The Co-op is following Tesco and Sainsbury’s in introducing cheaper prices exclusively for members of its loyalty programme, named Co-op Membership.
The convenience retailer claimed it could save shoppers as much as £300 per year with the scheme, as the battle for supermarket loyalty card sign-ups intensifies – after discount rivals Aldi and Lidl bolster their reward schemes and gain more market share.
It also announced plans to invest a further £15 million in May to keep prices as low as possible for customers, bringing the total amount invested into lower prices to over to £25 million in the last six months.
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Tesco, which has the largest market share in the UK, recently began signposting its Clubcard prices in store – advertising how much less cardholders will pay than non-members across dozens of grocery product lines.
Sainsbury’s, the nation’s second-largest supermarket, then followed by refreshing its Nectar Prices scheme last week.
The Sainsbury’s initiative offers instant price cuts rather than points that can be redeemed later, as the refreshed loyalty programme promises all 18 million Nectar cardholders “big savings” on more than 300 products.
On the other hand, the Co-op said members will save an average of £8 per “freezer filler deal”, £1.90 on ready meals and £5 on some wines.
The retailer will also offer members lower prices for lunchtime meal deals – £3.50 instead of the £4 non-members pay.
In the 12 months to February 2023, the prices of food and drinks rose at the fastest rate in more than 45 years, with inflation skyrocketing to 18.2%.
Chief membership and customer officer at Co-op, Kenyatte Nelson, said the membership prices push “ensures that we’re rewarding the loyalty of shoppers with the most competitive prices on the best offers we have in our stores”.
