Britain’s Co-Operative Group will open more stores and step up the recruitment of new members this year.
The move comes as it seeks to reverse a decline in grocery market share.
The group is owned by its over 5 million members, and it currently operates almost 2,400 food stores in the UK.
Britain’s seventh largest supermarket group ended 2023 with a grocery market share of 5.4%, according to research by Kantar.
That figure was down 20 basis points on the year.
The Co-op said today that it plans to acquire new Co-op stores, more than double the number of its franchise stores – currently 38 – and open 400 new stores under the Nisa brand.
The group also has insurance, funeral and legal services businesses.
It now has a target to increase its membership to eight million by 2030.
Speaking on this planned expansion, chief executive of the group Shirine Khoury-Haq said, “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.”
The decline in grocery market share in 2023 comes after a maintained profit in the previous year, despite the pressures of inflation in food, energy and wages.