The Co-Op is targeting 8 million members with store openings and price reductions
- Britain’s largest consumer cooperative has more than five million member-owners
- The Co-Op’s share of the British supermarket market fell to 5.4% last year
The Co-Op plans more store openings and price cuts in 2024 as part of efforts to grow its membership base to a target of eight million.
Britain’s largest consumer co-operative currently has more than five million member-owners, an increase of around 15 percent on the previous year and the strongest annual growth in eight years.
With membership growing faster than expected, Co-Op aims to add another three million members by the start of the next decade.
Growth: Britain’s largest consumer co-operative, The Co-Op, currently has more than 5 million member-owners, an increase of around 15 percent on the previous year
The goal is one of many that Co-Op has set for 2024, with the retailer aiming to increase its share of the quick commerce market to more than 30 percent, open 400 new Nisa stores and increase the number of new franchise stores. double.
The share of the British grocery market fell by 20 basis points to 5.4 percent last year, while German discounters Aldi and Lidl increased their share due to the cost of living.
To regain some ground, the Co-op on Wednesday announced price cuts for members on 117 items, including bakery products, dairy products, soft drinks and pet food products.
This follows the introduction of ‘member pricing’ on 175 everyday essentials last year and brings the total prize investment to £100 million.
The Co-Op introduced member prices in response to Sainsbury’s launch of Nectar Price offers and Tesco’s Clubcard Price programme.
Shirine Khoury-Haq, CEO of the cooperative, said: “As we enter our 180th year, we now have a unique opportunity to make this a golden age of collaboration.
“We want to not only provide our members with greater financial benefits through lower prices and offers across our operations, but also deepen our commitment to members in the decisions we make and the issues that matter most to them.”
The Co-Op also plans to ‘expand and enhance’ the product range within its life services business, including legal services, funeral services and insurance.
The announcement comes a week after it revealed plans to end cashback for loyalty card holders in favor of more ‘member-only’ price offers.
The supermarket chain said that from January 2024, members will no longer get 2p back for every £1 spent, and they will have until the end of this year to spend money on their card.
A spokesperson for the Co-Op told This is Money that the focus on member prizes will deliver a ’90 per cent increase in rewards’ compared to the previous programme.
She added: “We know times are tough for our member-owners and communities right now. That’s why we listened and made some changes to give back more value while supporting local communities.”