm help the supermarket chain set up its home delivery service next year.

Before the deal was announced, Price had expressed concern at the prospect of Ocado working with another UK retailer in the fast-growing online channel.

However, some analysts believe Waitrose could look to enact a break clause in its current deal with Ocado. That agreement, which runs until 2020, includes a clause that could allow Waitrose to walk away in 2017.