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Pound shops to boost shop numbers

Pound shops sales growth defies credit crunch

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Pound shops Poundland and 99p Stores have boosted sales, defying problems faced by other retailers in the credit crunch.

Consumers are continuing the trend of flocking to discount retailers as they realise they don’t have to necessarily compromise on quality, as Which? recently found out when comparing discount supermarkets to Tesco.

The report from the BBC says the retailers are looking to open a number of new stores. 99p Stores currently has 59 shops and aims to grow that to 120 by 2010 while Poundland has a 191-store empire.

Pound store to branch out

Earlier this month, it was reported that Poundland’s operating profit soared by 122% and that it had achieved strong like-for-like sales growth in all four quarters of the year to March 2008. 

Poundland is considering selling eggs, milk and bread alongside its current range of 3,000 in-store items.

Which? retail researcher Sarah Dennis said: ‘It’s no surprise that consumers are keen to spend wisely. This year’s Which? shopping survey saw the biggest so-called discount supermarkets beating the big four supermarket chains so it’s not too far a stretch to imagine that pound stores will benefit from consumers tightening their belts.’


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