Co-op is to invest more than £240 million in a new membership strategy over the next five years.

The company has also launched a new price benefits membership similar to Tesco's Clubcard and the Asda rewards app.

The move is part of the retailer's plan to attract one million new customers.

Co-op said that as a co-operative business, being a member is more than just having a loyalty card. It says that the membership gives people the chance to benefit directly while also having "a direct say in how their business is run".

According to the retailer, 2p in every pound spend on own-brand products is returned to member's digital wallet. A further 2p of every pound spent on own-brand products goes towards community causes.

Members will also be able to save with member prices, personalised offers, and gamification on the Co-op app.

“Our members lie at the heart of our Co-op, they trade more frequently across our business areas, they create additional value, which is returned back into communities and they have a say in how our Co-op operates,” said Kenyatte Nelson, chief membership and customer office, Co-op. “For us to champion a better way of doing business, we are aiming to grow our membership base by one million over the next five years and will accompany this ambition with a compelling member-benefits programme, which will span our entire Co-op.”

Co-op is also spending £15 million in May to reduce the cost of 60 lines in stores. The investment brings the total spent on reducing prices over the past six months to £52 million.

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