The Co-op announces biggest ever price investment on everyday essentials
The Co-op is making its biggest ever single investment in pricing of £70 million, as it rolls out ‘member-only’ pricing across everyday essentials.
The pricing has been applied to nearly 200 fixed lines including milk, eggs and bread.
The Co-op said members will have the chance to save up to 11% on retail prices with Co-op British Milk one pint at 85p, six Co-op free range eggs at £1.40, and a Co-op sliced loaf priced at 76p.
The £70 million investment also includes a retail price reduction on more than 600 lines to take Co-op’s total investment in prices this year to £90 million overall. The move follows the introduction of ‘member only offers’ in April which has helped the retailer to sign up nearly 40,000 new members each month.
Matt Hood, managing director for Co-op Food, said: “This £70 million investment is the most significant ever made by a convenience retailer, allowing us to turbocharge 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 Co-op said the investment has been made possible due to major cost savings and business improvements being made over the last year.
The retailer is looking to grow its member base by a million over the next five years.
