Co-op Food takes on competitors with Fair and Square price campaign
Co-op Food has invested £100m in reducing its pricing as it today announced a new campaign to slash costs of its “essential staple products”.
As part of its strategy to become the UK’s “best local food retailer” the Co-op has cut the cost of bread, milk, eggs, chicken, bacon and bananas in its stores and placed guides on its new Loved by Us bread range to show how to make loaves last longer.
The campaign will be supported by a TV advertising campaign together with other promotional activity to support The Co-operative Food’s 2,800 stores nationwide.
Steve Murrells, chief executive, retail said: “The Co-operative Food is changing. We have a clear ambition to be the UK’s best community retailer, delivering deliciously food conveniently, and we understand what we need to do to get there.
“Our plans are challenging yet achievable. By introducing permanent price reductions on hundreds of key product lines, we are further responding to the needs of local people in providing them with a compelling and truly convenient shopping experience.”
In a tweet today, Murrells revealed that £100m had been invested in pricing this year.
The Co-op said that the strategy is "totally self-funded" and that the price investment is being supported by "significant on-going efficiencies" and cost reductions within the business.
The news follows a turbulent period for the Co-operative Group, after its banking arm confirmed a £1.3bn loss for 2013 earlier this month.