Reductions across essential products are aimed at benefitting members
The Co-op has announced what it claims is the biggest-ever price investment by a convenience retailer.
The grocery chain is investing £70m in extending its ‘member-only’ pricing across everyday essentials, with a list of nearly 200 lines included.
The Co-op said the move accelerates its member price benefits to provide new, lower ‘member-only’ prices on the everyday essential products that are the most purchased by its convenience shoppers, and gives members the chance to save up to 11 per cent.
The move follows research by the retail chain that indicated that rather than loyalty pricing on an array of products which change every few weeks, shoppers think there is more benefit to lower prices on the items they buy the most.
The £70m investment also includes a retail price reduction on more than 600 lines, 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.
Matt Hood, managing director for Co-op Food, said: “While food inflation is starting to slow, household budgets remain under huge pressure, so this major price investment will make a real and tangible difference for millions of Co-op customers and members.
”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.”
The investment has been made possible by the major cost savings and business improvements introduced over the past 12 months, the group said.