Single price point retailer Poundworld is to open a smaller convenience store format as it continues to expand across the UK.
The retailer will open the first Poundworld Express shop in Wakefield, Yorkshire, next month.
The convenience store will stock a selection of the ‘household essentials’ available in the larger Poundworld format, in a unit on Westmoreland Street in the town centre.
The retailer, which did not say how large the unit will be, plans to roll out the new format to multiple high street locations over the next year.
Poundworld trading director, and son of the founder, Chris Edwards junior, said: “Poundworld Express will be the ultimate convenience store offering our most popular items at the same recession busting prices. We hope this will be a one stop shop for people hoping to grab everyday essentials from milk to toiletries and cleaning products.
“We already have a high street presence in 120 towns nationwide and will be expanding this reach with our new accessible concept. This is another exciting development for the Poundworld brand as we adapt to changing consumer needs.”
The retailer’s pre-tax profits surged from £1m to £5m in the year to March 31, with turnover up from £94m to £133m. Since the year-end, like-for-likes have risen 3%.
Despite the profit surge, it had its credit insurance withdrawn by Euler Hermes in August when it was in the midst of changing banks, as revealed by Retail Week.
The retailer currently operates over 120 Poundworld stores, and 17 stores under the Discount UK banner. As first revealed in Retail Week, Discount UK launched last year and is a multi-price discount store concept offering a range of household products.