Saturday, October 24, 2020

Poundland moves away from £1 model


Poundland has announced that it will move away from its single price model and offer a broader range of products.

The discount retailer was recently acquired by South African giant Steinhoff in an arduous take over process for £635 million.

Steinhoff has now announced that it will be adding footwear and apparel products from its Pep&Co chain to Poundland stores, adding a more varied price range to its product base. 

Chief executive of the group Markus Jooste has stated that in the stores where these new products were offered “gross margins increased substantially”.

READ MORE: Poundland to shut 80 stores

He added: “Management is quite confident that a multi-pricepoint and a different mix of product is definitely in store for the future for those brands in the UK.”

Rumours emerged last month that Poundland would be shutting 80 of its 900 nationwide stores in a move to prevent duplication in towns. Steinhoff failed to comment on the matter. 

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