The founder of the Poundworld chain, Chris Edwards, has said that he plans to open up to 100 budget stores under a new discount banner, Onebelow.
Speaking to the Financial Times, Chris Edwards said that Onebelow will mark a return to the strict ‘round pound’ concept – a nod to rival Poundland’s recent decision to offer products at a range of price points.
Following its sale to TPG Capital in 2015, Poundworld similarly adopted a multiple price strategy.
Securing Suppliers
“We are still in contact with suppliers in the Far East,” Edwards told the paper.
“We’ve had a good response from them and from landlords.”
Edwards plans to open the first Onebelow store next year, with aspirations to open more than 100 such outlets by the end of next year.
Working Format
Elsewhere, Steve Smith, who founded Poundland and is an investor in Poundshop.com, told the paper that he believes the 'pound shop' model still has legs.
“It’s all about the buying power — you need to get that power quickly in order to be competitive. It’s not easy but it can still be done," he said.
Last month, Poundland announced it would open up to 20 stores in former Poundworld locations.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
