As a cooperative society, the Coop is owned collectively by more than 55,000 members who purchase a $1 membership card in exchange for the value proposition historically offered in the form of the annual rebate.
Previous rebate percentages have reflected a number of factors including the economic climate, fluctuating between 0 and 8.9 percent since 1990 and most recently rising to 8.8 percent.
Due to the changing industry, the Coop has looked to revisit its role with the University and its members.
Murphy wrote that he believes an immediate reward will be more meaningful for members and will likely augment future membership numbers. He added that the Coop will issue a formal announcement to members once it finalizes the new discount program.
Dean said he views the policy switch as a means of reflecting the constant changes in the way students shop.
“We hope that it will attract people to shop at the Coop and maintain the institutional identity for students and alumni,” he said.
—Staff writer Nikki D. Erlick can be reached at nikki.erlick@thecrimson.com. Follow her on Twitter @nikkierlick.