Co-op to open or refurbish 50 stores as it recovers from 120m cyber attack hit

"The group, which has 6.9 million member-owners and operates more than 2,300 food stores nationwide, said the programme underscores its "confidence in the future of the high street" - but warned that long-promised business rates reform is urgently needed to sustain investment. "We're investing in stores and communities right across the UK because we believe in the future of the high street," said Shirine Khoury-Haq, Co-op Group chief executive."

"The Co-op confirmed that its latest rollout includes: * 14 brand new stores, including one at the Brent Cross Town development in London - where it will become the site's first permanent retailer. * Five micro-format 'on the go' stores designed for busy urban locations. * A new franchise store opening at Lancaster University. * The remaining outlets will be re-openings of previously closed sites following major refurbishments featuring updated designs and expanded product ranges."

The Co-op plans to open or refurbish 50 stores before Christmas, bringing total launches and refurbishments to more than 200 this financial year and representing over £200 million of investment. The group operates more than 2,300 food stores and has 6.9 million member-owners. The rollout features 14 new stores, five micro-format 'on the go' outlets, a Lancaster University franchise and multiple major refurbishments with updated designs and expanded product ranges. The programme runs alongside recovery from an April cyber attack that reduced annual earnings and caused substantial lost sales, and highlights the need for business rates reform to sustain investment.

Read at Business Matters