Co-op is opening or refurbishing 50 stores before Christmas as part of a major expansion drive following recovery from a significant cyber attack. The retailer is investing over £200 million across more than 200 sites this financial year.
The expansion comes as Co-op recovers from a cyber attack in April that cost the company around £120 million in annual earnings and impacted sales by approximately £206 million. Hackers impersonated employees to gain account access, leading to data theft affecting members and empty shelves across stores.
Business Rates Reform Push
Co-op Group chief executive Shirine Khoury-Haq is using the expansion to urge government action ahead of the autumn Budget. She said: «We're investing in stores and communities right across the UK because we believe in the future of the high street.»
Khoury-Haq emphasized the need for policy certainty: «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.» She added: «Co-op is showing what's possible when businesses commit to communities.»
The CEO directly appealed to government: «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.»
The 14 new stores include Co-op's first permanent outlet at the new Brent Cross Town development in London, five micro-format 'on the go' stores, and a franchise location at Lancaster University. Co-op operates more than 2,300 food stores nationwide.
Note: This article was created with Artificial Intelligence (AI).
