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Revamped Co-op brings back the divi
The Co-operative Group has announced a shake-up that will include a £100m revamp of the brand and a new profit-share loyalty scheme for shoppers
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| The Co-operative Group: profit-share scheme |
The group is to rebrand its chain of over 3,000 stores and outlets as "The co-operative" and hopes to grow its membership from 60,000 people in 2005 to four million by 2010.
It also plans to hand out profits to customers who pay the £1 membership and collect points from using Co-operative goods and services, including travel and insurance. The profit-share scheme marks a partial return of the 1970s "divi" scheme.
The group chief executive, Martin Beaumont, said: "There are millions of consumers across the UK who share our belief in self-help, social responsibility and democracy and, like us, are prepared to take a stand on consumer and social issues.
At a time when communities are becoming increasingly dominated by a handful of large and impersonal businesses, we want to show UK consumers that there is a better alternative, one which is ultimately owned and controlled by them."
The Co-operative group use to have a 25% share of the UK grocery market, though it now holds a 6% share.
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