The Co-op Group has announced an investment more than £240m across the next five years into its membership proposition.
It hopes the move will help it add a million new members to the society, with incentives including the launch of new member price benefits which offer potential savings of up to £300 a year.
The Group, which has more than 2,400 food stores and 800 funeral homes, says its 4.5 million active members will benefit from extra money off its popular freezer filler deal, offering an average member saving of £8 per deal. Further discounts include £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 brand British barbecue and fresh fruit ranges this summer.
The Group adds that co-op membership is more than a loyalty card because it also gives members a direct say in how their business is run.
It adds that 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.
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Further investment from the Group sees £15m pledged 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% for those moving down, with the maximum reduction at 33%, says the Group, which has invested £52m into prices over the past six months.
Kenyatte Nelson, chief membership and customer officer, said: “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.
“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.”
The new member-food benefits will be followed in time by additional member-investment from the Group’s other business areas in funeralcare, insurance and legal services.
Members will also enjoy exclusive benefits – as part of a naming rights deal – through Co-op Live, the new 23,500-capacity live entertainment arena in Manchester. Members can access pre-sale tickets before general release, hospitality experiences, the chance to win free tickets and exclusive money can’t buy experiences, backstage VIP experiences and fast-track entry-access to the arena.
Nelson added: “Our member prices launch is the first step in Co-op’s new membership journey and we’ll look to evolve further across all of our businesses to ensure that our members get access to the very best prices for food, insurance, legal services and funeralcare.
“In addition to this our members will be first in line to access tickets and a range of other benefits from Co-op Live. In making this commitment to our members, we are investing directly into our Co-op future.”
