Poundland Rises to Record Profit
Thursday, February 12, 2009 18:55
As woolworths goes under on January 5th, its nemesis Poundland is dancing on its grave, announcing expansion plans for 2009.
At a time when retailers are battling the toughest trading conditons in 30 years, Poundland chief executive Jim McCarthy is ebullient as, even in tough times, shoppers can afford to shop where everything costs a pound. Snobbish British shoppers have slowly been seduced by value retailers. First it was Primarkd or “Primarni” where the middle class could pretend they were trading down to high-fashion values. Then as food inflation took off, it was the creep of discount food stores such as Lidl.
The only place left to go is the pound store where garish yellow walls are emblazoned with banners screaming “Amazing Value!” and “Inflation-free”. Unlike most retailers, Poundland’s sales and profits are heading north. It is expected that Poundland’s growth will create 1200 jobs in 2009.
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