After axing its “£1 rule” five years ago – and almost going into administration – discount retail store Poundland has announced that its cheap, simple prices will return this September
Discount chain Poundland has announced that it will return to simple prices and go “back to its roots” following a successful pilot period in the West Midlands.
Going forward, all Poundland grocery ranges will be fixed at either £1, £2, or £3 after a pilot in 17 stores across the West Midlands revealed a bump in customer satisfaction when such a model was used.
Over the five months that the trial was live, customers reported feeling they were getting better value for money, wider ranges, and better choices than previously.
Under the new system, a whopping 60% of grocery items will be set at £1, while another 20% of products will be priced at £2, while the remaining 20% will be at £3.
This is the first time in five years that the retail store with return to its famous “£1 rule.”
Poundland managing director Barry Williams said: “Customers have told us loud and clear during these pilots 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, has a bright future.”
The policy shift comes after Poundland narrowly avoided falling into administration in August, when it shut down 68 stores and was sold to a subsidiary of a private equity firm for £1.
The new pricing model has already extended to several key stores outside the Midlands, including those in Manchester, Liverpool, Brixton, and Wandsworth.
Ranges that can now be purchased for £1 include Cif lemon cream cleaner, Heinz baked beans, John West tuna, Haribo Starmix, and Werther’s Original.
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