The Co-op is due to drop its reward scheme to replace with a “significantly increased” range of member-exclusive prices and deals.
The retailer’s current 2p for every £1 spend rewards initiative on branded food is due to come to an end by 24 January, reports Retail Week.
In its place, members will “benefit from price reductions on branded as well as own-brand foods for the first time”, as well as two personalised offers weekly.
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A spokesperson for Co-op said that research had shown that “member pricing is financially more rewarding [to the customer] than the rewards available via the previous mechanism”.
Elsewhere, Co-op food customers will also receive the new offers for their businesses, such as insurance, funeral care and legal services customers.
Customers who still have rewards remaining will have until 31 December 2024 to spend or donate their rewards to a local charity.
The retailer’s latest decision follows in the wake of plans to invest over £240m in its membership model in an aim to aid shoppers struggling with the cost-of-living crisis.
