40 Stores to close....

Money, investing, mutuals etc

Re: 40 Stores to close....

Postby Constantine » Sun Feb 11, 2018 3:39 pm

planteria wrote:...

what about CoOp consolidation? i'd have thought the right thing to do would be to fold all regionals into the former CWS, but it seems, a bit like building societies, their are far too many vested interests to allow that efficiency. yet, The CoOp Group, made up of All CoOp outlets, and Nationwide, made up of all building societies, would offer powerful mutual alternatives to Tesco, HSBC etc.


Consolidation is what has been happening. It hasn't prevented decline.

Once upon a time, back in the 1950s, the Co-Op movement was no 1 grocer. I think they had 30%+ market share. They also had department stores, car dealerships, a life insurance company, farms, a pharmacy chain, a bank, all of which are gone now. Oh and a building society. The managers of the Co-Op Building Society got pissed off, abandoned their ties with the movement, and changed their name to Nationwide.

Some of us can still just about remember the time when the Co-Op pioneered hypermarkets in the UK. I think they sold them to Morrisons. They've shrunk from being a major grocer to being a convenience store chain. Which is not necessarily a bad place to be, as convenience stores are supposed to be the thing these days.

Mutuality might be nice, and I'm all in favour of it. I'm 'with' the Nationwide and LV. But good old fashioned market capitalism can burn down a lazy mutual. Co-op Food is never again going to challenge the likes of Tesco and Aldi no matter how many of the much smaller regionals it swallows up.

Thanked by: blythburghplanteriapabenny
Constantine
 
Posts: 421
Joined: Fri Jul 02, 2010 12:04 pm
Has thanked: 51 times
Been thanked: 465 times

Re: 40 Stores to close....

Postby pabenny » Sun Feb 11, 2018 4:01 pm

Agree. In the town where I grew up, the Co-op dominated the retail scene. Smaller supermarkets in most of the suburbs and in the town centre, a department store sprawling across multiple buildings, for clothing, electricals, furniture and home accessories. The Co-op was the go-to store for almost everything.

But they allowed themselves to be overtaken and outclassed. Complacency; poor management; inflexibility? I don't know. The Co-op Bank/Britannia BS saga and the abortive acquisition of parts of Lloyds shows that all this time later, the Co-op had not learnt the need for experienced professional senior managers.

Thanked by: blythburghplanteria
pabenny
 
Posts: 750
Joined: Tue Jun 29, 2010 4:21 pm
Has thanked: 338 times
Been thanked: 1060 times

Re: 40 Stores to close....

Postby Boro Boy » Mon Feb 12, 2018 12:13 am

pabenny wrote:Agree. In the town where I grew up, the Co-op dominated the retail scene. Smaller supermarkets in most of the suburbs and in the town centre, a department store sprawling across multiple buildings, for clothing, electricals, furniture and home accessories. The Co-op was the go-to store for almost everything.

But they allowed themselves to be overtaken and outclassed. Complacency; poor management; inflexibility? I don't know. The Co-op Bank/Britannia BS saga and the abortive acquisition of parts of Lloyds shows that all this time later, the Co-op had not learnt the need for experienced professional senior managers.


Another that vanished into the Co-op fold was The Britannia Building Society

Three more Building Societies vanishing within the last ten years: Chelsea BS + The Bristol & West BS + Northern Rock BS :wave:

Before I forget; another issue with the Co-op: what happened to Saver Stamps? You where giver stamps on a major purchase like a Fridge etc. and you could buy more stamps if you wanted to accumulate just before Xmas etc.

That rings a bell, a mutual where you earn shares if you buy something and buy more of the same if you want to accumulate them and provide funds to the mutual at the same time.... :wtf:
Boro Boy
 
Posts: 2742
Joined: Mon Sep 15, 2014 5:05 pm
Location: London
Has thanked: 871 times
Been thanked: 1599 times

Re: 40 Stores to close....

Postby macliam » Mon Feb 12, 2018 12:27 am

Boro Boy wrote:Before I forget; another issue with the Co-op: what happened to Saver Stamps? You where giver stamps on a major purchase like a Fridge etc. and you could buy more stamps if you wanted to accumulate just before Xmas etc.

That rings a bell, a mutual where you earn shares if you buy something and buy more of the same if you want to accumulate them and provide funds to the mutual.... :wtf:

Obviously a successful strategy because the Coop leapt up the rankings to become the top-ranked grocery outlet did it?
Er, no........ :shifty:
Just because I'm paranoid, it doesn't mean they're not out to get me

Thanked by: blythburgh
macliam
 
Posts: 7105
Joined: Thu Jul 18, 2013 11:26 am
Location: By the Deben, Suffolk
Has thanked: 1429 times
Been thanked: 6761 times
Sharing: *

Re: 40 Stores to close....

