Poundstretcher is taking advantage of the “opportunity on the high street” with plans to dramatically ramp up its store estate.
According to Property Week, the discount retailer – which is currently undergoing a rebrand to Bargain Buys – opened 40 stores over the last three months and is planning to open a further 40 before April next year.
Looking further ahead, Poundstretcher said it planned to open a further 120 stores by April 2020, and have a total of 800 two years later.
Property director Gerry Loughran said Poundstretcher had benefited from the issues battering the wider high street.
Poundworld’s collapse earlier this year, which happened after Poundstretcher attempted to buy it, has reportedly driven a massive spike in like-for-like sales in nearby stores.
“We see ample opportunity on the high street now with the dip in the rental cost for better property and the size available,” Loughran told Property Week.
“There has been a big change in consumer spending habits in recent years; everybody loves a bargain now.
“We believe what we offer in store can’t be emulated by Amazon online.”
Having already taken 40 former Poundworld stores, there are plans to move into a further 40 and the retailer is reportedly eyeing even more vacant stores resulting from the current retail storm.
It is due to take on 20 former The Original Factory Shop stores early next year, following its announcement of a CVA in July.
“We have signed some NDAs on a few stores that have recently closed through CVAs,” Loughran said.
“We are also working closely with a number of retailers that are looking to resize their estates or to split up their big stores. There is an opportunity for us there.”
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