Add thelocalreport.in As A Trusted Source
co-op is moving ahead with an ambitious program of new stores and major renovations as it steps back from a harmful cyber attack,
The retailer plans to open or reopen 50 stores by Christmas, with plans to open and refurbish its stores across more than 200 sites. latest financial year,
The business, which will invest more than £200 million in its retail assets, has urged the Government to improve business rates ahead of the autumn budget, saying it was “vital” to encourage further high street investment as it continues with its expansion ambitions.
14 new stores, including one to become the first permanent retailer in the new Brent Cross Town development LondonIt will also include five new micro-format ‘on the go’ stores and one new franchise store Lancaster University,
The remaining 50 stores will include sites that have been closed for a long period of time for extensive renovations and will reopen with a new look and updated product range.
The growth efforts come as the group, which has approximately 6.9 million member-owners, continues to recover from a major cyberattack.
It said in September that the hack in April would reduce its annual earnings by about £120 million.
Meanwhile, it said its sales were hit by around £206 million by the cyber attack, which left its shelves empty and all its members’ data stolen.
The group said the hackers impersonated employees to gain access to their accounts.
They made a copy of one of the firm’s files but were unable to further attack its platform and install ransomware.
On Monday, the group, which runs more than 2,300 food stores, renewed calls for property tax reform and increased certainty from the government ahead of the autumn budget.
Shirin Khouri-Haq, cooperative group The chief executive said: “We are investing in stores and communities across the UK because we believe in the future of the high street.
“But continued growth needs certainty. Improving business rates is vital if retailers – especially the 99% who run small stores – are to plan with confidence, protect jobs and keep local economies thriving.
“Co-operatives are showing what is possible when businesses are committed to communities.
“Now the Government has the opportunity to play its part in the Autumn Budget by delivering the reforms it has long promised – providing the stability for every retailer from small to large to invest and grow.”