Co-Op to Cut Food Prices by up to 40%

Elizabeth Elden
24th January 2018, 11:00 AM
  • Convenience store trying to keep up with tight competition
  • Investing in price reduction
  • Could save you £120 on your food bills
Co-op is cutting grocery prices to rival budget supermarkets. Image:Getty

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.

At East of England Co-Op’s, you can also get some food items for just 10p!

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.”

More Co-Ops could be appearing on your high street soon. Image: Getty

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.

Co-Op are also doing Valentine’s Day meal deals this year for just £6.

Comments
Tom
Tom
Founder
1 year ago

This is great news for consumers and shows Co-Op is living up to its values. Businesses which invest in lowering prices are always rewarded. Those who keep their prices high get left behind. I'm looking forward to shopping more at Co-Op!

Like
Reply
3
TeresaGarnham
TeresaGarnham1 year ago

This is great news!

Like
Reply
2
EllenLogan
EllenLogan1 year ago

Co-op have closed all our local shops

Like
Reply
niseevans14
niseevans141 year ago

Love my local Co-op so this is great

Like
Reply
ColletteIzzett
ColletteIzzett1 year ago

not long in from local co-op and considering I have been round later and the reduced shelf is shocking only a few pence off original price and my student card only gives me 10% off stated on nus extra card

Like
Reply
SheilaFishburn
SheilaFishburn1 year ago

It’s about time they put prices dozen they so expensive

Like
Reply
Wing
Wing1 year ago

Yuppies! Will be getting my weekly chicken breasts there then XD

Like
Reply
AgnesFaludi
AgnesFaludi1 year ago

The question, how they make money. It is a none profit company. If they can reduce their cost with 40 percent, that means> they made profit before....and where it is gone? Because they suppose to support local community projects and if they do not make that money, it will not happen. Feels like corruption to me.....

Like
Reply
Barrydragon
Barrydragon1 year ago

Putting prices down may reduce the profit on each individual purchase. Though it will the number of orders, so the overall profit, that goes back into the community, will be larger.

Like
Reply