Coop Norway pays a record dividend to its members

Coop Norway has paid what it described as a “record” purchase dividend to its 1.9 million members, totaling NOK 1.3 billion (€130 million) for 2021.

In addition, over the past year, members have received coupons and membership discounts totaling over NOK 1 billion (€100 million), meaning members have received a total dividend of 2.5 billion NOK (250 million euros), or 4.2% more than the previous year.

The previous year, the total dividend paid to members was NOK 2.4 billion (€240 million), which was a record at the time.

“Proud to be different”

“At Coop, we pride ourselves on being different, especially when cooperative profits are to be shared,” commented Geir Inge Stokke, CEO of Coop Norge.

“We are constantly working to establish new membership benefits and improve existing benefits and collaboration agreements to maximize the benefits of co-ownership. Membership Benefits help provide our loyal customers with great value and relevant offers. .”

As he noted, 2021 has been a somewhat “different” year than the co-op was used to, with less overseas travel and out-of-home dining leading to strong growth for grocery and convenience stores. group tinkering, especially its Extra banner.

Two million members

Coop is on track to surpass two million members this year, with some 116,000 new members joining the group in 2021 – of which 38% are under 30 and more than 60% are under 40.

“It is extremely gratifying that more and more young people are becoming co-owners of Coop,” Stokke said. “In addition to the sharing economy, our young customers are concerned with social responsibility and access to healthy and sustainable food.”

Among the most used membership bonuses among users are the fruit and vegetable bonus at Extra and the Änglamark bonus at Coop Mega stores, the group said.

© 2022 European supermarket magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click on subscribe register for ESM: The European Supermarket Magazine.

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David A. Albanese