Britain's Co-op will open more stores and step up the recruitment of new members in 2024 as it seeks to reverse a decline in grocery market share.
Co-op UK said it plans to acquire new Co-op stores, more than double the number of its franchise stores, from 38 currently, and open 400 new stores under the Nisa brand.
The group, which also has funerals, insurance and legal services businesses, is targeting a membership of eight million by 2030.
“Co-op membership is not a loyalty scheme but rather a different way of doing business. We exist and are run for the benefit of our millions of members,” chief executive Shirine Khoury-Haq said.
“We are looking to not only provide greater financial benefits to our members through lower prices and offers across our businesses, but also to deepen our engagement with members on the decisions we take and the issues that matter most to them,” she added.
The company added that it has launched a new round of 'member prices' in the food category, which will include around 117 products at 'everyday low prices', including branded goods.
Co-op UK
The 180-year old group, which is owned by its over five million members, is Britain's seventh largest supermarket group operating almost 2,400 food stores.
It ended 2023 with a grocery market share of 5.4%, according to researcher Kantar, down 20 basis points on the year.
The fall reflected intense competition from discounters Aldi and Lidl, as well as market leader Tesco and No. 2 Sainsbury's.
In September, the group forecast a modest pre-tax loss for its 2023/24 year.
News by Reuters, additional reporting by ESM.
