Co-op is making strategic moves to expand its presence in the UK with plans to open 120 new stores over the next 18 months.
- The company’s return to profit signals financial stability and ambition to ‘grow at scale.’
- Matt Hood, Co-op Food’s managing director, emphasises a proactive strategy in acquiring new sites.
- Co-op aims to improve existing stores and adopt successful models across varying store sizes and market routes.
- The integration of self-checkouts remains a priority for enhanced customer convenience.
In a significant development for the UK’s retail sector, Co-op has announced its intention to open 120 new stores within the next 18 months. This growth initiative is part of the organisation’s broader strategy of adopting a more proactive approach to enhance its food business.
The retailer has rebounded to profitability this year, following a substantial £33 million loss the previous year. This financial turnaround underpins its ambitious ‘grow at scale’ strategy, which is aimed at expanding its retail footprint.
Matt Hood, managing director of Co-op Food, highlighted the company’s shift to a more proactive acquisition strategy for new locations. By doing so, Co-op seeks not only to retain its existing space but also to pursue significant growth to fulfil its long-term objectives.
Co-op’s half-year results have been described as ‘strong’, providing a solid foundation for further expansion. Hood stressed the importance of refining all existing stores to ensure each one operates successfully, regardless of size or market approach.
As part of Co-op’s efforts to enhance the shopping experience, self-checkouts will continue to be a vital component of their store format. Hood noted that self-checkouts offer increased convenience, enabling customers to have a quicker and easier shopping experience.
This stance on self-checkouts contrasts with other retailers like Morrisons, which are reconsidering their implementation following concerns over technology abuse and increasing shoplifting incidents. Despite these challenges, Co-op remains committed to employing self-checkouts as a key feature of their operations.
Co-op is poised to significantly enhance its UK presence through strategic expansions and technological enhancements.
