The Co-op has announced a £70m investment in pricing to “turbo charge” its members-only offering.

The £70m investment, described by Co-op as the “biggest investment ever announced by a convenience retailer on pricing”, sees the group extend its member-only pricing scheme to nearly 200 lines including milk, eggs and bread.

According to the Co-op, the investment in pricing will provide new, lower member-only prices on the everyday essential products that are the most shopped by their convenience shoppers, giving Co-op Members a chance to save up to 11% on retail prices.

The investment will also bring the prices of 600 lines “in-line or cheaper than other national convenience stores”.

The pricing changes have been introduced on the back of Co-op insight that 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.

Managing director of Co-op Food, Matt Hood, explained the investment. “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,” he 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.

“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.”   

The member only offers were introduced in April, with the scheme having seen nearly 40,000 new members sign up every month to take advantage of the deals. The Co-op has set a target of one million more members over the next five years.