The Co-Operative Group has said that it will invest GBP180m (US$277m) in 2009 to refurbish 700 food stores, completing the rebranding of its existing food portfolio.
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The retailer announced the plans as it unveiled its 700th store to be refitted this year, with an investment of GBP200m.
The retailer said that the refits would increase brand awareness and highlight improved service across its 4,200 UK outlets.
“This is no mean achievement, and arguably represents the biggest refit programme undertaken by any food retailer in a single year. We set ourselves an ambitious target, but we have achieved what we set out to do, without taking our eye off the ball,” CEO Peter Marks said.
The Co-op has indicated its aim to become a large fifth player in the UK retail scene. In July 2007 it merged with United Co-Operatives and it is currently in the process of closing its GBP1.6bn acquisition of Somerfield.
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