Wednesday, July 17, 2019

99p stores founders to partner with Poundstretcher owner for new value retailer


The founders of 99p stores are set to launch a new single-price discount chain in partnership with Poundstretcher owner Crown Crest.

Just six months after the £55m sale of 99p Stores to Poundland received final approval from the Competition & Markets Authority, the Lalani founders have set up an office at Crown Crest‘s Leicester HQ and the partnership has begun holding meetings with grocery manufacturers regarding the new venture, The Grocer reported.

According to the publication, it is understood the new business will be a single-price offering but it is not known whether this will be £1 or below.

One supplier said Crown Crest, which is owned by the Tayub family, is keen to add a single-price discounting model to sit alongside its Poundstretcher business, in order to steal a march on rival high street discounters such as Home Bargains and B&M.