The Co-op invests £200m in new and revamped stores

UK convenience retailer The Co-op is set to open 100 new stores in 2019 and revamp 200 others as part of a £200 million investment in its store estate.

Co-Op plans to open 100 new stores in 2018.

The retailer, which over-indexes in beers, wines and spirits, saw year-on-year growth of 7.7% in the category and now has a 6.4% market share of the grocery market.

Around a third of the stores will be opened in London and the South East to support growth in and around the M25, and comes after last month’s announcement of a new £45 million depot in Bedfordshire, which is due to open in 2022. Store expansion is also planned in Scotland, with around 40 new or revamped stores, facilitated by the new £6 million distribution centre last year opened at Inverness Airport Business Park, and ten are planned in Wales.

Co-op’s Director of Portfolio and Development Stuart Hookins said shifts in consumer shopping trends has made ease, speed and convenience more  important for time-pressed shoppers. “The right location and range tailored to fulfill the shopping needs of a community is a cornerstone of our approach, and there has been an evolution in how we choose new locations and, innovate our offer,” he said. “This year (2019), will be the fourth consecutive year of opening around 100 new stores, and investing in a core convenience estate which has seen over four years of consecutive like-for-like sales growth.”

The recent expansion has focused on key city centre locations, transport hubs, university campuses and new communities in high rise residential developments, it said.