The Co-operative cuts meat prices
The Co-operative Group’s food division has today announced that it will be cutting the cost of over 200 of its own-brand British-sourced meat and poultry products.
The news comes as a part of the business’ price investment strategy. Meat prices will drop an average 10%, with some products dropping as much as 50%.
As well as reducing its meat prices, The Co-op will be introducing a new multi-buy offer of two-for-£6 on chicken fillets and mince. The retailer boasts all of its own-brand meat sold in stores as 100% British, with the specific exception of New Zealand lamb and Danish bacon, which are offered alongside British varieties.
The company also announced today a new support for UK farming by extending its British lamb season in store, as well as backing British fruit and vegetables by unveiling a new young farmers initiative.
In the first of the three-year commitment to British farming, The Co-op confirmed that it had allocated £781 million to source own-brand British meat, produce and dairy products from within the UK, instead of sourcing it from overseas.
“This is a major investment in British meat and poultry,” said Steve Murrells, retail chief executive for The Co-op. “We are building momentum and attracting more shoppers into our stores and our price investment programme is ensuring our convenience offering remains highly competitive while restating our commitment to sourcing British products.”
Data collection body Kantar Worldpanel announced the business as the fastest growing non-discounter retailer and the most frequently visited major supermarket.
“We are on the cusp of something exciting and industry data shows we are winning and that our strategy is taking us in the right direction,” added Murrells.
“Further price reductions will serve to grow our convenience appeal to shoppers as the combination of changing shopping habits and the rise of the discounters takes a bite out of other retailers’ market share.”
According to The Co-op, which has reduced prices on over 1,000 items since unveiling its pricing plan, the new deductions will save the average shopper £125 on their annual food bill. Annualised investment in cutting the costs of products will top £200m by the end of the year.
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- kantar worldpanel
- The Co-op
- Steve Murrells
- The Co-operative Group