The Co‐operative Movement has always seen itself as championing consumers' interests. However, its importance has declined over the years as it has struggled to reorganize itself to meet modern retailing needs, the latest example concerning the difficulties involved in merging the two largest retail co‐operative societies, CRS and CWS. This article uses a survey of co‐operative directors to throw light on some of the issues involved. It is argued that the Co‐op's best hope lies in differentiating itself from its competitors by an emphasis on basic values. But the Co‐op has difficult obstacles to overcome and further decline see