Co-op to open at least 120 more grocery shops after profits rise five-fold

The Co-operative Group is set to open at least 120 new grocery shops this year after experiencing a substantial profit increase, rising over fivefold. With a profit of £161 million and sales reaching £11.3 billion, the mutual's growth is notable despite anticipated rising costs from government changes to national insurance and packaging regulations. Additionally, the Co-op faced significant losses from shoplifting last year. Chief executive Shirine Khoury-Haq called for government intervention to alleviate pressures on small businesses and protect high streets amidst escalating operational costs.

The Co-op’s chief executive, Shirine Khoury-Haq, emphasized that while the government faces challenges, it must address how various cost layers significantly affect the industry.

Despite significant losses to shoplifting and rising operational costs, the Co-op reported a substantial profit increase, highlighting resilience amid market challenges.

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