As Co-op Fortnight is celebrated from the 24th of June to 7th of July, it’s an excellent time to celebrate the profound impact of the co-operative business model on the retail industry and beyond. This year is especially significant as co-ops commemorate the 180th anniversary of the Rochdale Equitable Pioneers Society – the world’s first successful consumer retail co-operative. The principles established by the Rochdale Pioneers have laid the groundwork for modern co-operatives globally, demonstrating the enduring value of co-operation. Today, with 771 retail co-operatives in the UK turning over a combined total of £28.5 billion, Central Co-op is recognising the significant contributions of co-operatives to the economy and advocating for continued co-op growth.
Co-operatives are democratic businesses that share power and wealth, creating economic growth that is people-friendly, planet-friendly and supports longevity. This year, Central Co-op is joining forces with other UK co-operatives to call on political parties to commit to co-operative growth. Co-operatives UK, the national network for independent co-operatives, is leading the campaign to highlight the unique benefits of the co-operative model and urges the government to support policies that unleash the potential of co-operatives.
Evidence shows that new start co-ops are almost twice as likely to survive the first five years of trading compared to other new businesses. This resilience is rooted in the co-operative principles of democratic member control, member economic participation, and concern for the community. Co-operatives prioritise long-term stability over short-term profits, reinvesting surpluses into the business or returning them to members. This approach not only ensures financial stability but also builds strong, loyal customer/Member bases.
One of the most significant benefits of co-operatives is their ability to boost local wealth and strengthen communities. According to the Co-operative and Mutual Economy 2023 report, £210 million has been raised through community shares to support and grow community businesses. This investment improves the quality of life in local areas and keeps wealth within the community. Co-operatives are committed to responsible and sustainable business practices, caring for the communities they serve and prioritising environmental stewardship. They are often at the forefront of initiatives to decarbonise their operations and create good jobs that recirculate profits into local economies.
Central Co-op is deeply embedded in the communities it serves. Actively supporting local food banks, community groups through its Community Dividend Fund, and charities voted for by its Members – ensuring that its profits benefit those around it. By partnering with local suppliers and producers, Central Co-op contributes to the local economy, fostering a sense of community and mutual support. While its Our Malawi Partnership, launched two years ago on the 100th International Day of Co-operatives, supports producers and farmers in Malawi by selling products linked to the region so a portion of proceeds goes towards strengthening trading capacity in Malawi.
Sustainability is at the heart of Central Co-op’s mission and its efforts have already been recognised with various awards, highlighting its commitment to environmental stewardship. The Society is committed to becoming self-sufficient in green energy by 2030, further reducing its reliance on traditional energy sources. Building on its Carbon Neutral 2030 target, Central Co-op are also working with the Science Based Target initiative to set ambitious plans to achieve net zero by 2040, including creating more net zero stores. As well as partnering with FareShare Midlands and Olio in its continued fight against food waste and food poverty.
As a Society, Central Co-op puts a huge emphasis on the well-being and work-life balance of its colleagues. Receiving recognition on its commitment to flexible working options, and physical and financial wellbeing support, such as Wagestream, Workflex and free access to a virtual GP.
The Society engages with its Members through exclusive Member benefits and democratic feedback mechanisms. As a co-operative, Central Co-op Members are its owners, and they help shape the future of the Society. Central Co-op actively encourages its Members to give feedback on how it does things, making sure it serves its communities in a way that will truly make a difference. This democratic structure is at the heart of what makes co-operatives a distinct and powerful way to do business.
During Co-op Fortnight, Central Co-op are joining other co-operatives in urging the UK government to commit to co-operative growth. Rapid development of the UK’s co-operative economy is essential for delivering inclusive, responsible and wellbeing-enhancing growth. Advocating for six key offers to the government:
• Brilliant businesses: Support the creation of more productive, resilient, responsible and ambitious businesses
• A stake and a say: Promote the sharing of power and wealth through everyday business practices
• Making work pay: Enhance livelihoods by making work more rewarding, empowering and wellbeing-enhancing
• Thriving communities: Foster thriving communities from inner cities to remote islands
• A just transition: Drive a national effort towards net zero, powered by mutuality and community
• Fixing broken systems: Support innovative solutions to fix broken systems like social care, food, data and housing
To unleash the full potential of co-operatives, UK co-ops are calling on the government to focus on five key policy priorities:
• Unlocking capital: Create options for co-operatives to raise more capital from investors and communities through legislative reform, tax reform and support from the British Business Bank
• Removing barriers: Improve co- operative law and regulation, and make competition enforcement more supportive of economic co- operation
• Supporting innovation: Accelerate the proliferation of replicable co-operative solutions in sectors like social care, food, housing, data and culture
• Encouraging adoption: Ensure communities, workers, entrepreneurs and businesses are supported in exploring and adopting co-operative options through local co-operative development resources and new legal rights
• Climate action: Harness co- operative action on climate and the environment by fully utilising co- operative and community-led solutions in the net zero transition
Co-operatives have stood the test of time, proving their resilience and long-term viability. In the retail sector alone, co-operatives have made a significant impact, with 771 co-operatives turning over £28.5 billion annually. Retail co-operatives represent 69.7% of the total annual turnover within the co-operative economy, driven by successful and long-standing independent, consumer-owned retailers.
As we celebrate Co-op Fortnight and 180 years of co-operation, Central Co-op invites you to join them in supporting the call for co-operative growth, across both retail and all sectors. The Co-operative and Mutual Economy 2023 report highlights the vital role of co-operatives in promoting economic growth, community well-being and environmental sustainability. By committing to co-operative growth, the next government can help unleash the full potential of co-operatives, creating a fairer, more resilient and inclusive economy.
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