Postby kevinchess1 » Mon Feb 12, 2018 12:46 am

The Co-op have quite a generous Loyalty Card
5% back on their own products plus 1% for your nominated charity
And they still do Saver stamps £50 will get you a £2 bonus in December
Politically incorrect since 69

Thanked by: blythburghDream on
kevinchess1
 
Posts: 20876
Joined: Mon Jun 28, 2010 10:02 pm
Location: Miles away from the sea
Has thanked: 13303 times
Been thanked: 16073 times
Sharing: *

Re: 40 Stores to close....

Postby pabenny » Mon Feb 12, 2018 7:15 am

Boro Boy wrote:
Three more Building Societies vanishing within the last ten years: Chelsea BS + The Bristol & West BS + Northern Rock BS


Britannia, Bristol and West and Northern Rock all demutualised in the 90s and failed in the 00s. The rump of Northern Rock is now Virgin Money. Britannia was 'rescued' by Co-op, Chelsea by Yorkshire BS who dropped the name about 5 years ago. B&W was acquired by Bank of Ireland and the name is now gone.

Boro Boy wrote:what happened to Saver Stamps? You where giver stamps on a major purchase like a Fridge etc. and you could buy more stamps if you wanted to accumulate just before Xmas etc.


I think you're merging conventional savings stamps and the dividend stamps. These were effectively the clubcard points of the day and were given on all purchases - their purpose was to return a share of profits to members based on the amount they spent. They largely disappeared in the late 70s/early80s. I don't recall why the Co-op dropped them - probably a response to waning profitability

Thanked by: blythburghkevinchess1
pabenny
 
Posts: 750
Joined: Tue Jun 29, 2010 4:21 pm
Has thanked: 338 times
Been thanked: 1060 times

Re: 40 Stores to close....

Postby William Joseph1 » Mon Feb 12, 2018 8:30 am

Interesting article here re Tesco and their plan to develop a new chain of cut price stores https://www.theguardian.com/business/20 ... WEML6619I2

Thanked by: blythburghDream on
William Joseph1
 
Posts: 10144
Joined: Tue Jun 29, 2010 7:14 pm
Location: The Isle of Dreams
Has thanked: 4668 times
Been thanked: 9232 times

Re: 40 Stores to close....

Postby William Joseph1 » Mon Feb 12, 2018 8:35 am

pabenny wrote:I think you're merging conventional savings stamps and the dividend stamps. These were effectively the clubcard points of the day and were given on all purchases - their purpose was to return a share of profits to members based on the amount they spent. They largely disappeared in the late 70s/early80s. I don't recall why the Co-op dropped them - probably a response to waning profitability
They were never dropped but morphed with the electronic age into the Co-op membership card. as previously mentioned they now have a very generous loyalty card system where you can earn 5% in cash rewards for yourself and 2% I think for local good causes.

Thanked by: Dream onblythburgh
William Joseph1
 
Posts: 10144
Joined: Tue Jun 29, 2010 7:14 pm
Location: The Isle of Dreams
Has thanked: 4668 times
Been thanked: 9232 times

Re: 40 Stores to close....

Postby expressman33 » Mon Feb 12, 2018 10:21 am

William Joseph1 wrote:
pabenny wrote:I think you're merging conventional savings stamps and the dividend stamps. These were effectively the clubcard points of the day and were given on all purchases - their purpose was to return a share of profits to members based on the amount they spent. They largely disappeared in the late 70s/early80s. I don't recall why the Co-op dropped them - probably a response to waning profitability
They were never dropped but morphed with the electronic age into the Co-op membership card. as previously mentioned they now have a very generous loyalty card system where you can earn 5% in cash rewards for yourself and 2% I think for local good causes.


5% for you and 1% for local causes near you , but only on co-op products , rewards for you must be spent instore
expressman33
 
Posts: 8318
Joined: Tue Jun 29, 2010 9:36 pm
Location: stockport
Has thanked: 2261 times
Been thanked: 9821 times

Re: 40 Stores to close....

Postby kevinchess1 » Mon Feb 12, 2018 10:30 am

Only EARNED on Cop products
Can spend on anything they sell
Politically incorrect since 69

Thanked by: expressman33
kevinchess1
 
Posts: 20876
Joined: Mon Jun 28, 2010 10:02 pm
Location: Miles away from the sea
Has thanked: 13303 times
Been thanked: 16073 times
Sharing: *

PreviousNext

Return to Finance & property

Who is online

Users browsing this forum: No registered users and 2 guests