Reviewed: 8th July 2016
The grocery retailing chain Co-op has acquired a total of six stores in various parts of England that were until recently being operated as ‘My Local’ outlets.
My Local’s convenience store business fell into administration in recent days, with the result being that dozens of shops around the country have closed down and more than 1,500 of its employees have been left facing a distinctly uncertain future.
“The Co-op Food business is moving forwards with a clear purpose and momentum, so we can deliver a compelling, convenient and co-operative shopping experience for millions of shoppers each day,” said Co-operative Food’s chief executive of retail Steve Murrells.
“The acquisition of these My Local stores supports our focus on convenience store retailing and adds to a portfolio that offers the right range in the right location,” he said.
Murrells noted that the Co-op Food business has opened close to 200 new stores in the UK over the course of the past two years, with the company apparently aiming to open a further 100 new outlets.
For its part, My Local has closed down more than 90 of its stores around Britain since entering administration last week, with only 32 left operational as of July 8th.
The My Local business was sold by the Yorkshire-based supermarket chain Morrisons in September 2015 to Greybull Capital but was unable to remain viable in what is an increasingly competitive grocery retailing market in the UK.
A total of more than 1,600 people were employed by My Local across 125 stores prior to its recent entry into administration.
The prospects for those employees remains uncertain but Morrisons has said that it would be happy to rehire anyone who was formerly part of its workforce.
Earlier this week, Sainsbury’s announced that it will be closing down the 16 Netto stores in England that it has been operating via a joint venture partnership with the Dansk Supermarked Group.
Sainsbury’s chief executive Mike Coupe explained that the Netto business would’ve needed high levels of investment and rapid growth in order to be sustainably competitive as a low-cost grocery retailer in the UK. Our extensive office network comprises 72 offices across the UK with a partner-led service offering immediate director advice.
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