Chief exec reveals c-store plans as annual results released
SCOTMID Co-op remains committed to investing in its convenience stores despite the tough trading conditions, says chief executive Karen Scott.
The spending plans include converting a church in Burghead, Moray, into a larger store for the benefit of the community.
And Scott said there were further new outlet opportunities in the pipeline for the society.
There has already been major investment in shop refits, development of the key Scotmid Kitchen Food To Go range and installation of new tech, with self-scan kit and tills put into half of the store estate.
This work and a focus on local products and suppliers all helped to boost footfall and deliver an increase in sales last year, said Scott, after the society revealed strong annual results for the 52 weeks ending 25 January.
The retailer had a trading profit of £4.3million, in line with the previous year, and raised turnover by £4.5million to £429.4million despite the tough economic headwinds and dismal summer weather.
Scotmid also finished the year with a record balance sheet, reporting net assets of £127.2million.
Beyond its financial success, the society remains committed to community investment and charitable giving.
During the past year, Scotmid donated £168,000 to 24 good causes through its Community Connect Scheme and provided £50,000 to support foodbanks, community pantries and hubs as part of its Winter Giving campaign
And having launched the Spirit of Co-operation lifeboat with the RNLI, cancer support organisation Maggie’s has been named as the society’s 2024/25 charity partner.
Scott said: “I am pleased with the results we’ve achieved. Despite a challenging landscape for retail, we have not wavered in our commitment to invest in our stores and to introduce new technology, products and services that meet the shifting needs of our customers.
“These financial results demonstrate a robust trading performance by the society despite the undercurrent of economic uncertainty.
“I’m also proud of the work that our membership and community team do to deliver vital funding and support into the hearts of the communities we serve.
“From our charity partnerships with RNLI and Maggie’s to our Winter Giving campaign, Community Connect initiative and donations to charities like Erskine and the Jamieson Spatial Laboratory, Scotmid continues to seek out ways to improve people’s everyday lives, all year round.
“I would like to thank all of our colleagues for their continued efforts to work at pace and drive success. I have every confidence in our ability to work together and face into any challenges that come our way.”
