Co-op announces lower prices up to 33% off with new loyalty scheme rivalling Tesco and Sainsbury’s

The Co-op is lowering prices for customers who are signed up to its loyalty scheme in a move that rivals Tesco’s Clubcard and Sainsbury’s Nectar Prices.

The supermarket is investing more than £240 million into its new membership with lower prices rolling out in its stores for members from this week.

Funding will be used to introduce new and lower prices which will only be available to Co-op members - meaning around 4.5 million shoppers are set to benefit. The group said it hopes to grow its membership by a further million over the next five years.

Co-op members will initially see particular benefits across food stores, including £1.90 savings for ready meals and wine deals.

Examples of price reductions include its Irresistible pizza which will drop to £5 for members instead of £6.45 as part of the new price initiative, while its lunchtime meal deal will cost £3.50 instead of £4.

There will also be wine deals, money off Co-op’s British BBQ lines and fresh fruit ranges this summer.

These benefits will be followed in time by investment into other business areas and members will also enjoy exclusive benefits for Co-op Live, the new 23,500 capacity live entertainment venue in Manchester.

The group is also investing a further £15 million this May to reduce the cost on more than 60 popular product lines for all customers, taking price investment to £52 million for the past six months.

A total of 15 items will be included in the new member prices, with items set to rotated every three weeks, the Mirror reports.

The supermarket has also announced it is reducing the cost of more than 60 popular product lines in stores this May to help all customers during the cost of living crisis. The average reduction is 13% with the maximum reduction being 33%.

The Co-op Membership is free to sign up to and shoppers get 2p back from every £1 spent on own-brand products including personalised offers in the Membership app.

Examples of some of the new Co-op membership prices include:

• Co-op Irresistible Pizza 510G (serves two) – non-members pay £6.45, members pay £5
• Co-op Irresistible Pizza 235G (serves one) – non-members pay £4.10, members pay £3
• Co-op freezer filler deal (Birds Eye Crispy Fish Fingers, Birds Eye Battered Extra Large Fish Fillets, Birds Eye Garden Peas, McCain Oven Chips, Solero Exotic Ice Cream) – non-members pay £6, members pay £5
• Co-op lunchtime meal deal (main, drink snack) – non-members pay £4, members pay £3.50

Kenyatte Nelson, Chief Membership and Customer Officer at Co-op, said the “new push” for member prices makes sure that the supermarket is “rewarding the loyalty of shoppers with the most competitive prices on the best offers we have in our stores.”

She added: “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.

“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.”