Co-op has revealed it plans to cut prices for customers who are ‘members’ in a move which rivals Tesco and Sainsbury’s.
The supermarket group say they plan to invest more than £240 million into its membership scheme.
The fresh funding will be used to introduce new and lower prices which will only be available to Co-op members.
The group estimates it could help them to save up to £300 a year.
The announcement comes hot on the heels of Sainsbury’s launching Nectar Prices offers that are only available to its Nectar loyalty scheme members, similar to rival Tesco’s Clubcard Prices offer.
Co-op said members will initially see benefits across food, such as £1.90 savings for ready meals, wine deals to help save £5 and money off Co-op’s British BBQ lines and fresh fruit ranges.
They will also get extra money off its popular freezer filler deal – with an average member saving of £8 per deal and discounts of £1.45 on its Irresistible pizzas.
Co-op’s lunchtime meal deals will also be available to members for £3.50, rather than £4.
Chief membership and customer officer at Co-op, Kenyatte Nelson, said the membership prices push “ensures that we’re rewarding the loyalty of shoppers with the most competitive prices on the best offers we have in our stores”.
The news comes after Sainsbury’s last week announced plans to take on Tesco’s Clubcard scheme by offering discounts on 300 products to Nectar loyalty card holders.
‘Nectar Prices’ has been introduced to rival perks offered by the supermarket’s competitors.
The price of a 200g jar of Nescafe Gold Blend is being cut by more than half for Nectar holders, from £8.10 to £4.
Heinz Baked Beans will now cost Nectar members 95p instead of £1.40.
The changes bring the Nectar scheme closer to those offered by Tesco with their Clubcard scheme. It offers lower prices on products across the store for those who have the card or app.
