The society, which has more than 100 food stores in Hampshire, Berkshire, Dorset, the Isle of Wight, West Sussex and Wiltshire, is understood to be eyeing sites in its trading area.
It is already negotiating with the landlord of a former Woolworths store in Romsey, Hampshire, and other sites are expected to follow.
Last month, the society snapped up 13 stores from c-store operator Nearby Stores, which went into administration in December.
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