The Co-OP has announced plans to open or redefine 50 stores before Christmas, marking a major investment drive as it continues to recover from a devastating cyber attack earlier in the year.
The retailer said the latest opening will bring its total stores and renovations to 200 this fiscal year, representing more than $200 million in investment across its properties.
The group, which has 6.9 million member-owners and operates more than 2,300 food outlets across the country, said the scheme reiterated its “confidence in the future of the high street” – but warned that a reform of business rates for renewal was urgently needed to support investment.
“We invest in shops and communities across the UK because we believe in the future of the high street,” said Shirine Khoury-Haq, CEO of Chie Chief Clief.
“But continued growth needs to be assured. A recovery in business rates is essential if retailers – especially the 99% who run small shops – are to organize jobs and keep the domestic economy thriving.”
New stores and renovations
The co-op has confirmed that its latest releases include:
• 14 brand stores, including one in the Brent Cross Town development in London – where it will be the first permanent retailer.
• Five format ‘shops’ in shops designed for busy urban areas.
• New franchise store opening at Lancaster University.
• Remaining stores will be re-opened in previously closed locations following high demand with recaptured reviews and expanded product ranges.
The push comes as the co-op works to recover from a major cyber attack in April, which is expected to reduce annual revenue by around $120 million and result in lost sales.
Hackers are reported to impersonate employees to gain access to internal systems, stealing data of all members. While the attackers were able to copy the company’s file, they failed to install malware or exploit deep damage to the company’s digital infrastructure.
The incident temporarily leaves stores with empty shelves and disrupts supply chains, prompting the group to accelerate investments in digital resilience and security.
Ahead of the autumn budget, the co-op has joined the chorus of the UK’s leading retailers to urge Chancellor Rachel to renew excise duty reform.
Business rates – based on commercial property values - have long been criticized by high street chains and small shops as outdated and weighted towards brick and mortar businesses.
Khouny-Haq said the government had an opportunity to do its part by “putting in a program to make investment in high street shops work.
“Co-OP shows what is possible for businesses to commit to communities,” he said. “The government now has the opportunity in the autumn budget to do its part by delivering the promised long-term reforms – giving every retailer, resilience to big, resilience to invest and grow.”
The Coo-Op’s Expnsission Drive offers a boost to the UK’s renewed retail sector, which continues to face rising operating costs, inflation, and consumer confidence.
Analysts say the retailer’s move reflects the strengthening of community-oriented social bests and highlights the continued relevance of physical retail spaces, even as online competition intensifies.
If successful, the program can help the Co-op regain its right to lose and strengthen its reputation as one of the most powerful retailers in the community – proving that even in a challenging environment, the high street still has room for growth.
