Co-op goes for price cuts

Nov 30 2009 by Iain Laing, The Journal

THE Co-operative Group is launching a £200m package of price cuts and promotions today as the fierce pre-Christmas battle for customers intensified.

It is also offering its famous ’divi’ – or dividend payout – to Somerfield customers for the first time following its £1.6bn acquisition of the group earlier this year to cement its position as the UK’s fifth biggest food retailer.

Co-operative chief executive Peter Marks said: “With rising fuel prices and financial pressures hitting household budgets this Christmas, customers are looking for a great deal locally.”

The Manchester-based group’s salvo comes after major price cutting moves already by the UK’s ’big four’ supermarkets.