The Co-op has announced it is to invest £240 million across the next five years into its membership proposition, in a bid to help save customers more money.
The move is set to strengthen its membership offering, which comes as Tesco and Sainsbury’s have launched offers only available to its Clubcard and Nectar loyalty schemes, respectively.
As part of this major £240 million investment, the symbol group retailer is introducing new and lower prices available to the 4.5 million active members that could help them to save up to £300 a year.
Members will initially see price cuts across Co-op food and will be followed in time by investment into other areas of the business including insurance, legal service and funeralcare.
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“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,” Co-op chief membership and customer officer Kenyatte Nelson 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.”
Nelson 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.”
Additionally, Co-op is also investing a further £15 million 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.
The move will result in £52 million being invested into prices over the past six months.
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