Coop Norway has announced that it has paid more than NOK 2.5 billion (€230 million) as member benefits to its two million members in 2022.
The cooperative paid NOK 1.3 billion (€120 million) as dividends to the individual member's account.
The remaining NOK 1.2 billion (€110 million) was given in the form of discount coupons, member deals and other member benefits.
Geir Jostein Dyngeseth, director of organisation and membership at Coop Norway, said, "Our purpose is to create membership benefits and value for our members. At Coop, we are proud to be different, and especially when the profits in the cooperatives are to be shared and the co-owners receive their purchase proceeds. It should pay to choose Coop."
Coop Norway Membership
Coop is owned by the customers through their membership in one of the 59 cooperatives in Norway, the retailer noted.
Members receive a purchase dividend of at least 1% on everything they buy in the grocery stores and hardware stores, in addition to additional bonuses and discounts.
"The co-owners are our best and most loyal customers, and we believe in sharing with our co-owners who together have contributed to us being able to pay out a purchase dividend that once again tops last year's payout," Dyngeseth added.
In 2022, Coop gained 107,076 new members, comprising 35% under 30, and over 57% under 40.
He added, "It is a development we have seen over several years that more and more young people become co-owners in Coop. Many people are interested in the sharing economy and they know that they can save a lot by making use of the benefits that come with being a co-owner in Coop, says Dyngeseth.
Family Membership Offer
In March of last year, the retailer launched family memberships to extend the service to more people.
It offers members their own version of the Coop app, or their own membership card, with access to many benefits, such as member deals, coupons and Coopay.
Around 164,921 people signed up for this service in 2022.
© 2023 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.