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Discount Retail

99p Stores the latest victim of administration

Tuesday 28 March 2017 - Posted by Elias Jahshan

Budget retail chain 99p Stores has entered administration, shuttering the doors of its 60 stores around the UK. Steinhoff, the owner of the chain, has reportedly appointed Alix Partners to administrate the business. While the shops have been closed, job losses have been kept t...


Rent problems place Store Twenty One on the brink

Monday 27 March 2017 - Posted by Elias Jahshan

Store Twenty One is in talks with its lender after struggling to meet rent payments, eight months after the retailer made a company voluntary agreement (CVA) deal. Reports have emerged that the high street chain is in negotiations with the State Bank of India after defaulting ...


TK Maxx heading to Australia for the first time

Wednesday 08 March 2017 - Posted by Elias Jahshan

Discount retailer TK Maxx has announced plans to open several stores in Australia. Owned by US-based parent company TJX Companies Inc, TK Maxx — a staple on the UK high street and shopping centres — is believed to become the first major “off-price” retailer down under. While T...


Aldi opens 700th store

Wednesday 01 March 2017 - Posted by Elias Jahshan

Aldi has just opened its 700th store in the UK, just weeks after it officially became the country's fifth-largest grocer. The German discount supermarket chain also confirmed have 1000 UK stores by 2022. The 700th store opened in Whitstable, Kent, and is one of the 70 stores t...


Poundland ahead of expectations after first quarter

Tuesday 28 February 2017 - Posted by Elias Jahshan

Discount retailer Poundland has recorded a rise in like-for-like sales in its first quarter, with its owners saying the chain is performing “ahead of plan”. Steinhoff, Poundland parent company, said sales at its general merchandise division which includes the discount retailer...


TK Maxx parent company surpasses $33bn in net sales

Friday 24 February 2017 - Posted by Elias Jahshan

The parent company of discount retailer TK Maxx and Home Sense has recorded an increase in like-for-likes, sales and profits for its financial year ending January 28. TJX Companies’ net sales stood at $33.2 billion (£26.45 billion), a seven per cent increase over last year's s...


The Works appoints new director to board

Tuesday 14 February 2017 - Posted by Ben Stevens

The Works has announced that former PwC veteran Stuart Warriner will join its board as a non-executive director. He will join the discount retailer following 30 years at PwC, where he lead its corporate finance team for a decade. Founder of The Card Factory and chairman of The...


Lidl records best ever festive trading period

Wednesday 11 January 2017 - Posted by Elias Jahshan

Lidl achieved record sales over the Christmas period thanks to customers shelling out on lobster purchases. The German grocery chain said sales went up by 10 per cent in December, making it the retailer’s best Christmas trading period – although not as good as its closest riva...


B&M warns of price rise in spring despite 7.2% sales boost

Wednesday 04 January 2017 - Posted by Elias Jahshan

A record Christmas helped B&M achieve a big rise in sales in the third quarter as it flagged a period of "uncertainty" for consumers. Like-for-like sales at the discount retailer went up by 7.2 per cent in the three months to December 24, while revenue shot up by over 20 per c...


Poundland launches first sales event with 50p items

Tuesday 03 January 2017 - Posted by Elias Jahshan

Discount retailer Poundland has launched its first-ever sales event, slashing the price of its core items to 50p. The chain has reduced prices in the past, such as when clearing stocks, but the sale that started on New Year's Day marks the first time it has halved the price of...