Co-op is investing £70m in pricing, which includes extending its ‘member-only’ pricing across everyday essentials, launching with a list of nearly 200 fixed lines including milk, eggs and bread.
The move sees Co-op, which has more than 2,400 food stores, gives its 4.58 million active members a 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, while a Co-op sliced loaf will be 76p.
In addition, the investment includes a retail price reduction on more than 600 lines, ensuring they are in line or cheaper than other national convenience stores, and taking the total invested into Co-op prices this year to £90m.
The retailer said the investment has been made possible by the major cost savings and business improvements introduced over the past 12 months in the face of rising inflation and increased operational costs.
Matt Hood, Managing Director for Co-op Food, 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 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.”
