The Co-operative Group has launched an agressive price promotion in a bid to tackle declining market share trends and grow basket size.
Shoppers at the UK grocer that spend GBP20 (US$33) in a single shop will be issued with a voucher for GBP5 off their next shop of GBP20 or more.
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“This voucher scheme and our wide range of half price offers mean that at a time when people are reluctant to venture afar because they are dealing with their post-Christmas finances and the winter weather we are offering extremely competitive prices on the full range of everyday items as well as our recently re-invigorated “Loved by Us” range of tasty and delicious food,” Steve Murrells, CEO of The Co-op’s retail business, said.
The move comes as the discounters Aldi and Lidl continue to gain popularity in the UK. According to the latest figures released by Kantar Worldpanel, 50.1% of all British households shopped at the discounters in the 12 weeks to 8 December, compared with 46.1% a year ago. During the same period, the country’s top five food retailers – including the Co-op – lost market share, Kantar said.
By tempting shoppers to spend GBP20 in a single transaction, the Co-op would also seem to be intent on encouraging consumers to spend more in its stores. The Co-op’s small, town centre stores appeal to consumers top-up shopping needs and the retailer’s average basket size stands at around GBP6.
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By GlobalData
