Co-op launches new member prices amid £240m investment

Co-op is set to invest more than £240m into its membership proposition across the next five years in a bid to target a million new members, whilst launching new member price benefits for its customers. As part of the major investment, Co-op is introducing new and lower prices which will only be available to Co-op members and could reportedly help them save up to £300 a year on their shopping. Members will benefit from extra money off the group’s freezer filler deal for example, with an average saving of £8 per deal. Further discounts include £1.45 savings on its pizzas, £1.90 savings for ready meals, wine deals to help save £5 and money off Co-op’s British BBQ lines and fresh fruit ranges this summer. The Co-op membership enables shoppers to earn, with 2p in every pound spent on own-brand products returned to the member’s digital wallet. In addition, 2p in every pound spent on own-brand products will help fund thousands of community causes. Additionally, Co-op is also investing a further £15m this May, taking the total invested into prices over the past six months to £52m. This investment will reduce the cost of more than 60 key lines in stores to help its members and customers during the cost-of-living crisis. Products included in this price investment include everyday lines such as fresh chicken breasts, bread and milk. The average reduction is 13% for those moving down, with the maximum reduction at 33%. Kenyatte Nelson, chief membership and customer officer at Co-op, said: “Our members lie at the heart of our Co-op, they trade more frequently across our business areas, they create additional value, which is returned back into communities and they have a say in how our Co-op operates. “For us to champion a better way of doing business, we are aiming to grow our membership base by one million over the next five years and will accompany this ambition with a compelling member-benefits programme, which will span our entire Co-op.” He added: “Our initial member-investment will be targeted within our food business and directly supports our pure convenience strategy. Currently around 16 million shoppers visit our stores each week or trade online with us. Our ambition is that many will convert to being Co-op members, when they see the clear value this can bring to both themselves and their wider communities.”