Cost-of-living crisis: Poundland makes pricing and product pledge including at Scottish sites
Poundland has pledged to “lean into” its core £1 price-point and accelerate the rollout of chilled and frozen food as consumers battle with the highest inflation in 40 years.
The discount chain said it was “resetting” its 850-plus stores to ensure it would best meet the needs of customers amid the cost-of-living crisis.
Bosses said the business would be leaning more heavily into its £1 price-point to help support customers looking to save money. It will also focus on the value of single items, so shoppers are “freed from the tyranny of being forced to buy in bulk to save money”.
The retailer has been revamping ranges and displays to ensure around 60 per cent of what it sells is £1 or less.
It is also accelerating the rollout of chilled and frozen food departments as almost 100 stores are given “Project Diamond” makeovers.
When complete in September, almost half the Poundland chain will offer customers chilled and frozen food, alongside whole new categories such as Pep&Co clothing and homewares.
With revamps set for the likes of Irvine and Airdrie in Scotland, St Austell in Cornwall and Cwmbran in Wales, the firm will open chilled and frozen departments in more locations across the UK throughout the summer.
The company’s chilled and frozen food programme has been accelerated following the acquisition of Fultons Foods in 2020 and 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 it can.”
He said the rollout of Project Diamond would move deeper into the north, west and south than ever before.