The Co-operative has entered the Christmas price-cutting war as the supermarket chains battle for the festive market.
It has announced price cuts and promotions worth around £200 million and it said the offers will include its first-ever triple dividend payment.
The Co-operative’s members earn one point for every £1 spent in food stores and each year the value of a membership point is determined by how much profit the group makes.
The value of a point was set at 2p for the last annual payment, making the new triple dividend worth around 6p in £1.
The move comes as the Christmas retail battleground opens up, with Tesco announcing it is to introduce price cuts and promotions that would save shoppers £250m and rival Asda squaring up for a “competitive” Chrsitmas.
Other retailers, however, expect less discounting and promotional activity compared with last year, as stock levels are much lower than in the run-up to last Christmas.
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