The Lincolnshire Co-operative Home stores in Lincoln and Gainsborough are now under new owners Oldrids & Downtown.
The deal was finalised on February 18, but its value has not been disclosed.
The Lincoln store on Tritton Road will be turned into a Downtown, while the store in Market Place Gainsborough will be an Oldrids.
Co-operative Travel branches will remain at the Lincoln and Gainsborough stores, along with a new branch at the Downtown Garden Centre in Grantham.
Over the initial transition period, the stores are holding a clearance to make space for new ranges of furniture, homewares and fashion brands.
Chief Executive of Lincolnshire Co-op, Ursula Lidbetter said: “We’re pleased to be working with Oldrids in this innovative way and look forward to having a long and successful relationship with them.
“Oldrids will be able to develop the home and coffee shops services at the Lincoln and Gainsborough sites.
“At Lincolnshire Co-op, we’ll be able to do the same with the four travel branches we will be running as well as growing our other businesses, such as foodstores, pharmacies and travel branches.
“Now that the transfer is complete, ourselves and Oldrids will start looking into the offers and deals we can bring our members so watch this space.”
No other details of how the partnership between Lincolnshire Co-operative and Oldrid & Co Ltd would work have been disclosed by either party.
Annmarie McClintock, Managing Director at Oldrid & Co said: “This is an exciting time for our company and we are looking forward to working with our new team to further develop the product proposition and the store environment for the benefit of existing and new customers.”