Co-op is set to expand its retail footprint significantly, opening 120 new stores over the next 18 months.
- This strategic move is part of Co-op’s proactive growth mindset following a return to profitability.
- Managing Director Matt Hood highlights the focus on maintaining and growing their market space to meet long-term goals.
- Co-op experienced a strong half-year performance, which supports its expansion ambitions.
- Despite rising shoplifting concerns, Co-op remains dedicated to enhancing customer convenience with continued use of self-checkouts.
Co-op has announced an ambitious plan to expand its presence by opening 120 new stores over the next 18 months. This decision marks a significant turn in its strategy, reflecting a shift to a ‘more proactive mindset’ as the retail giant aims to grow its food business substantially.
Matt Hood, the Managing Director of Co-op Food, shed light on the strategic direction by stating that the company is increasingly focused on acquiring new sites and pursuing growth opportunities. “We’ll be using all our routes to market to both retain the space we already have and grow at scale to meet longer-term ambitions,” Hood noted.
After reporting a robust half-year performance, Co-op sees its strong balance sheet as a foundation for this expansive growth. Hood emphasized the importance of improving all stores and ensuring that each location is equipped to be successful, irrespective of the size or market route.
Chief Executive Shirine Khoury-Haq shared insights into Co-op’s market influence, describing it as the ‘most shopped shop in the nation,’ with two and a half million transactions per day. She highlighted the company’s dedication to being ‘the best small store operator,’ ensuring sustainability and profitability are at the forefront of every shop they open.
The decision to maintain self-checkouts in new stores aligns with Co-op’s aim to enhance convenience, despite industry debates on the technology’s role in rising shoplifting incidents. While other retailers reconsider their use, Co-op persists, believing self-checkouts streamline the shopping experience for their customers.
The reality of escalating shoplifting and related crimes has not gone unnoticed by Co-op, as they report record levels of such incidents. Nevertheless, the focus remains on growth and customer service, indicating a resilient approach to current retail challenges.
Co-op’s expansion reflects its commitment to growth and resilience amid industry challenges.
