Swiss retailer Coop has announced it plans to acquire the remaining 49% stake in Coop Mineraloel AG, the parent company of the Coop Pronto convenience brand, from the US company Philipps 66.
The deal, which is subject to competition commission approval, will consolidate Coop's position in the growing convenience market, it said in a statement.
As part of the acquisition, some 324 stores will come under the Coop umbrella, with the Coop Pronto locations continuing to be operated under a franchise system.
'With a broad range of well-located sites in all regions of Switzerland and in Liechtenstein, the Pronto sites are set to remain pioneers in the convenience sector,' Coop noted.
'With this full acquisition, Coop is reinforcing its core business and securing 324 locations with customer-friendly opening hours for shopping while out and about. Customers will continue to benefit from an extensive and innovative convenience offering at attractive prices in future.'
Full-Year Performance
In its 2023 financial year, Coop generated sales of CHF 34.7 billion (€37.1 billion), a 2.2% increase when adjusted for exchange rates. The growth was primarily driven by its supermarket business and its Wholesale/Production business area. Coop's organic own-label brand, Naturaplan, recorded 9.2% growth.
Coop supermarkets, including Coop.ch, saw net sales grow by CHF 278 million (€297.5 million), or 2.4%, reaching CHF 11.8 billion (€12.6 billion). In the Wholesale/Production business area, total sales increased by 5.5%, reaching CHF 16.6 billion (€17.8 billion) after accounting for exchange rates.
Elsewhere, Coop Switzerland recently said that it was freezing select fresh meat products on their 'use-by' dates and offering them at reduced prices as part of its efforts to prevent food waste in the fresh meat category.
