The Cooperative Movement is nothing if not paradoxical. Viewed by some as a spent force, it is still collectively the largest retailer in the UK, with sales almost double those of its nearest rivals. Regarded by some as sluggish and reluctant to innovate, it was in fact the first retail organisation to test the new concept of self‐service, revolutionary in the post‐war years, and is today the third largest superstore operator in this country. But its weaknesses lie in the fragmented nature of the Coop movement itself — it is not in fact one entity but 135 retail societies, all completely autonomous, and some determinedly so. And it has still not resolved its central conflict: how to fulfil its traditional role in terms of social commitment to its members, and at the same time operate profitably in a highly competitive environment. In this special article Stuart Eliot examines the traditional strengths and weaknesses of the Co‐operative Movement; his conclusion is that all is not yet lost for the Coops — but time is not on their side.