UPDATED: October 16, 2014, at 3:30 p.m.
The Harvard Coop announced last Tuesday that it would offer a 9 percent rebate to its over 30,000 members for all purchases made in the 2014 fiscal year. The rebate checks are available for pickup until the end of October at the Coop’s Harvard Square location.
Although the Coop saw a slight decline of 0.2 percent in revenue over the past year, Coop president Jeremiah P. Murphy, Jr. ’73 said that tight inventory and expense control, among other factors, allowed the institution to raise its rebate this year.
“The Coop was able to take advantage of the increased visitor traffic, particularly during the summer months and strengthen its position as a destination store in both its Harvard Square and Kendall Square locations,” Murphy said in a statement released last Tuesday.
The 9 percent rebate is a slight increase from the 8.8 percent offered in 2013 and marks the last year that members will receive an end-of-year rebate on purchases. After 131 years of rebates, the Coop announced that, beginning in the 2015 fiscal year, members would instead receive a 10 percent instant discount on all items including textbooks.
—Staff writer Ivan B. K. Levingston can be reached at Ivan.Levingston@thecrimson.com. Follow him on Twitter @IvanLevingston.
This article has been revised to reflect the following correction:
CORRECTION: October 16, 2014
An earlier version of this article incorrectly stated that textbooks would not be subject to the 10 percent discount available to Coop members beginning next year. In fact, textbooks, like all other items, will be discounted by 10 percent for Coop members.