Poundland has confirmed its intentions to reset 850-plus stores and expand the products it sells for £1 in response to rising inflation.
According to new figures released last week, inflation has hit 9.1%, the highest rate in 40 years. As a result, Poundland said it would be “leaning more heavily into its iconic £1 price point” in an attempt to support customers looking to save money.
In addition, it will also focus on the value of single items, so customers are “freed from the tyranny” of being forced to buy in bulk to save money.
While it remains a ‘Simple Price’ retailer, Poundland has reportedly been expanding ranges to cover more of the full, weekly shop. A “revamp” is said to have taken place to ensure 60% of what it sells is £1 or less.
Poundland also announced that over 350 stores, which is almost half of the chain, will be offering customers chilled and frozen food, as well as “whole new categories” of PEP&CO, clothing and homewares.
The rollout of frozen foods is reportedly part of the chain’s ‘Project Diamond’ initiative and will be available at almost 100 stores, as the project is expected to move deeper into the north, west and south.
Poundland reports strong growth in frozen food sales this year, as customers “realise the power of frozen food” in cutting back on food waste and managing tight budgets that need to stretch to pay for increasing energy and fuel costs.
Poundland’s chilled and frozen food programme has reportedly been accelerated following the acquisition of Fultons Foods in 2020, as well as the expansion of Fultons’ distribution centre in Barnsley and Poundland’s distribution centre in Harlow, Essex.
Barry Williams, Poundland managing director, said: “It’s clear customers are shopping more intentionally and that’s why we’re leaning into our £1 price point. While we don’t have a magic trick up our sleeves to counter inflation, we know that those who work hardest to keep costs low will end up winning customers’ trust.
“The promise we make to customers that we can deliver amazing value, has never been more important. We’re determined to not let them down. That’s why we’re offering more of what they want, at a price that recognises they need their money to work as hard as they can.”