In the latest blow to the high street Poundland has announced a string of closures with a number of stores shutting for good in a matter of days. The UK-based discount retailer, has been experiencing significant financial struggles due to increased competition from fellow supermarkets, rising costs, and changes in consumer spending habits.
In a bid to save the struggling business Poundland’s owner has made the decision to close four of its stores; two of its south England branches in London and in Kent, one of its branches in Liverpool, and one in Wales. Poundland's Clapham Junction pulled down the shutters for good on May 2, after only being open for three years.
The second Poundland branch closing is its St George’s Centre in Gravesend, Kent. The store will wave goodbye to Gravesend on May 8.
A spokesperson for the Poundland site in Kent that is to shut said the store was unable to continue trading as it had been unable to “secure a long-term lease”.
The discount's store at Liverpool’s Belle Vale Shopping Centre will close in a matter of days on May 6.
Poundland's fourth closure will be its branch in Brackla, Mid Glamorgan, Wales which will be shutting on May 24. A Poundland spokesperson said: "Poundland operates from over 800 locations across the UK and Ireland and wth so many outlets, it will be no surprise that we constantly review our store portfolio as leases expire or come up for renewal."
Poundland St George’s Centre in Gravesend - May 8
Poundland Liverpool’s Belle Vale Shopping Centre - May 6
Poundland Brackla, Wales - May 24
Founded in 1990, Poundland, a familiar face on the UK high street, gained popularity fast due to its pricing strategy.
The business greatly increased its portfolio after purchasing its main rival, 99p stores, in 2015.
However, customers seemingly have turned their back on the discount store after it forgot it's bargain roots with many of the items no longer a pound.
And the future looks increasingly bleak. In the three months leading up to December, the company recorded a 7.3 per cent drop in sales alongside a decline of 3.6 per cent in the last financial year, Retail Gazette reported.
