The Co-op Group plans to grow its share of the UK convenience market through omni channel growth, pledging to more than double the number of new franchise stores; open 400 new Nisa sites; acquire new Co-op stores; and increase its share of the quick commerce market to over 30%.
In addition, the group will increase the number of members-owners from five million to eight million by 2030.
This revised target follows the release of data, which found that momentum in Co-op membership continues to grow significantly ahead of its expectations. The Co-op now has five million active member owners, up almost 15% on the previous year, and it saw a 21% increase in members shopping with Co-op during December.
It has also launched a new round of member prices within the food business, adding a further 117 everyday low prices, which for the first time will also include branded goods. This follows the biggest ever investment in convenience pricing last year, where member prices were introduced on 175 everyday essential products and takes total investment to £100m.
The price reductions cover key lines such as bakery, dairy, soft drinks and pet food.
Commenting on the goals, CEO of The Co-op Shirine Khoury-Haq said: “Over the past year our underlying financial strength has enabled us to support our colleagues and their communities, through the cost-of-living crisis. By placing our member-owners firmly at the heart of our Co-op, we’ve seen a marked increase in new members joining us and greater engagement from existing members.
“As we enter our 180th year, we now have a unique opportunity to make this a golden era of co-operation. 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. As owners of our business, our members not only benefit financially from their membership, but also have a say in decisions we take as a business and help support and make a difference to issues that our members care about in communities across the UK.
“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.”
The group opened its first franchise store in Wales earlier this month.