The Co-operative has revealed that it will be topping up its membership scheme with £15 million.
Having recently only just reinstated the scheme, the significant amount of money for the scheme is an effort to turn around its financial woes.
Members of the grocer, which holds the fifth largest amount of market share in the UK, will receive 5% reward on every own brand item they purchase, with a further 1% going to charity.
An example would be, if a customer spends £40 per week, it will compare to around £100 a year reward, whilst £20 goes to charity.
The relaunch of the scheme is looking to return the company to its heyday before a banking scandal in 2013, as well as £2.3 billion deficit.
Members of the scheme, which are now expected to be around five million, own part of the company. In previous years this saw the Co-op achieve great victory and it is aiming to gain another million.
Kantar Worldpanel reported that the Co-op has managed to avoid its market share from shifting. Figures show that since 2013 the company’s share has increased by 0.2%, whereas all of the Big 4 retailers have seen market share decrease.
