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Poundland brings back £1 rule for shoppers after axing it five years ago
Poundland is bringing back the £1 rule for shoppers in UK stores as part of a major shake-up. The retailer, which is headquartered in the Black Country, plans to increase the number of products sold in store for a quid.
Poundland has reintroduced its famous £1 pricing strategy across UK outlets as part of a major overhaul that will see 68 branches shut their doors. The Black Country-headquartered chain is set to boost the number of items available for just a pound in its stores.
The Willenhall-based discount retailer will implement £1, £2, £3 grocery pricing throughout all outlets in stages running from now until September. By the end of the rollout, a whopping 60% of grocery products will carry the £1 price tag.
A further 20%of items will be priced at £2, with the remaining 20% costing £3, reports Birmingham Live.
Barry Williams, managing director, said: "Customers have told us loud and clear during these trials that they will back a simpler, more focused Poundland that keeps its promise of amazing value.
"We've heard them, and the clear success of our pilot is why I'm confident that a Poundland that's focused on the simple value our customers expect, can have a bright future."
The move comes half a decade after the chain abandoned its £1-only pricing model.
Market analysts GlobalData reckon the retailer's market share has dropped by 2.3 percentage points between 2019 and 2024.
Parent company Pepco revealed it had put the business on the market following the Government's hike in national insurance and business rates this April, claiming these changes would "add further pressure to Poundland's cost base".
A former Poundland executive claimed the brand had "lost its way" by becoming "far too complicated and confusing for customers" due to its bewildering range of price points. Barry Williams, the boss of Poundland, stated that maintaining the £1 price tag had stopped them from offering products that customers were forced to purchase from competitors.
The company described the shift as a transition from being a "single price" to a "simple price" retailer. At the time, Williams commented: "This is a way to broaden our proposition in a measured way that stays true to why people love Poundland."
Daily Star Sunday
Poundland is bringing back the £1 rule for shoppers in UK stores as part of a major shake-up. The retailer, which is headquartered in the Black Country, plans to increase the number of products sold in store for a quid.
Poundland has reintroduced its famous £1 pricing strategy across UK outlets as part of a major overhaul that will see 68 branches shut their doors. The Black Country-headquartered chain is set to boost the number of items available for just a pound in its stores.
The Willenhall-based discount retailer will implement £1, £2, £3 grocery pricing throughout all outlets in stages running from now until September. By the end of the rollout, a whopping 60% of grocery products will carry the £1 price tag.
A further 20%of items will be priced at £2, with the remaining 20% costing £3, reports Birmingham Live.
Barry Williams, managing director, said: "Customers have told us loud and clear during these trials that they will back a simpler, more focused Poundland that keeps its promise of amazing value.
"We've heard them, and the clear success of our pilot is why I'm confident that a Poundland that's focused on the simple value our customers expect, can have a bright future."
The move comes half a decade after the chain abandoned its £1-only pricing model.
Market analysts GlobalData reckon the retailer's market share has dropped by 2.3 percentage points between 2019 and 2024.
Parent company Pepco revealed it had put the business on the market following the Government's hike in national insurance and business rates this April, claiming these changes would "add further pressure to Poundland's cost base".
A former Poundland executive claimed the brand had "lost its way" by becoming "far too complicated and confusing for customers" due to its bewildering range of price points. Barry Williams, the boss of Poundland, stated that maintaining the £1 price tag had stopped them from offering products that customers were forced to purchase from competitors.
The company described the shift as a transition from being a "single price" to a "simple price" retailer. At the time, Williams commented: "This is a way to broaden our proposition in a measured way that stays true to why people love Poundland."
Daily Star Sunday