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Co-op has announced its largest single investment in pricing of £70m as it extends its 'member-only' prices to everyday essentials. 

The convenience retailer has advanced its 'member-only' pricing across nearly 200 everyday essential lines, as well as lowering standard retail prices across over 600 lines. 

Matt Hood, Managing Director for Co-op Food, said: "Whilst food inflation is starting to slow, household budgets remain under huge pressure, so this major price investment will make a real and tangible difference for millions of Co-op customers and members."

Everyday essentials such as milk, eggs and bread have been fixed at prices at 85p or less. Shoppers can now save on average £500 a year by being a Co-op Member 

The change gives Co-op Members a chance to save up to 11% on retail prices with Co-op British Milk one pint at 85p, six Co-op free range eggs at £1.40, whilst a Co-op sliced loaf will be 76p. 

Hood said: "This £70m investment is the most significant ever made by a convenience retailer, allowing us to turbo charge our member pricing proposition for the millions of our members who shop with us every day, by tailoring the price cuts to those key lines we know our members buy the most."

He added: "We are focused on delivering member-value in a way that will make the biggest difference to their weekly budgets, and I'm clear there should be no compromise on quality and value by shopping in convenience."

He clarified the 'members-only' expansion was not a loyalty scheme but rather the Co-op difference in action where owners of retail businesses and members benefit every time they shop.

Co-op has announced its largest single investment in pricing of £70m as it extends its 'member-only' prices to everyday essentials. (Photo: Co-op)

The move sees Co-op – with over 2,400 food stores and 4.58 million active members – accelerate its member price benefits to provide new, lower 'member-only' prices on the everyday essentials most shopped by their convenience shoppers.

Co-op insight revealed that, rather than loyalty pricing on an array of products which change every few weeks, shoppers think there is more benefit from lower prices on the items they buy the most, so it makes the biggest difference to their regular food spend.

Hood said: "We are focused on delivering member-value in a way that will make the biggest difference to their weekly budgets, and I'm clear there should be no compromise on quality and value by shopping in convenience.

"This is not a loyalty scheme but rather the Co-op difference in action, whereby the people who own our business, our members, benefit every time they shop."

Following its business-model principles as a cooperative, Co-op says it "continues to support its members and their communities through the cost-of-living crisis whilst still planning and investing for growth over the medium and longer-term".

The investment has been made possible by the major cost savings and business improvements introduced over the past 12 months in the face of rising inflation and increased operational costs. 

The expansive move follows the introduction of 'member only offers' in April, whereby Co-op members can get exclusive lower priced promotions. 

The initiative has seen nearly 40,000 new members sign up every month to take advantage of the deals, as Co-op targets to grow its member base by a million more members over the next five years. 

The member-only offers will continue, alongside member only pricing, providing even more opportunity for savings and means a shopper could save on average £500 a year as a Co-op Member. 

Underpinning this investment is the core proposition of Co-op's membership whereby: 

• Members own the business and play an intrinsic part in the governance of the organisation 
• Members enjoy a wide number of benefits including money back on own brand purchases, personalised offers and gamification via the Co-op app, pre-sale opportunities for Co-op Live and music festival tickets 
• Co-op members help raise significant funds donated by Co-op to fund thousands of community causes, every year. £116m has been donated to communities since 2016