Managers and deputy managers of Coop 365 chain in Denmark have become partners of the company as part of a new agreement, Coop Denmark said in a press release.
The retailer hopes the agreement will give managers more earning opportunities, increased freedom, and a greater sense of ownership, as they will share in the profits of their stores' success.
Coop 365 is the company's low-cost supermarket, and the retailer plans to open 20 new stores over the next two months after testing the format with 15 stores in the autumn of last year.
The format offers the same prices as discount shops with the product range of a larger supermarket.
The new partnership agreement will see managers benefit from the efforts they put into increasing profits in the store.
Deputy managers will become junior partners and receive a slightly lesser share of the financial gains.
Coop CEO, Kræn Østergård Nielsen, said, "It does not make sense to have to be a trained lawyer or accountant to become a partner."
He hopes that the new agreement will offer opportunities to those "skilled enough" to get to the position of manager.
The agreement is supported by a new management education programme that helps the store managers in their roles.
The existing managers at Coop 365 were recruited internally by the group, but the company believes that the agreement will make the role attractive to skilled managers working in Danish retail for other companies.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Conor Farrelly. Click subscribe to sign up to ESM: The European Supermarket Magazine.