Earlier in 2024, Co-op, a UK's C-store specialist retailer, announced that it is discontinuing its rewards program in favor of a more extensive offering of member-exclusive pricing across its food, funeral, and legal services divisions.
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GLOEarlier in 2024, Co-op, a UK’s C-store specialist retailer, announced that it is discontinuing its rewards program in favor of a more extensive offering of member-exclusive pricing across its food, funeral, and legal services divisions.
In conjunction with the revamped membership model, Co-op has outlined its growth objectives. Currently boasting approximately 5 million members, the company aims to increase this figure to 8 million by 2030 and expand its presence in the quick commerce market. The current count reflects a 15% rise from 2022, with Co-op reporting a 21% surge in member shopping activity during December, leading up to the festive season.
In an effort to bolster its value proposition, Co-op has expanded its member-exclusive pricing to an additional 117 product lines, totaling a £100 million investment in pricing.
Furthermore, the company seeks to augment its market share within the UK convenience sector through multichannel expansion. This includes aspirations to acquire new Co-op stores, double the number of new franchise outlets, establish 400 additional Nisa stores, and bolster its presence in the quick commerce market to exceed 30%.
Shirine Khoury-Haq, Chief Executive of Co-op Group, remarked on the company’s trajectory, emphasizing the pivotal role of members in driving its success. Khoury-Haq highlighted Co-op’s commitment to its cooperative ethos, positioning membership as more than just a loyalty program but a fundamental aspect of its business model. Members not only enjoy financial benefits but also actively contribute to decision-making processes and community initiatives.
Khoury-Haq expressed Co-op’s dedication to providing enhanced financial benefits through discounted pricing while deepening engagement with members on matters of importance to them. As Co-op embarks on its 180th year, Khoury-Haq sees an opportunity to usher in a new era of cooperation, grounded in the principles of member ownership and community impact.
Source: Co-op
