The 2026 Annual Members' Meeting took place in Jersey and Guernsey last week. We had over 300 members come along and engage in the meetings, but for those of you who were unable to attend, here are some of the key highlights from Mark Cox, our Chief Executive Officer. 

Governance and elections

We had a particularly strong set of candidates this year, with 17 members standing for two Board positions. In total, over 753 votes were cast, which is a really positive level of participation.

Congratulations to Ben Le Huray on his re-election, and a warm welcome to Emelita Robbins as your new Jersey Member Director.

A big thank you as well to everyone who put themselves forward, that support genuinely means a great deal.

And finally, thank you to Michael McNally, who stepped down this year after six years of service on your Board.

A year of progress, despite the pressure

It has been a challenging year for many islanders. Inflation, rising costs and global uncertainty continue to have an impact, and as a local business, we feel those same pressures too.

Despite that, we have made solid progress:

· Turnover increased to £220.4m, up 4.35%

· Trading profit rose 7.19 % to £7.2m

· Net surplus improved to £1m, up 32.94%

· Over £10.5m returned to members

That means around 4.76p in every £1 spent has gone back to members.

Because we're owned by more than 128,000 islanders, everything we do is focused on delivering value locally.

· Helping with everyday costs We returned £5.2m through Member Pricing, putting value straight back into your shop.

· Supporting the local economy We continue to invest heavily in local suppliers and services, helping support jobs and keep money in the islands.

· Giving back to communities Over £300,000 was returned through community funding, alongside more than 1,400 hours of colleague volunteering.

· Providing essential services From food and pharmacy to new services like Coop Mobile, we continue to play an important role in everyday island life.

A simple point on value

One of the key points we spoke about at the meeting was scale.

Put simply, the more you shop with your Coop, the more scale we have, the more efficient we can be, and the more value we can return to you as member owners of this business.

We retain less than 0.5p in every £1 spent, so improving value comes from being more efficient and spreading our costs further.

So where you can, I would really encourage you to choose your Co-op, because that collective support helps us deliver better value for all members.

On the “cheap supermarket” debate

There has been a lot of discussion recently about bringing a “cheap supermarket” operator into Jersey.

We absolutely understand the concern around the cost of living. But the reality is that there is limited evidence to suggest that simply introducing a new operator would deliver the level of price reductions sometimes suggested.

It is also important to recognise that operating in the Channel Islands is fundamentally different from operating in the UK. We have different duty regimes, different employment laws, and different tax structures, including GST in Jersey, alongside a distinct and often more complex regulatory environment and high costs of freight with limited economies of scale.

All of this adds cost and complexity. It also means that much of the current debate risks being overly simplified, when in reality the issue is far more nuanced.

You might hear it suggested that a new operator could simply come in and offer UK prices here. In reality, it is not that straightforward. If the big value operators felt they could make it work in a sustainable way, they would already be in the islands. The fact they are not says a lot.

Of course, we see this up close, and it reflects our day to day experience here

It is also worth saying that we are different from many other businesses. We are not here to maximise profits for a small group of shareholders. As a Cooperative, we are owned by our members, so our priorities are aligned with yours.

That means the money we make goes back into better prices, member rewards and investment in our local communities.

So when we talk about value and the cost of living, we are doing so from your point of view. Because ultimately, it is your interests we are here to serve, and that really does matter.

That is why the more meaningful debate is not simply about who operates in the market, but about how we reduce the underlying cost of doing business in the islands.

There are some very practical areas worth considering:

· Whether it is right to continue applying GST to food in Jersey, or introducing it in Guernsey.

· Whether government should look at freight support mechanisms, similar to those used in the Scottish islands

· Whether the variable rate card for high-volume freight should be reintroduced in Jersey

· And whether harbour user charges, currently set to increase at RPI plus 1.8% in Jersey over the next five years, are adding unnecessary cost into the supply chain

· Whether the islands could cooperate better to reduce operating costs

These are the types of structural issues that genuinely impact the price of goods on our shelves. Addressing them would not just benefit one retailer, but every business and ultimately every islander.

In the meantime, our focus remains clear, improving efficiency, investing in value, and supporting you as members.

Looking ahead

While conditions remain challenging, we are confident in our direction. We will continue to focus on:

· Delivering value for members

· Supporting local communities and suppliers

· Investing responsibly for the long term

Being locally owned and member-led is a real strength, especially in uncertain times.

Please consider coming along to our members meetings in the future. Everything we do is for you, our members.