Co-op set to open 17 stores this week

2282
17 stores

The Co-op is set to launch nearly 20 new stores in the next week as it races forward with its expansion drive.

According to Property Week, the retailer will open 17 new stores between today and November 30, adding to the 82-new store launches this year to date.

This is the third consecutive year that Co-op has opened over 100 stores, and is more than the Big 4 combined.

The new stores will open nationwide and will see November’s total store opening hit 29, costing around £19 million.

Earlier this month the Co-op’s £143 million acquisition of convenience store chain Nisa was given the green light, further ramping up its expansion.

Last month, Nisa reported a positive first half trading for the 26 weeks to October 1, with total sales up 12.4 per cent to £728 million on the comparable period.

In June, the business also announced that it had completed the £120 million refinancing of its debt facilities, providing longer term, cheaper, and more flexible capital for Nisa to further invest in growth over the next three to five years.

“Our new store programme is both a testament to the work of our property team in sourcing and opening new stores, as well as a great indication of how well our food business is performing,” head of new store development Tony Hind said.

“This is the third consecutive year that we have opened over 100 new stores, and we intend to maintain this expansion programme in to 2018 and beyond as we continue to look for new opportunities.”

Click here to sign up to Retail Gazette‘s free daily email newsletter