The expansion aims to make the company a significant fashion player and broaden its market share in the fashion sector. The drive will see Poundland open over 91 Pep&Co outlets by June 2018. The company will have 330 stores by June this year. Poundland hopes that the opening of new stores will help the company to hit top 15 by volume of sales in the clothing retailer listings. The company hopes to use the new lines to reach similar levels of other top retailers by achieving its targeted and expected sales in the year. It hopes to surpass sales volume of other top retailers by the end of the year.
Currently, Pep&Co’s has over 200 stores in the UK and attracts many shoppers with low prices for its brands. The prices at stores start at £1. Additionally, 95% of the products cost £10 or less. Poundland hopes to lure more shoppers with the prices and improving access to Pep&Co’s shops. According to Barry Williams, the Poundland managing director for UK and Ireland, the company is working to have the new ones set up by summer of this year to enable Poundland shoppers to obtain favorite brands with more convenience.
The opening of the stores began in February this year in the UK, and more will open to shoppers in Ireland by Easter holiday. The retailer’s investment plan got a boost after the retailer obtained new funds with an independent loan worth £180 million. Pepkor Europe, which is the parent company of Poundland, secured the loan. Adrian Mountford, the managing director of Pep&Co, outlined that over the Christmas period the stores sold more than a million products than the whole of the first year of the trade from its standalone shops. Mountford added the continued Partnership of Pep&Co with Poundland, and the new one with Dealz from the Republic of Ireland will help the store double its sales volume.
Despite weak consumer confidence due to Brexit inflationary forces, the retailer is confidence to attract more shoppers to its stores. The low prices will also assist the company in hitting the market and competing with other top fashion retailers such as Asos, Peacocks, Top Man, and River Island among others. The new stores will enhance its sales in countries such as Scotland and France. Barry added that Poundland aims to become a major player in fashion and offer trendy items at low prices.
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