The Co-op is pushing ahead with new openings and refurbishments as it continues its recovery from a cyber attack earlier this year – and says business rates reform will be vital to help it and other retailers to grow.
The retailer announced that 50 shops will launch or relaunch by Christmas whilst calling on the Government to overhaul rates before the autumn Budget. It said that reforms will prove "vital" to stimulate additional high street investment as it pursues its own expansion goals.
The newest wave of launches will mean the Co-op has opened and renovated more than 200 sites in the current financial year. It means the company will have invested upwards of £200 million throughout the shop portfolio.
The Co-op will launch 14 fresh outlets, including becoming the first permanent trader at the new Brent Cross Town project in London, five new micro-format 'on the go' shops and a new franchise outlet at Lancaster University.
The remaining 50 shops will comprise locations which have been shut for an extended period to undergo comprehensive renovation and will relaunch with a fresh appearance and updated product selection.
The expansion initiatives arrive as the group, which boasts some 6.9 million member-owners, continues its recovery from a substantial cyber attack.
It revealed in September that the breach, which occurred in April, will hit its annual earnings by roughly £120 million.
Additionally, it stated the cyber attack, which resulted in empty shelves and saw data stolen, affected sales by approximately £206 million.
The organisation revealed that cyber criminals had masqueraded as staff members to deceive employees into giving 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.
Toay the group, which operates over 2,300 food outlets, issued fresh appeals for property tax reform and greater Government certainty in the run-up to the autumn Budget.
Shirine Khoury-Haq, Co-op Group chief executive, said: "We're investing in stores and communities right across the º£½ÇÊÓƵ 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."
