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Retail

Coop Norway Pays Record Purchase Dividend To Members

Coop Norway has paid what it has described as a 'record' purchase dividend to its 1.9 million members, totalling NOK 1.3 billion (€130 million) for 2021.

In addition, during the past year, members received coupon and membership discounts totalling more than NOK 1 billion (€100 million), which means that members received a total membership dividend of NOK 2.5 billion (€250 million) – 4.2% higher than the previous year.

The previous year, the total dividend paid to members was NOK 2.4 billion (€240 million), which was a record at the time.

'Proud To Be Different'

"At Coop, we are proud to be different, especially when the profits in the co-operatives are to be shared," commented Geir Inge Stokke, CEO of Coop Norge.

"We work continuously to establish new membership benefits and improve existing benefits and collaboration agreements to maximise co-ownership benefits. The membership benefits help to give our loyal customers very good and relevant offers."

As he noted, 2021 was a somewhat "different" year to what the co-operative had been used to, with fewer trips abroad and out-of-home dining leading to strong growth for the group's grocery and DIY stores, particularly its Extra banner.

Two Million Members

Coop is on course to pass two million members this year, with some 116,000 new members joining the group in 2021 – of which 38% are under 30 years of age, and more than 60% are under 40 years of age.

"It is extra gratifying that more and more young people are becoming co-owners in Coop," said Stokke. "In addition to sharing economy, our younger customers are concerned with social responsibility and access to healthy and sustainable food."

Among the most used membership bonuses among users are the bonus on fruit and vegetables at Extra and the Änglamark bonus at Coop Mega stores, the group said.

© 2022 European Supermarket Magazine – your source for the latest Retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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