The Co-op is set to open more stores as it targets a greater share of the UK convenience market.
The retailer said it had ambitions to acquire new Co-op sites, more than double the number of its franchise stores, and open 400 new Nisa stores.
Co-op also said it is looking to accelerate its share in the quick commerce market to over 30%.
This comes as The Co-op looks to increase the number of its member-owners from five million to eight million by 2030.
This follows the release of new data which revealed that group membership had grown ahead of the Co-op’s expectations. The figure of five million active members was up almost 15% on the previous year, the highest amount of growth in eight years. There was also a 21% increase in members shopping with Co-op in December.
The Co-op also announced a number of price cuts for its members, which for the first time will include branded goods.
Shirine Khoury-Haq, CEO of The Co-op, said: “Over the past year our underlying financial strength has enabled us to support our colleagues and their communities, through the cost-of-living crisis. By placing our member-owners firmly at the heart of our Co-op, we’ve seen a marked increase in new members joining us and greater engagement from existing members.”