Co-op targets growth to reach 8 million members
Published on: Jan 26, 2024
Extension of member prices to a further 117 lines, taking total price investment to £100 million.
The Co-op announced its growth plans by building on the momentum of 2023, as it looks to substantially increase the number of members-owners from 5 million to 8 million by 2030.
This new target follows the release of data, which shows that momentum in Co-op membership continues to grow significantly ahead of our expectations. The Co-op now has 5 million active member owners, up almost 15% on the previous year. There was a 21% increase in members shopping with Co-op during December, demonstrating the value that members place on the benefits they receive and highlighting the wider resonance of member ownership.
This growth aligns with broader growth ambitions across the Co-op’s core businesses – food, funerals, legal and insurance – aiming to broaden reach and scale and attract, reward and engage member owners.
The food business is targeting an even greater share of the UK convenience market through omni channel growth, with ambitions to acquire new Co-op stores, more than double the number of new franchise stores, open 400 new Nisa stores, and accelerate share in the quick commerce market to over 30%.
The company also launches of a significant new round of member prices within the food business. This sees a further 117 everyday low prices, which for the first time will also include branded goods.
Owned by over 5 million members, the Co-op operates almost 2,400 food stores.
