Major UK grocery store to open or refurbish 50 new shops earlier than Christmas – see checklist
The Co-op is pressing ahead with a number of new stores and major refurbishments as it bounces back from a damaging cyber attack which will knock its annual earnings by around £120million
The Co-op has announced its plans to forge ahead with the opening of numerous new stores and significant refurbishments as it recovers from a severe cyber attack. The retailer revealed that 50 stores will be launched or re-opened by Christmas, while simultaneously urging the Government to reform business rates in the upcoming autumn Budget.
The Co-op emphasised that such reforms are “vital” for encouraging further high street investment as it pursues its own expansion goals. This latest wave of openings will bring the Co-op’s total store openings and refurbishments to over 200 sites for the current financial year.
The company also stated that this programme will result in an investment of more than £200 million across its store estate. Among the 14 new stores the Co-op plans to open are its first permanent retail outlet at the new Brent Cross Town development in London, five new micro-format ‘on the go’ stores, and a new franchise store at Lancaster University.
The remaining stores out of the 50 are sites that have been closed for extensive refurbishment and will re-open sporting a fresh look and updated product range. These growth efforts come as the group, which boasts around 6.9 million member-owners, continues to recover from a major cyber attack.
In September, the Co-op disclosed that the April hack would dent its annual earnings by approximately £120 million. Furthermore, the cyber attack, which resulted in empty shelves and data theft affecting all its members, had a negative impact on sales amounting to about £206 million, as reported by City AM.
The group revealed that hackers had impersonated staff members to deceive employees into handing over access to their accounts.
The cyber criminals managed to create a duplicate of one of the company’s files but were blocked from launching further attacks on its systems and deploying ransomware.
On Monday, the organisation, which operates more than 2,300 food outlets, issued fresh appeals for property tax reform and greater Government certainty ahead of the autumn Budget.
Shirine Khoury-Haq, Co-op Group chief executive, declared: “We’re investing in stores and communities right across the UK because we believe in the future of the high street.
“But sustained growth needs certainty. Business rates reform is vital if retailers – especially the 99% who run small stores – are to plan with confidence, protect jobs and keep local economies thriving. Co-op is showing what’s possible when businesses commit to communities.
“The Government now has an opportunity in the autumn Budget to do its part by delivering the reform that’s long been promised – giving every retailer, from small to large, the stability to invest and grow.”
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