Co-Op to Cut Food Prices by up to 40%
- Convenience store trying to keep up with tight competition
- Investing in price reduction
- Could save you £120 on your food bills
Co-Op has announced it will cut its’ food prices in 2018 to keep up with tight competition from retailers like Aldi and Lidl.
Prices will be cut by an average of 14% on more than 600 products, but some will see reductions of over 40%.
This will apply to all Co-Op groups.
The supermarket is investing £50 million in the scheme, which will allow it to price match more products with its’ competitors.
For example, Warburtons Toastie Loaf will be reduced by 40p to £1.05, which is the same as Tesco and Asda.
Chicken Breast Fillets are now £3.45 which is the cheapest of all major supermarkets, excluding Lidl and Aldi.
Mixed Peppers will be 95p, which is also cheaper than Asda, Tesco and Sainsbury’s.
Co-Op is currently the sixth largest supermarket in the UK, but is looking to move up in the rankings in 2018.
Jo Whitfield, Co-Op’s retail chief executive, said, “We are the most visited food retailer on the high street, but competition is tight and we want to keep attracting shoppers through the door.
“Price cuts are part of a strategy to make Co-Op the UK’s number one convenience retailer.”
It is also planning on opening 100 new stores in the UK creating 1,600 jobs, as well as taking over local convenience chain Nisa, but has not said if it will be cutting prices in these shops too.
Co-Op was one of the few high street stores to have a good end of 2017, as it has benefitted from a consumers replacing big, weekly trips to larger supermarkets, with smaller more frequent trips to small stores.
You can get an extra 15% off on your Co-Op shop on top of this by getting a student card, and signing up to be a member of the Co-Operative.
The business is run by its members and gives discounts to them.