Co-op has announced that it is set to invest more than £240m across the next five years into its membership proposition.
The Manchester-based retailer, etailer, insurer and funeralcare provider is aiming to attract a million new members, and will launch new member price benefits in store in pursuit of its goal.
Co-op operates more than 2,400 food stores, alongside its online retail offering and 800 funeral homes, and currently has 4.5 million active members.
As part of the £240m investment, Co-op is introducing new and lower prices which will only be available to Co-op members, bringing it inline with Sainsbury’s Nectar and Tesco Clubcard holders, and could help them to save up to £300 a year. Members will benefit from extra money off its popular freezer filler deal – average member saving of £8 per deal – to further discounts such as £1.45 savings on its award-winning Irresistible 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.
As a co-operative business, being a Co-op member also gives members the chance to benefit directly and have a direct say in how their business is run. Co-op membership enables shoppers to earn – 2p in every pound spent on own-brand products is returned to the member’s digital wallet – give – 2p in every pound spent on own-brand products helps fund thousands of community causes – and save – with member prices, personalised offers and gamification via the Co-op app.
Co-op is also investing a further £15m this May to 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 percent for those moving down, with the maximum reduction at 33 percent.
Kenyatte Nelson, chief membership & customer officer at Co-op, said: “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.
“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.”