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Poundland has today (25 July) reduced the price of big brand “family favourite” products, many of which went back to a £1 price point, following last week’s inflation data showing price rises are moderating from 8.7% in May to 7.9%.
The retailer’s price reduction, which has been dubbed ‘Operation Sell for Less’, has hit over 800 of its UK stores this morning. This means that many big selling lines have come down in price, with many now being over a third less than RRPs.
According to Poundland’s recently released research, despite falling inflation, customers are still “highly” concerned about making ends meet. While energy bills have started to fall, concerns about the cost-of-living are also still high.
Tim Bettley, trading director of Poundland, said: “We’ve worked hard since the beginning of the cost-of-living crisis to maintain our promise of amazing value to customers – and our consistent, steady growth shows they’ve noticed.
“But we also know the pressures are still real. Energy prices may be falling, but mortgage costs are on the rise so our job, now inflation is beginning to ease, is to do everything we can to pass on lower prices as soon as we can.”
He added: “We know that discounters like us passing on cost savings quickly, can help lower prices right across the market and drive inflation down faster. We’re committed to that mission of delivering amazing value – and we know how much that matters to our customers.”
The retailer is also continuing to revamp stores to accommodate wider ranges of items customers buy weekly.
In addition, it will open or relocate nine new stores over the coming weeks in Braehead, Frome, Torquay, Ipswich, Selby, Pontefract, Cardiff, Stafford, and Ryde. Up to six other stores are also planned to open before the end of September.
