POUNDLAND has announced plans to slash prices on more than 1,000 products and open up to 15 new stores by the end of the year.
The bargain retailer said it would cut prices on a number of items back to £1.
Poundland is slashing prices on thousands of products
Poundland is also introducing “value heroes” on its online store – a range of household staples which will cost just £1 including a 433ml Fairy Washing Up Liquid and five-pack of Twirl chocolate bars.
Plus, each Wednesday, one value item will see its price cut to just 1p.
The retailer said the move was to help struggling households as the cost of living soars.
But the announcement comes just days after the firm was criticised by customers for selling goods above the £1 price point.
Shoppers said they were spotting more items with a £1.25 price tag.
Poundland started to vary its pricing back in 2019, with products ranging from 50p up to £5.
Today, the retailer said it was going to “reset stores to lean into its iconic £1 price point”.
However, there will still be items which cost more than £1.
Shoppers will also be able to get their goodies at more locations, with 10 new stores set to open by the end of September.
Poundland said it could open 15 new shops by the end of the year, and would relocate others.
The firm, which has more than 800 stores across the UK, had already started to roll out its new “local” shop concept – smaller branches which stock essentials such as groceries, snacks and household products.
The full list of store openings and relocations in August and September are as follows:
- Sutton Coldfield (Poundland Local)
- Canterbury, Marshwood Close Retail Park
- Sheffield, Meadowhall Retail Park
- Milton Keynes, Westcroft Retail Park (relocation)
- Aberdeen, Trinity Shopping Centre (relocation)
- Inverness, Telford Street Retail Park
- Broadstairs High Street
Poundland said other locations will be announced in the coming weeks, and its expansion plans will see it employ around 150 full- and part-time staff.
New stores and relocations planned between October and December should create a further 250 jobs.
Tim Bettley, commercial director at Poundland, said: “We’re acutely aware how important value-for-money is right now for our customers – and that’s why whether it’s across grocery, clothing or homewares, we’re doubling down on our promise of amazing value.”
Poundland’s pledge to cut prices comes as a number of retailers have increased their own.
Last week, McDonald’s increased the price of its 99p cheeseburger for the first time in 14 years.
Costa Coffee has increased prices twice already this year, with the cost of some of its drinks now more than £6.
And the price of KitKats, Cheerios and Nescafe have all gone up after parent-company Nestle warned of increases.