The Co-op is set to discontinue its 2p for every £1 spent rewards scheme and replace it with a “significantly increased” range of member-exclusive prices and deals throughout the business.
Starting 24 January, customers will no longer receive rewards on branded food purchases at The Co-op.
Instead, members will “benefit from price reductions on branded as well as own-brand foods for the first time”, along with receiving two personalized offers every week, Retail Week reports.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
The new offers being made available to Co-op food customers will also be available to insurance, funeralcare and legal services customers.
Shoppers with existing rewards pots will have until December 31, 2024 to either spend their rewards with The Co-op or chose to donate them to local causes.
The retailer stressed that the changes to the rewards scheme won’t change its commitment to supporting local communities, adding it would continue to do that through its £4m dedicated Community Partnership Fund.
Click here to sign up to Retail Gazette‘s free daily email newsletter
