What's Happening?
Co-op plans to open over 50 new or refurbished stores across the UK before Christmas, emphasizing the need for government reform on business rates. The retailer's expansion includes a variety of store formats and locations, such as its first permanent
store at Brent Cross Town in London and new micro-format 'on the go' stores. Co-op's investment in its estate totals over £200 million for 2024/25, covering more than 200 new and upgraded stores. The company stresses that business rates reform is crucial for small shops to plan, protect jobs, and grow, urging the government to deliver on long-promised changes.
Why It's Important?
The expansion by Co-op highlights the retailer's confidence in the future of local brick-and-mortar retail. Business rates reform is seen as vital for sustaining growth and unlocking further investment, particularly for small retailers. Co-op's CEO, Shirine Khoury-Haq, emphasizes the importance of certainty in business rates for protecting jobs and supporting local economies. The government's upcoming Autumn Budget presents an opportunity to address these concerns, potentially impacting thousands of small businesses across the UK.
What's Next?
Co-op's new and refurbished stores will offer member price savings, parcel collection, and rapid delivery services. The retailer continues to support British farming by sourcing 100% of its fresh and frozen meat from the UK. The government is expected to address business rates reform in the Autumn Budget, which could significantly impact the retail sector's future investment strategies.
Beyond the Headlines
The expansion reflects broader trends in retail, where companies are investing in physical stores despite the rise of online shopping. Co-op's focus on community engagement and sustainability, such as backing British farming, aligns with consumer preferences for local and ethical products.
