Co-op announces £70m investment to lower product prices
The move follows the introduction of member only offers in April, an initiative which has seen nearly 40,000 new members sign up every month to take advantage of the deals
Co-op has announced its biggest ever single investment in pricing of £70m, as it extends its member-only pricing across everyday essentials, launching with a list of nearly 200 fixed lines including milk, eggs and bread.
This move will give Co-op members a chance to save up to 11% on retail prices, such as one pint of British milk at 85p, six free range eggs at £1.40 and a slice loaf at 76p.
Co-op insight revealed that shoppers think there is more benefit from lower prices on the items they buy the most rather than loyalty pricing on an array of products which change every few weeks.
The £70m investment also includes a retail price reduction on more than 600 products, ensuring they are in line or cheaper than other national convenience stores, and taking the total invested into Co-op prices this year to £90m overall.
The move follows the introduction of member only offers in April, an initiative which has seen nearly 40,000 new members sign up every month to take advantage of the deals.
Matt Hood, managing director for Co-op food, said: “This £70m investment is the most significant ever made by a convenience retailer, allowing us to turbo charge our member pricing proposition for the millions of our members who shop with us every day, by tailoring the price cuts to those key lines we know our members buy the most.
“We are focused on delivering member-value in a way that will make the biggest difference to their weekly budgets, and I’m clear there should be no compromise on quality and value by shopping in convenience. This is not a loyalty scheme but rather the Co-op difference in action, whereby the people who own our business, our members, benefit every time they shop.”
