Co-op agrees to buy four Waitrose stores

Co-op has exchanged contracts for the purchase of four convenience stores from Waitrose.

An offer has been accepted for Co-op to buy Little Waitrose convenience stores in Colmore Row, Birmingham (3,000sq ft); Portman Square, Baker Street, London (2,800sq ft); Spinningfields, Manchester (3,100sq ft); and the approach to Piccadilly railway station in Manchester (3,000sq ft).

The details and arrangement of the agreement are not finalised but the expectation is that the sale of the stores will complete in the autumn.

Co-op director of property portfolio and development Stuart Hookins said: “We are pleased to have worked with Waitrose to agree the purchase of four of its convenience stores. Our acquisition and refit programme forms a fundamental part of our food strategy. Our aim is for stores to be at the heart of local life, creating stronger communities and offering great quality products conveniently, when and where our members and customers need them.”

Earlier this year, the Co-op announced plans to open around 100 new food stores in 2018. It has seen four consecutive years of like-for-like sales growth for its core convenience business.

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