Co-op announced its largest pricing investment of £70 million, focusing on member price benefits.
- The initiative offers ‘member-only’ prices on essentials like milk, eggs and bread.
- Members can save up to 11% on retail prices, averaging £500 annually.
- New pricing strategy covers over 600 items to match competitor pricing.
- Includes a membership campaign, with rewards available via a partnership with Uber Eats.
Co-op has disclosed its most substantial pricing strategy to date, marking an investment of £70 million aimed at enhancing member price benefits. This strategic move is offering lower prices exclusively to Co-op members on everyday essential commodities such as milk, eggs, and bread. The initiative is poised to help members save as much as 11% off retail prices, translating to an average annual saving of £500 per household.
The pricing adjustments involve over 600 product lines, ensuring that Co-op’s prices remain competitive with other retailers. The total investment in Co-op’s pricing strategy has reached a sum of £90 million throughout the year as it continues to assist consumers facing the persistent cost-of-living crisis.
Earlier in the month, Co-op launched a new campaign designed to bolster its membership proposition along with the introduction of Member Prices. Additionally, through a collaboration with Uber Eats, members can now earn rewards, thus incentivizing further engagement with the loyalty scheme.
Matt Hood, Managing Director for Co-op Food, emphasised the significance of this price investment amid the slow-down in food inflation, highlighting that household budgets are still under pressure. “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 they buy the most,” he stated.
He assured that Co-op’s approach focuses on delivering value for members without compromising on quality or value even within the convenience shopping sector. “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,” Hood concluded.
Co-op’s £70 million investment is a strategic effort to provide substantial savings to its members amidst the ongoing cost-of-living challenges.
