Scotmid, Scotland’s largest independent co-operative, has announced a strong rise in profits and sales for its fiscal first half. However, the chain will now prepare for a change at the top, after Chief Executive John Brodie announced his retirement.
For the 26 weeks to 29 July 2023, the chain saw trading profits rise by 36% to £1.5m, while turnover was up 6% to £200m. Scotmid said the result was achieved despite continued cost increases, high inflation, and reduced household income and discretionary spend due to the cost of living crisis.
Scotmid said that shoppers were buying less and switching brands as they looked for maximum value, adding: “We continue to face substantial external challenges, so remain cautious with a firm focus on efficiency and innovation as we move into the second half of the year.” The cooperative also said that its Food convenience division delivered a “solid” performance, helped by good weather in early summer and better availability of products.
The group also announced the departure of John Brodie, who has been with Scotmid since 1993 and been Chief Executive since 2005. He will continue in his current role until August 2024, after which he will retire. Scotmid said its board has already begun the process of finding a successor.
Brodie, who is also chairman of the Scottish Retail Consortium (SRC), noted: “It’s certainly not goodbye just yet as there is still a great deal of work to be done between now and next August so it’s very much business as usual. However, making my announcement early will help ensure a smooth transition enabling the Society to continue as normal.”
Scotmid currently operates 187 convenience stores throughout Scotland, the north of England and Northern Ireland.
NAM Implications:
- Key is how your Scotmid sales and Investment compared.
- Hopefully your products match the Scotmid shopper search for value; if not, what to do in compensation.
