The Co-operative Group has declared it is “back on the acquisition trail with a vengeance” as it snapped up three Budgens stores and laid out plans to target property agents, developers and landlords for new stores.
The society, which has a rolling programme to open more than 300 stores within the next three years, is staging networking events in Bristol and Cardiff next week to sniff out possible locations for new stores in the South West and Wales.
It is looking for stores between 2,000 sq ft and 18,000 sq ft, particularly in high street and local community locations.
“We are actively searching for new opportunities to grow the business and this is a great opportunity to meet and work with agents, landlords and developers to identify the right properties across both these regions,” said Stuart Hookins, head of portfolio strategy for the Co-op’s food division.
News of the networking event came as the society revealed it had acquired three Budgens stores, in Amesbury, Wilton and Didcot. “These three stores are just the sort of locations we’re looking for and will complement our existing network,” said Martin Vickerman, business development manager for the food division.
Speaking at the IGD Convenience Retailing 2011 conference last week, director of food operations David Mockford reiterated the society’s growth plans. “We’re now back on the acquisition trail with a vengeance,” he told delegates. “The Somerfield acquisition slowed us down with that.”
However, the society also continues to dispose of poorly trading stores. Last week The Grocer revealed it would close 11 stores by the end of this month with the loss of about 250 jobs due to “poor trading”. A number of Somerfield stores also closed in September. And this week two further store closures came to light – in Grimsby and Fareham in Hampshire. Both will close in December, affecting nearly 60 jobs.
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Beth Philips & Elinor Zuke
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