Co-op is embarking on a significant growth phase, planning to open 120 new stores over the next 18 months.
- The retailer, having recently returned to profit, is adopting a more proactive approach to expand its presence.
- Matt Hood, Co-op Food’s Managing Director, emphasizes utilizing all market routes to achieve long-term growth objectives.
- Chief Executive Shirine Khoury-Haq highlights Co-op as the leading retailer in daily transactions across the UK.
- Despite rising shoplifting incidents, Co-op is committed to enhancing customer convenience with continued self-checkout options.
In an ambitious move to expand its footprint, Co-op is set to open 120 new stores within the next 18 months. This strategic expansion marks a shift towards a more proactive approach in scaling their food business. After enduring a £33 million loss last year, the company has rebounded to profitability, fueling its determination to grow substantially.
Matt Hood, the Managing Director of Co-op Food, articulated the company’s forward-thinking stance. He stressed the importance of utilizing all available market routes, not only to retain existing spaces but also to realize the company’s long-term growth ambitions. Hood remarked that a robust balance sheet and a focus on improving every small store’s success model underscores Co-op’s return to expansion mode.
With a notable record of two and a half million transactions daily, equating to 800 million annually, Chief Executive Shirine Khoury-Haq highlighted Co-op as the most shopped retailer in the nation. This extensive customer interaction is central to Co-op’s strategy to become the premier small store operator, ensuring each outlet’s sustainability and profitability.
Furthermore, in the current retail environment where some competitors are reevaluating the use of self-checkouts, Co-op continues to value these systems. Matt Hood noted their significance in making shopping experiences faster and more efficient for customers, emphasizing their role in the store’s format.
This stance remains firm despite concerns raised by other industry leaders about potential abuses of self-checkout technologies and a reported increase in shoplifting. Earlier this month, Co-op reported unprecedented levels of crime and abuse within its stores, amid a 20-year high in UK shoplifting incidences.
Co-op’s strategic expansion and commitment to customer convenience underscore its proactive growth agenda despite challenges.
