The Co-op is planning to invest more than £240m into its membership proposition so it can cut prices for customers.
The Manchester-based group, which runs more than 2,400 food stores, announced the five-year investment plan as part of its broader turnaround efforts.
The investment will support lower prices that will only be available to the Co-op's 4.5m members. The group also hopes to grow its membership by a further million over the next five years.
The Co-Op's move comes as competitors Sainsbury’s and Tesco have also launched more offers for their Nectar and Clubcard loyalty schemes.
At first Co-op members will see benefits across food stores, including £1.90 savings for ready meals, wine deals and money off Co-op’s British BBQ lines. In time discounts will follow in other areas of the Co-Op's business - and members will also enjoy benefits for Co-op Live, the new 23,500 capacity live entertainment venue in Manchester.
In May the group is also investing a further £15m million to reduce the cost on more than 60 popular product lines for all customers, taking price investment to £52m for the past six months.
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.
“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.”
READ MORE
Liverpool-Ukraine summit bringing businesses together ahead of Eurovision
Boohoo, Siemens and N Brown: The 38 latest top North West hires and promotions
Value of North West property deals soars in 2023 thanks to Amazon and investor acquisitions
Credit card start-up backed by Rio Ferdinand raises over £60m
- THG, TalkTalk and Auto Trader lead shortlists for MEN Business Awards 2023
