Co-op is preparing for significant growth with plans to open 75 new stores over the coming year. The initial locations will include Salford Quays and Newcastle Upon Tyne, though specific opening dates have not yet been announced.
Of the 75 planned openings, Co-op will directly operate 25 outlets, while the remaining locations will be franchise-run. This initiative is part of a larger strategy to launch 120 new Co-op stores over the next four years.
Co-op is also focusing on enhancing its existing locations, with plans to revamp 80 stores this year. The upgraded stores, set to debut in early 2025, will be located in areas such as Exeter, Brighton, Bristol, Cambridgeshire, Hampshire, Avonmouth, Hereford, and Clapham.
Co-op made notable progress in its franchise sector last year, launching stores on university campuses, opening its first hospital location, collaborating with EG On The Move at petrol stations, and establishing a presence at HMS Collingwood in partnership with ESS.
Matt Hood, Co-op's Managing Director, stated 'We want everyone to have easy and convenient access to a Co-op store, wherever they live, and this year we are completely focused on achieving that through an ambitious and exciting new stores strategy.'
'Not only are we a membership organisation owned by our six million members, we are experts in convenience shopping, where we combine great quality products, value and deals and ethical retailing with quick online delivery services, community participation and additional customer services. Our stores play an active role in local life, and are often a community hub, providing the products and services our members and customers want and need.'
This update follows Co-op’s decision to discontinue loyalty rewards for its Co-op Membership customers last year. Previously, members earned 2p for every £1 spent on Co-op-branded goods or services. However, the scheme ended with the retailer announcing that customers had until December 31 to use any remaining rewards balance.
Explaining the change, Co-op remarked: 'Rather than earning a few pence on rewards, our Members will now make substantial savings on their shop with immediate discounts being applied at the till. Overall, a bigger saving on Co-op, and branded products.'