The cooperative is preparing for significant growth and plans to open 75 new stores during the next year. Initial locations include Salford Quays and Newcastle Upon Tyne, although exact openings have yet to be announced.
Out of the planned 75 openings, the Cooperative manages 25 locations directly, while the remaining locations are owned by franchises. This initiative is part of a larger strategy to open 120 new co-op stores over the next four years.
The cooperative also focuses on improving its current locations and plans to renovate 80 stores this year. The upgraded stores, due for completion in early 2025, will be located in Exeter, Brighton, Bristol, Cambridgeshire, Hampshire, Avonmouth, Hereford and Clapham.
The Co-op made significant progress in its franchise sector last year, opening stores on university campuses, opening its first hospital site, partnering with EG On The Move on petrol stations and establishing a presence at HMS Collingwood in partnership with ESS.
Matt Hood, chief executive of the Co-op, said: “We want everyone to have easy and convenient access to a Co-op store, regardless of where they live, and this year we are fully focused on achieving this with an ambitious and exciting new store strategy.’
“We are a membership organization owned by our six million members, but we are also experts in local retail, where we combine quality products, values and offers and ethical retail with fast online delivery services, community involvement and additional customer services. Our stores are actively involved in local life and are often the hub of the community, offering products and services that our members and customers want and need.
This update is the result of the Cooperative’s decision last year to end customer rewards for its loyal customers. Previously, members earned 2p for every £1 spent on Co-op branded products or services. However, the scheme ended with the retailer announcing that customers had until December 31 to use their remaining reward balance.
Explaining the change, the Co-op noted: “Instead of earning a few pence in rewards, our members will now see significant savings in store with instant discounts at the checkout. Overall, greater savings on Co-op and branded products.
