Co-op has unveiled its new-look food strategy, with a “renewed focus” on convenience and a £37m investment in cutting prices.
The Manchester group said it’s aspiring to be the largest convenience retailer in the UK, through the ‘biggest shake-up in its near 180-year history.”
“Convenience is one of the fastest growing channels within the grocery market and our refreshed strategy aims to capitalise on the experience we’ve gained in the market over the last decade. We’ve grown our own business to operate more than 2,500 Co-op operated stores, have built a nationwide franchise platform and serve almost 5,000 independent convenience stores through our wholesale-arm,” said Shirine Khoury-Haq, Co-op CEO.
“As we face into a cost-of-living crisis we are determined to make life fairer for our members, customers and communities in these extraordinary times and lowering prices for shoppers is the first-step in our strategy.”
Ecommerce will be part of this growth as it builds on partnerships with Uber Eats, Deliveroo and Amazon to support its own direct to consumer online operation.
There will also be investment in a large-scale network of franchise stores, as it aims to more than treble its existing portfolio within 3 years.
It has revealed the first phase of its new food strategy, with more than 120 own-brand products reduced in price “by as much as 36%.”
“We are one of the most frequently visited food retailers, with over 16 million shoppers each week,” added Matt Hood, MD Co-op Food.
“This inflation beating multi-million pound investment will reduce prices on everyday items at a time when consumers face even higher household bills and kick starts our new-look food strategy to extend our scale and reach through capital light opportunities, focusing on launching new stores with great franchise partners.”