The Co-operative Group in UK announced that it will reduce the price for own-brand British-sourced meat and poultry products. The company’s food division in a statement said that the cost cut would affect as many as 200 different meat products sold in its stores. Each of these products will have an average price cut of 10 percent to a maximum of 50 percent. The new cost drop decision came as a part of the Co-op’s price investment strategy.
Similarly, the supermarket has also introduced a new new multi-buy offer of two-for-£6 on chicken fillets and mince. Co-operative asserted that the own label meats sold in its stores are fully British, except for a few varieties of New Zealand lamb and Danish bacon, which are also sold in its stores. Co-op has also announced its support for English farmers by adding more British lamb in its stores. It has also extended support to British fruit and vegetables by unveiling a new young farmers initiative.
Steve Murrells, retail chief executive for The Co-op said: “This is a major investment in British meat and poultry. “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.”
“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. 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,”added Murrells. Since announcing its commitment to British Farming three years back, the Co-op has spend £781 million to source own-label British meat, produce and dairy products from within the UK, instead of sourcing it from overseas.