Variety store group Poundland is to pilot prices below £1 for the first time, along with higher price points to deliver “even more amazing value” for shoppers
Poundland said the new price architecture would allow it to “extend ranges to cover a larger proportion of the volume items demanded by customers”.
The pilot is being run in 24 branches in the Midlands. Items priced below £1 include 500g Napolena Passata at 50p, and 100ml Colgate Toothpaste at 75p. Other ranges are priced at £1.50, £3 and £4, as well as the £2 and £5 products introduced in 2017.
Poundland has in the past occasionally offered 50p ‘manager’s specials’ and lowered prices in January Sales, but this is the first time it has offered dedicated prices below £1.
Most products in the pilot stores will still be £1, but Poundland said that by broadening its range it will be able to better utilise its sourcing and distribution capabilities.
Poundland managing director Barry Williams said: “We promise customers amazing value and we are committed to fulfilling that promise on the widest range of items.
“While three-quarters of the products we offer will still be £1, it’s important we look to broaden our ranges elsewhere, whether above or below £1. These extended price points mean we can meet an even greater range of customers’ needs, while offering the same value.
“Our customers are among the savviest in the country. We know that and it’s why we’re moving at the pace they dictate to become the simple price retailer they want us to be.”