New shopper data shows value of the Co-op Brand
The Co-op’s chief executive Richard Pennycook is set to depart the business on the 1st March and new research from the ICM on behalf of Retail Week shows the impressive progress the brand has made under his leadership. In May 2014 37% of consumers said they shopped at the Co-op at least once a month, that number has risen to 42% with 27% of people shopping there weekly or more often and 3% shopping on a daily basis.
3 Drives for Shoppers
Ethical positioning, value for money and quality of product have been shown to be the main drivers of the brands renaissance with shoppers.
Ethical positioning has often been touted as being of increased significance for shoppers especially with the rise of fair trade brands. However the scale of the shift in attitude and the Co-op’s success in communicating its high ethical standards to shoppers is clearly shown in the research. 29% of adults now say they are more likely to shop at the Co-op as a result of their ethical stance up from 17% in 2014. Almost half of those who shop at the Co-op at least once a week said they were more likely to use the retailer because of its ethics and more than one in ten of those who said they never shopped at the Co-op said they were more likely to because of its ethical positioning.
Value for Money
Value for money is often front of mind for food shoppers especially with the rise of the discounters and Steve Murrells who will succeed Pennycook next month has invested heavily in lower prices for shoppers. In 2014 32% of shoppers did not believe the Co-op represented value for money, this number has now fallen to 25% and 31% of those surveyed now agree that the Co-op does now represent value for money.
The Co-op has also invested large sums over the past few years in improving the quality of its products, 86% of adults who said they shop at the Co-op once a week or more now say the quality of the products was “good” this is up by 9% on 2014. Just 3% of adults surveyed say they believe the quality of Co-op products is poor.
The supermarket sector has been changing at a frantic pace over the last few years as the staples of the weekly shop have experimented with different formats, adapted their business models and expanded and withdrawn from different markets. Throughout all of this change though the company brand continues and this latest survey shows that the Co-op brand is in good health.