Co-op Regains Market Share Thanks to Revamp of Own Label Offering
The Co-operative's 'Fair and Square' marketing campaign is paying off - following the TV ads promoting its revamped own-label products, they are enjoying double-digit sales increases.
Their new "Loved By Us" bread range alone totals 2.5 million in the four weeks following its relaunch at the end of April. This forms part of a major overhaul of the Co-op's own-brand lines to boost appeal through improved quality while putting the retailer's pricing at a fighting par with strong competitors such as Tesco and Sainsbury's.
The Co-op says it is already 50% of the way through its revamp programme, which entails introducing as many as 1,750 new lines in 2014 so far. This own-brand focus is also part of their broader "True North" strategy, which aims to position their food business as the "leading convenience food retailer" in the UK.
A £100m investment in price cuts, streamlining promotions, existing store improvements and the opening of another 100 convenience stores this year are also part of this strategy.
Chief Executive of the Co-operative Retail, Steve Murrells, commented: "The Co-operative was historically known for the quality of its own brand produce, and as part our food strategy we are dramatically improving our own brand offer once more."