British discount variety retailer Poundland that sells the majority of items at £1. The first pilot store opened in December 1990 following numerous rejections by landlords who had reservations about allowing a single-price store to operate, fearing it could adversely affect the local competition. Poundland acquired closest rival 99p Stores in 2015, which left Poundworld as its closest competitor until it went bankrupt in 2018. Since August 2018, Poundland has been the category killer of the pound shop format in the UK. Poundland has capitalised on the way shopping habits have changed during the tough economic climate of recent years. The retailer’s performance has been boosted by the expansion of Pep&Co fashion shop-in-shops within its larger Poundland stores and the addition of multi-price areas in its stores. Although the retailer does not have an ecommerce arm, its website operates as a shop window and it is proactive across social media. The installation of self-scanning check-outs, with celebrity guest voices, also represents Poundland’s awareness of its need to appeal to new audiences.
Stock market volatility triggered by coronavirus fears and the unrelated illness of boss Andy Bond has prompted Poundland owner Steinhoff to hold off on floating the value retailer.
The owner of Reading’s Broad Street Mall shopping centre has gained planning permission to add new retail space as well as residential accommodation as part of its regeneration project.
Poundland is expanding its offer of frozen and chilled food ‘shop-in-shops’ across 60 stores in a bid to cash in on the growing food-to-go market.
Poundland has posted an uplift in sales during the crucial Christmas trading period as its Pep&Co clothing concessions helped drive footfall.
The former owner of Poundland has joined with two private equity firms in a bid to take over the discount retail chain’s parent company.
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