British co-operative group Co-op has unveiled its UK growth strategy for 2024, focusing on expanding its convenience market share and increasing its member-owners.
The retailer aims to more than double the number of new franchise stores, by acquiring more Co-op stores and opening 400 new Nisa stores.
The company also plans to boost its quick commerce market share to above 30%.
Building on the success of 2023, the Co-op's growth strategy also includes a significant increase in member-owners, growing from five to eight million by 2030.
This initiative is part of a broader ambition to enhance the reach and scale of the Co-op’s core businesses: food, funerals, legal and insurance services.
The Co-op has also launched a new round of member prices within its food business.
The initiative, which now represents a total investment of £100m, introduces 117 everyday low prices and extends to branded goods for the first time.
The latest price reductions span bakery, dairy, soft drinks and pet food and enable Co-op members to save up to £10 per week, highlighting the financial benefits of membership.
Co-op CEO Shirine Khoury-Haq stated: “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.”
In December 2023, Co-op saw a 21% increase in members shopping.
