The Co-operative Group is hoping to increase its number of stores and members, a statement from the company revealed.
In 2024, the retailer hopes to double its number of franchise stores and open 400 new Nisa stores, as it aims to capture a 30% share of the quick commerce market.
Within the next six years, the company also hopes to increase its number of members from 5 million to 8 million, having experienced a 15% uptick in active members during 2023.
Shirine Khoury-Haq, the company’s chief executive officer 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.
“Co-op membership is not a loyalty scheme but rather a different way of doing business.
“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.”
Not all customers will be pleased with the Co-op, however, after it was revealed last week that the group was axing one of its loyalty scheme rewards.
From now on, members will no longer earn cash when they buy Co-op’s own branded products and services.
Co-op, which also offers services in funerals, legal and insurance, will see its chairman Allan Leighton step down from his role next month after spending nine years at the top.
He was thrown into the role in 2015, two years after the group was found to have a £1.5 billion hole in its banking arm, having tried to purchase more than 630 branches from Lloyds.