What’s happening?
On 02 August 2023 we announced our biggest ever single investment into pricing of £70 million.
As the economic climate remains a challenge to shoppers, we’ve committed this investment in everyday low prices across the products our members love and buy the most.
We’re extending our ‘member only prices’ beyond the current ‘member only offers’ to nearly 200 of our most loved everyday products, offering Co-op Members up to 10% off retail prices.
We've also lowered the retail price for all customers across over 600 lines in store, which means we can make sure they’re in line or cheaper than other national convenience competitors. This new £70m investment takes Co-op's overall price investment to £90m this year. This follows the £20m price lowering steps we took in April on everyday pricing and the introduction of member only pricing offers.
Today's investment comes on top of the exclusive Member Deals we rolled out earlier this year. It allows us to continue to drive value across all parts of our store for our members.
At Co-op, we know our members buy more, spend more and shop with us more frequently. So, we've set ourselves with an ambitious target of +1m new Members over the next five years. Today's price investment demonstrates our commitment to achieving this.
What does this mean for you, our suppliers?
You may have already seen some of the activity which has landed in our stores. You may have also already discussed some promotional changes with your Co-op commercial contacts.
Membership plays a strong part of our future thinking, and so as we continue to ‘Co-operate for Growth’ we’ll discuss the proposition in much greater depth with you at the IGD Trade Briefing on 14 September in Manchester. You can book your tickets for the event here.
What happens next?
We’re very excited about where this investment will take us, and we can only do this by working alongside you, our valued suppliers. There will be opportunities for us to collaborate to support the ongoing future of this proposition, and we’re really looking forward to working with you to drive volume and profitable future growth.
Your Co-op contacts will be in touch with you to discuss what this means for you and what opportunities there are to collaborate in further detail. You can also get in touch with us directly at supplierengagement@coop.co.uk if you have any other questions or need any more information. You can read the full press release here.
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