40 Stores to close....

Money, investing, mutuals etc
Constantine
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Re: 40 Stores to close....

Post by 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.
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Re: 40 Stores to close....

Post by 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.
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Re: 40 Stores to close....

Post by 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:

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Re: 40 Stores to close....

Post by 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:
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Re: 40 Stores to close....

Post by 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
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Re: 40 Stores to close....

Post by 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
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Re: 40 Stores to close....

Post by 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
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Re: 40 Stores to close....

Post by 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.
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Re: 40 Stores to close....

Post by 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

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Re: 40 Stores to close....

Post by kevinchess1 » Mon Feb 12, 2018 10:30 am

Only EARNED on Cop products
Can spend on anything they sell
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