The Co-op has revealed its biggest ever pricing investment of £70m, as it extends lower prices across everyday essentials such as milk, eggs and bread.
The convenience retailer – which has more than 2,400 food stores and 4.58 million active members – looks to lower the cost of ‘member-only’ prices on everyday essential products.
As a result, Co-op members have a chance to save up to 11% on retail prices and an average of £500 a year, with Co-op British Milk one pint selling for 85p, six Co-op free range eggs for £1.40 and a Co-op sliced loaf for 76p.
The investment includes a retail price reduction on more than 600 ranges, ensuring they are in line with or cheaper than at other rival stores. In total, Co-op has invested £90m in prices this year.
Earlier this month, the retailer launched a brand new campaign to support its membership proposition and the introduction of Member Prices.
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In April, the Co-op unveiled its loyalty programme as it aims to grow its member base by a million over the next five years. So far, the initiative has seen nearly 40,000 new members sign up every month.
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 that the initiative “is not a loyalty scheme but rather the Co-op difference in action”.
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