UK retailer the Co-op has announced that it is investing £50 million to cut the prices of hundreds of everyday food products.
The retailer says that, on average, more than 600 products now cost 14% less, while some products have been lowered in price by over 40%.
Co-op fruit, vegetables, bread, fresh meat and ready meals, as well as a number of branded goods have already seen a reduction in cost, which the grocer says could save shoppers up to £120 a year on their food bills.
“Many shoppers feel the pinch after Christmas and we are committed to offering our customers value for money and cutting prices to make household budgets go further," said Jo Whitfield, Co-op retail chief executive.
At the start of the year, the Co-op announced plans to open 100 new food stores across the UK in 2018, as well as refurbishing a further 150 outlets, with an investment of £160 million.
This plan will include more than 20 new stores in London, up to 18 in Scotland, ten in Wales, and several others in cities such as Blackpool, Bristol, Manchester and York.
“We are the most visited food retailer on the high street but competition is tight and we want to keep attracting shoppers through the door," added Whitfield.
"Big discounts across fresh food makes it easier for customers to shop healthier as well as fill their cupboards and these price cuts are part of our strategy to make Co-op the UK’s number one convenience retailer.”
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.