The Co-op has revealed its biggest ever pricing investment of £70m as it looks to accelerate its member price benefits.
The convenience retailer looks to provide new, lower ‘member-only’ prices on the everyday essential products that are the most frequently purchased by their shoppers, such as milk, eggs and bread.
As a result, Co-op members have a chance to save up to 11% on retail prices and an average of £500 a year. Co-op British Milk one pint will cost 85p, six Co-op free range eggs £1.40 and a Co-op sliced loaf 76p.
The £70m investment includes a retail price reduction on more than 600 lines, ensuring they match the prices of rival stores, taking the total invested into Co-op prices this year to £90 million overall as it looks to support its customers during the ongoing cost-of-living crisis.
Earlier this month, the retailer launched a brand new campaign to support its membership proposition and the launch of Member Prices. It had also allowed customers signed up to the loyalty scheme to earn rewards through its tie-up with Uber Eats.
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Managing director for Co-op Food, Matt Hood said: “Whilst 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 they buy the most.”
Hood added: “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,” he concluded.