The Co-operative expects to close Somerfield’s HQ and have completely rebranded the retailer by “the early part of 2011”.
Tim Hurrell, md of Co-op Food Retail, told delegates at the IGD Convention on Tuesday that “sales at Somerfield have been tough and that’s what you expect with an acquired business, but sales at The Co-op and the conversions have been well ahead of the market”.
Hurrell said The Co-operative has a “clear objective to increase market share to get back to what we believe is rightfully ours”, referring to the retailer’s 25 per cent market share in the 1960s.
He said the retailer had achieved its goal of disposing of 200 stores, hitting cash targets and appeasing the competition authorities.
Hurrell added that introducing central replenishment and developing a strong logistics network had improved the company’s supply chain.
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