Co-op is investing £50m in lowering prices of everyday products and introducing a value range to help customers shopping on a budget.
The news comes two weeks after Co-op relaunched its membership offering through which top spending customers can save 150% more than the previous scheme according to Co-op calculations.
Lower prices on everyday essentials
From this week, prices on over 300 branded and own brand products have been cut across its 2,600 stores. In some cases, products have as much as halved in cost to shoppers while the average price has fallen almost 15%. Products include fresh fruit, vegetables, fresh British meat, rice, pasta and coffee. Co-op says that the cuts could help shoppers save £80 a year on their food bills when selected basket essentials are purchased each week.
New value range
In addition, on 4th November Co-op will unveil a new value range called Co-op Honest Value to further strengthen its value offering. The 50-strong own label value range includes 100% British fresh meat and Fairtrade products, fruit, vegetables, ready meals, soft drinks and dairy, as well as household goods. Honest Value will be available in 1,000 stores and aims to help customers who are looking for value products conveniently and without compromising on the quality.
Making fresh food more affordable
Our shopper research shows that 70% of shoppers agree that eating healthily is more expensive than eating unhealthily, with over 60% saying that there aren’t enough special offers on healthy food. In In Co-op’s latest value drive, fresh produce and meat products are included in both the price cuts and value range helping to make healthy eating more affordable, for example price drops include British Chicken Breast and British beef mince as well as more than 20 varieties of fresh fruit, vegetables and salad items, whilst the value range includes Honest Value Orchards Fruit Pack, Honest Value Carrots and Honest Value Orange Juice.
Value becoming more important
Our ShopperVista Customer Confidence Index shows shoppers are becoming more pessimistic about the future of food prices. In September, 18% of shoppers expected food prices to get much more expensive in the year ahead (the highest level since September 2019), with 32% expecting to be worse off financially in the year ahead. (vs 30% in August).
Jo Whitfield, Co-op Food CEO said: “This is a multi-million-pound investment to lower prices across 300 products and launch our new value our new range. Value is uppermost in the minds of shoppers and offering good, honest prices and fairly sourced products is important to help shoppers balance their budgets.”
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