Poundland to reduce prices on its biggest-selling products across its 800 UK stores
Poundland has also confirmed the opening dates for nine new and relocated stores in the next two months as it continues to expand across Britain.
Poundland will open and relocate to new locations in Braehead, Frome, Torquay, Ipswich, Selby, Pontefract, Cardiff, Stafford and Ryde between now and the end of September. Up to six additional new stores will also open before September, once landlord agreements are in place.
In a statement, Poundland said: “In the wake of last week’s inflation data showing price rises were moderating, falling to 7.9 per cent in May from 8.7 per cent, Poundland today made a significant move to reduce the price of big brand family favourite products, with many back to a £1 price point.
"The move, dubbed ‘Operation Sell for Less’ will hit its 800-plus UK stores this morning as Poundland passes on the benefit of lower costs to customers. The move will see big selling lines come down in price, with many items now at over a third less than RRPs.”
Examples of items falling from £1.25 to £1.00 include Dettol surface wipes, Harpic cleaning gels, Johnsons cotton buds, Nivea shower creams and Lynx deodorant.
The move came as Poundland released research which showed that despite falling inflation, customers are still “highly concerned” about making ends meet.
Research carried out on behalf of Poundland showed, that while energy bills have started to fall, concern about the cost-of-living is still high.
The statement added: “With mortgage increases on the horizon for many, the same survey shows that Poundland shoppers are more cautious about their financial outlook over the next 12 months.
"Over half (57 per cent) reveal they have to plan their budgets carefully or can only just afford what they need, slightly more than the wider population.”
Tim Bettley, Poundland’s trading director said: “We’ve worked hard since the beginning of the cost-of-living crisis to maintain our promise of providing 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. We know that discounters like us passing on cost savings quickly, can help lower prices right across the market and drive inflation down faster.
He added: “We’re committed to that mission of delivering value and we know how much that matters to our customers.”