Co-op Food to slash prices in bid to woo customers
THE Co-operative Food has launched a campaign to slash prices of hundreds of essential grocery items as it looks to grow market share.
The initiative to be positioned in store as ‘Fair & Square prices’, will be funded through cost-saving initiatives, the group said.
It will initially concentrate on essential staple products such as bread, milk, eggs, chicken, bacon and bananas and is being supported by a high profile TV advertising campaign together with other promotional activity to support The Co-operative Food’s 2,800 stores nationwide.
Steve Murrells, chief executive of the Co-op’s retail business 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.”
Meanwhile it is understood that a deal to sell the pharmacies division will be completed in the autumn. Bids are expected to come from private equity, trade and overseas buyers.