Police are also under pressure to act, with the new Crime Bill requiring them to investigate even if the stolen goods are worth under £200.
Mr Hood said: “The sooner that can get through from being legislation to law, the better.”
Despite the extra costs incurred from shoplifting, the Co-op revealed it had swung back into a profit last year.
The company, which also offers funeral services and insurance, posted a pre-tax profit of £58m for the first six months of 2024, compared to a £33m loss during the same period last year.
The up-tick followed an increase in membership numbers across its stores, as a total of 5.5m people are now part of its loyalty scheme, up from 4.6m last year.
The Co-op has been focusing on adding more younger people to its membership scheme, which allows people to access cheaper prices.
It said it was looking for “ways to reach more members”, with bosses aiming to open 120 more food shops by the end of 2025.