How was 2023 for you and the Group?
As anticipated, the external market challenge and uncertainty we witnessed last year has continued. We were, however, well prepared and the work we undertook during 2022 to significantly improve the underlying financial position of our Co-op has served us well. The early action we took ahead of our competitors and the momentum this created has flowed into 2023. It has enabled us to weather the economic headwinds, support our members and communities further during the cost of living crisis and to plan for our future with confidence.
At the heart of this future, is the renewed focus we are placing on growing and strengthening Co-op membership. In April we announced our ambition to increase our membership by a further 1 million by 2028. Our improved financial position and our Co-op way of doing business have provided the means for us to make conscious decisions, which have benefited our member-owners, customers, colleagues and communities throughout the course of this year.
We’ve made the biggest ever reduction into pricing within the convenience sector, and for colleagues, we’ve introduced enhanced wellbeing policies, invested further in support of the real living wage and extended the 30% discount on own-branded goods. We’ve also formed a major new charity partnership with Barnardos and I’m proud that we’ve again made the decision to do Christmas differently. As other retailers have spent millions in the battle of the Christmas adverts, we’ve instead pledged to match our member and customer donations, building on the £100m plus of community funds, already raised by our member owners during the past few years.
This clear evidence of our Co-op difference in action, has not gone unnoticed and I’m delighted to see that we’re already more than halfway to reaching our 1 million new member target, and that not only does Co-op membership now stand at an eight-year high but our member owner participation is at the highest point on record in recent times.
Campaigning on key issues has also remained a central pillar of our Co-op, and we’ve continued to loudly use our voice to champion those issues, which are important to our colleagues and members. We have led the charge in raising awareness and calling for action to tackle retail crime, with specific asks on the police and government to make the necessary changes to address this chronic issue.
We also have also focused further on campaigning for climate justice, and I was proud on behalf of our Co-op to join the government’s Net Zero Council as co-chair this year, and thereby ensure that a co-operative voice remains at the heart of this vital issue
While it’s been a challenging year, it’s been a hugely rewarding one. I’ve been incredibly proud to lead our Co-op through 2023, and would like to give a huge thank you to all of our amazing colleagues for their hard work.
What are your hopes for 2024?
Before discussing our Co-op, my overarching hope is that during 2024, the humanitarian crises occurring in Ukraine and Palestine will be addressed and that peace and safety will return for all that need it.
In terms of our Co-op, the primary focus during 2024 will be one of growth and creating the means for that growth to be sustained over the coming years. This will be an exciting time for us as we look to capitalise on all the hard work, which has seen our financial position strengthen and our Co-op difference more clearly defined.
We will invest further into our proposition to drive increased economic value and benefit for our member owners. But for our Co-op difference to truly stand-out, we will also explore further ways of engaging our member owners to in turn drive wider democratic co-operative action and social impact.
We will continue to act as a force for good in campaigning for change in those areas that matter most to our member owners, and we’ll do this by co-operating effectively across the co-operative sector and, where appropriate, across the wider business and political spectrums also.
Throughout our retail, wholesale, funerals, insurance and legal businesses we have exciting plans in place to continue to innovate, expand our products and services, always with the aim of providing even more choice and member-value.
And as we have already announced, as we start the new year, we’ll see a change in our chair, with Allan Leighton leaving us and Debbie White taking over. On a personal note, I will be very sad to see Allan go – he has provided great support and contributed enormously to the turnaround of our Co-op. However, I am also very excited for this next chapter of our Co-op’s rich history to begin, working with Debbie as we look to grow our Co-op for the future.
With a strong financial footing, exciting plans and a talented and dedicated colleague network behind us, I look forward to 2024 with both confidence and optimism.
