Co-op cuts members rewards from 5% to 2%

Stompa

https://www.thenews.coop/150477/sector/retail/co-op-group-cuts-member-rewards-but-doubles-community-support/

arnoldy

Mot keen on Co-op and all their double standards. They try and take a holier than thou approach to things, get involved in politics,  but the reality does not match the hype.
The stocking during covid was a shambles and my local stores are scruffy, threadbare and expensive.

mikb

A local new Co-op opened just down the end of the road from me. Really convenient! When I went in, they were keen for me to sign up to their member reward thing, touting this 5% payback as a "saving".

I went round with pen/paper/existing prices from Morrisons. I worked out that shopping at Morrisons, with a paltry 0.5% payback on their More Card worked out a better deal than the overpriced, limited range of stuff at Co-op + 5% payback.

So, apart from using some hand-delivered money off vouchers when they first opened, I've not shopped in there since.

maman

I think the policy must vary from one Coop society to another. Our local hasn't given any rewards to customers for a year or more with 100% going to charity and haven't heard anything is going to change yet.

I only buy my milk there (Arla BoB no dearer than anywhere else). I always look at the YS items. Occasionally I'm lucky but generally they're more expensive than full price in Aldi. ☹️

Stompa

maman said:

Occasionally I'm lucky but generally they're more expensive than full price in Aldi. ☹️

Yes, I agree. Though with a 10% TOTUM card discount along with the 5% members rewards and the discount vouchers, they were of use sometimes.

sarah1972

maman said:

I think the policy must vary from one Coop society to another. Our local hasn't given any rewards to customers for a year or more with 100% going to charity and haven't heard anything is going to change yet.

I only buy my milk there (Arla BoB no dearer than anywhere else). I always look at the YS items. Occasionally I'm lucky but generally they're more expensive than full price in Aldi. ☹️

I had a letter asking if I wanted to donate my rewards to charity or still receive them. I chose to still receive them as mine really do rack up and its a lovely saving when I go in and get a 'free' shop

BobT36

Heh I knew I had to check this, when they sent me a notification that they were upgrading my membership to give back even more! Sure, I get 3% less, thanks.

When the heck was the last time they paid the dividend? I thought they were supposed to be bringing it back in 2018?

Here's my dividing points history, I don't recall even once getting a penny:
2020 - 778.90
2019 - 532.93
2018 - 748.09
2017 - 895.26
2016 - 582.74
2015 - 1,809.37

JonVarnas

BobT36 said:

Heh I knew I had to check this, when they sent me a notification that they were upgrading my membership to give back even more! Sure, I get 3% less, thanks.

When the heck was the last time they paid the dividend? I thought they were supposed to be bringing it back in 2018?

Here's my dividing points history, I don't recall even once getting a penny:
2020 - 778.90
2019 - 532.93
2018 - 748.09
2017 - 895.26
2016 - 582.74
2015 - 1,809.37

I've not received anything either and my dividend points are similar to yours.

Is there any reason why such a large cut in the rewards scheme? They can't blame Covid surely as the supermarket retailers are experiencing a surge in sales, aren't they?

BobT36

They "came against a backdrop of growing community need and business challenge." apparently. No direct reason for the cut stated beyond that, but covid implied. All the announcement focused on was the doubling for communities, fantastic offers through the app! (lol), and more measures to "tackle the deep-rooted racism and inequality in our society" to create a fairer world..

This was the specific statement to the 5% reward..:
"Members “can now get even more from Co-op membership in our food stores with exclusive member deals and personalised offers for money off the things they buy most, through the Co-op App. And they’ll now get 2p for every £1 back for themselves when buying Co-op branded products."

This is all despite revenues being up 7.6%, of course..