Poundland ramps up £1 price point to help combat inflation

// Poundland is highlighting its £1 price point to help support customers amid inflation crisis
// The discount retailer said it is resetting its 850-plus stores

Poundland has revealed it is ramping up its £1 price point to help support customers amid the cost-of-living crisis.

The discount retailer said it is resetting its 850-plus stores to “ensure it would best meet the needs of customers” as the UK witnesses rates of inflation not experienced since 2007/2008.

Poundland said it would be leaning more heavily into its £1 price point as well as focusing on the value of single items.

READ MORE: Poundland to open more Local stores as it expands convenience offer

While it remains a ‘Simple Price’ retailer, expanding ranges to cover more of the full weekly shop customers want to make, it has been revamping ranges and displays to ensure around 60% of what it sells is £1 or less.

Poundland is also accelerating the rollout of chilled and frozen food departments as almost 100 stores are given ‘Project Diamond’ makeovers.

When complete in September, almost half the Poundland chain – over 350 stores – will offer customers chilled and frozen food, alongside whole new categories such as PEP&CO clothing and homewares.

With revamps set for St Austell in Cornwall, Irvine and Airdrie in Scotland and Cwmbran in Wales, Poundland will open chilled and frozen departments in more locations across the UK from July to September.

“It’s clear customers are shopping more intentionally and that’s why we’re leaning into our £1 price point,” Poundland managing director, Barry Williams said.

“While we don’t have a magic trick up our sleeves to counter inflation, we know that those who work hardest to keep costs low will end up winning customers’ trust.

“The promise we make to customers that we can deliver amazing value, has never been more important. We’re determined to not let them down.

“That’s why we’re offering more of what they want, at a price that recognises they need their money to work as hard as it can.”

Poundland’s chilled and frozen food programme has been accelerated following the acquisition of Fultons Foods in 2020 and the expansion of Fultons’ distribution centre in Barnsley and Poundland’s distribution centre in Harlow, Essex.

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