In a sign of its growing popularity with higher earning consumers, value retailer Poundland is to now accept American Express (AmEx) payment cards at the point-of-sales of all of its UK stores.
AmEx credit cards are traditionally used by wealthier shoppers around the world and Poundland’s decision is intended to acknowledge how the expanding retailer’s customer demographic is changing.
Market research firm Pragma discovered last year that 13 per cent of middle and upper middle class consumers shop in Poundland, and the trader’s own survey from December revealed that 52 per cent of shoppers now use discount stores despite one in three of them having never shopped there two years ago.
Jim McCarthy, CEO of Poundland, commented: As the economy has become more difficult we continue to see the ‘squeezed middle’ class shopping in our stores as they seek better value for their money.
“As soon as they realise they can buy their favourite brands and understand that we deliver amazing value, trust and confidence is built and they become loyal shoppers, as well as recommending us to family and friends.
“We expect to attract even more middle class shoppers by welcoming American Express. We’re excited about the new payment option as it shows we listen to all of our customers.”
Poundland now serves over four million customers every week across its 385 stores, and stocks over 3,000 separate products across food & drink, health & beauty, homewares, gardening, DIY, pet, stationery, books, DVDs and toy categories.
In October last year the retailer posted record 12 month profits of 31.7 million, up 34 per cent year-on-year, and during the period opened 64 new stores as even more consumers looked for bargains.
Mark Roper, Vice President Merchant Services UK for American Express said: “In the last few years we have significantly expanded the American Express network in the UK.
“The addition of Poundland means that our card members now have more places than ever to use their cards for their everyday needs. We’re looking forward to working with Poundland to attract more customers and help them grow their business.”