Poundland to cut prices and open 25 new stores

Poundland to cut prices and open 25 new stores

4 Aug    Finance News
The owner of Pepco, Poundland and Dealz, the European discount retail brands, has pledged to “protect prices” after reporting a 17.5 per cent rise in first-half revenue driven by new store openings.

Poundland, the discount retailer, is cutting the price of 1,000 products and opening 25 more stores as inflation hits household finances.

The store plans include new outlets on high streets, retail parks and the latest in the pilot of the Poundland “local neighbourhood stores”. Up to 15 additional new shops and relocations are in the pipeline between October and December, creating 250 jobs.

The retailer, owned by Warsaw-listed Pepco, already has 850 shops in the UK and Ireland. Discounters are expected to benefit from the cost of living crisis.

Its planned price reductions are on items across DIY, gardening, kitchenware, homeware and stationery. The firm’s website Poundshop.com has also launched a range of £1 staples, Value Heroes, which includes washing-up liquid, household cleaners and shower gel.

Tim Bettley, commercial director, said: “We’re acutely aware how important value-for-money is right now for our customers — and that’s why whether it’s across grocery, clothing or homewares, we’re doubling down on our promise of amazing value.”

Austin Cooke, chief operating officer, added: “The pressure on customers from inflation is real. That’s why we’re determined to bring more value to more places, in store and through our new online business.”

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Poundland to cut prices and open 25 new stores

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