Purpose: Studies of strategic change are mainly characterized by a linear time view, treating time as a variable, a package of narrative events or as a path that the organization ‘travels’ over time. The purpose of this paper is to move beyond this view providing an alternative, nonlinear conception of time.

Design: Framed by the logics of consequence and appropriateness an empirical example of strategic change within the Scandinavian consumer co-operation is given, illustrating the exploration of business opportunities and the exploitation of socially and historically rooted values and principles. Drawing on philosophical hermeneutics a qualitative method is chosen, the basis on which the empirical material through interviews and documents is generated.

Findings: The empirical study illustrates that the logic of consequence communicates with the logic of appropriateness in a nonlinear manner while interrelating the future and the past. The exploration of business opportunities shapes the past, which is brought to light when opportunities are expressed through the present, continuously forming and reforming the present and in turn shedding new light on the past.

Values: Although various forms of intellectual bridging and transfer are encouraged within the field of strategic management, notably lacking are studies that focus on time. This paper brings to the fore an alternative conception of time. It acknowledges the past in its hermeneutical significance when ascribing the past a dynamic repetitive role.