The Co-op is pressing ahead with an ambitious programme of new stores and major refurbishments as it bounces back from a damaging cyber attack.
The retailer plans to open or reopen 50 stores by Christmas, taking its store openings and refurbishments to more than 200 sites for the latest financial year.
The business, which will inject more than £200 million into its retail estate, has urged the government to reform business rates ahead of the autumn Budget, something it said was “vital” to encourage further high street investment as it continues with its own expansion ambitions.
The 14 new stores, which include it becoming the first permanent retailer at the new Brent Cross Town development in London, will also include five new micro-format ‘on the go’ stores and a new franchise store at Lancaster University.
The remainder of the 50 stores will consist of sites which have been closed for a lengthy period to undergo an extensive refurbishment and will re-open with a new look and updated product range.
Growth efforts come as the group, which has around 6.9 million member-owners, continues to recover from a major cyber attack.
It said in September that the hack, which took place in April, will knock its annual earnings by around £120 million.
Meanwhile, it said the cyber attack, which left it with bare shelves and saw data stolen for all its members, impacted sales by about £206 million.
The group said the hackers impersonated workers to trick employees into giving them access to their accounts.
They created a copy of one of the firm’s files but were unable to attack its platforms further and install ransomware.
On Monday, the group, which runs more than 2,300 food stores, made renewed calls for property tax reform and increased certainty from the government ahead of the autumn Budget.
Shirine Khoury-Haq, Co-op Group chief executive, said: “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.”
Artist and explorer Tony Foster hopes his work moves people to protect planet
Guinness maker Diageo hires former Tesco boss for top job
Business news live: Guinness maker appoints new CEO and the job AI threatens most
Shona Robison may ‘potentially revisit’ Scottish taxes in response to UK Budget
Scottish Finance Secretary requests urgent meeting with Chancellor before Budget
IKEA profits plunge more than a quarter after tariff uncertainty
