within the movement was considerable, and in 1973 serious financial mismanagement of the SCWS Bank led to the SCWS and the CWS merging to form a single UK-wide wholesale society. The merger did highlight the potential of The Co-operative Bank as it was building a sizeable base of customers (notably local authorities, mutuals and local groups alongside co-operative societies) and this became an increasingly significant proportion of the CWS's annual profits. The growth in the bank largely related to its aggressive expansion into the personal banking market and with the pioneering of free banking (1972) in the UK, nine years before any of its larger rivals. The co-operative movement's marketshare and profitability continued to decline during the 1970s and 1980s, in part, due to a number of reasons. Firstly, the process of deindustrialization, that had characterised the period led to serious economic difficulties in many of the movements heartlands (notably the northern industrial towns), which disproportionally impacted on the societies through a decrease in consumer spending despite the British economy seeing a rise in overall consumer disposable income. This was largely due to the strong increase in wealth and social inequality in the UK at this time. The co-operative movement was not well placed to tap into this increase in middle class spending due to the geographic spread of its stores and The Co-op's historic association as the shop for the "working poor". Secondly, redevelopment projects in many cities between the 1950s and 1970s often moved people from rows of terraced housing (which featured co-op stores dotted throughout) to newer purpose-built estates, with around 18,000 co-op stores closing as they had become redundant. Thirdly, the time was a period of notable inflation and a strong pound, which had led to a wave of cheap imported goods – this devastated much of the UK's manufacturing industries (including the CWS). By the 1980s, it became clear that the trend in the retail sector was towards large (often out of town) supermarkets and hypermarkets with hundreds of them appearing across the UK. The co-operative movement did build some superstores, having 74 by 1986, but often their development and competitiveness was hindered by the lack of a national distribution network and price competitiveness. In an attempt to improve the collective buying power of the movement the CWS acted to reposition itself from a wholesaler (from which societies can choose to buy) to a 'buying