The decades-old Co-op
erative Group has announced a £1.3-billion major overhaul that will see the revival of its classic logo and the improvement of its businesses.
During its annual meeting on May 22, Co-op
revealed plans to revamp the company, aiming to bring back its blue, cloverleaf-like logo and enhance its products and services that include food retail, funeral care and insurance, The Guardian
Food business chief executive Steve Murrells told publication that “it has become abundantly clear that we do need to go back to our roots.”
“The [new] logo will resonate with members that have stuck by the Co-op
and with new, younger members. We have been working towards this day,” The Guardian
quoted Murrells as saying.
Apart from the relaunch of its former logo, Co-op
also intends to renovate food shops and funeral homes and pay for new systems in its insurance arm, the report said.
To retain loyal customers and lure younger ones, Co-op
also plans to introduce a new rewards scheme that will return tens of millions of pounds to the company’s 8.4 million members.
Under the scheme, members will get a 5% reward each time they purchase a Co-op
product or service – whether its groceries, funeral or insurance.
The amount will be credited to the accounts of Co-op
members, who can cash it in in the futures as a discount against goods and services.
“We are putting money back into the hands of members and communities. We don’t believe we are considered a profit centre,” Murrells told The Guardian.
“Everything will be put back into the community or given directly to members when we have effectively paid down the costs of running the business. The more customers who shop with us, the more good we can do.”