Poundstretcher has said it is in a “period of expansion”, having opened 15 stores in three months, while paying zero rent for some existing shops.
A restructure approved by High Court in June gave Poundstretcher rents reductions of between 25% and 75% on 55 stores. Rent was reduced to nil at a further 47 for a period of three years.
The variety discounter has now said it is in a “period of strong expansion for Poundstretcher, having opened 15 new stores in the past three months”.
“Those openings have brought Poundstretcher’s stunning value proposition to even more communities across the UK whilst creating more than 150 new jobs,” said a spokesperson.
Read more: Why did Poundstretcher need a restructure and what’s the plan to turn it around?
Poundstretcher has also closed some stores in the past three months, including in Bishop Auckland and Newton, Powys.
The retailer spoke of the openings while pushing its credentials as a destination for bargain brands, with new slogan: ‘Love the brands, love the prices.”
Introducing more brands to the range was part of a turnaround plan presented to the court to help secure approval of the restructure, as well as store rotation.
Latest branded products in the lineup include Toni & Guy Conditioner Damaged Hair (250ml) for 69p, Walkers Max Paprika (140g) for £1.35, and Rowntree’s Jelly Tots (120g) for 89p. New additions also include Kellogg’s Coco Pops (4x20g) for 99p and a Colgate Zigzag triple-pack of toothbrushes for £1.79.
Read more: Poundstretcher losses widen to £50m as like-for-like sales fall
“At a time when household budgets continue to be under real pressure and every penny counts, customers still want market-leading brands they know, trust and love – but they want them at knockout prices,” said Poundstretcher CEO Andy Atkinson.
“That’s exactly what ‘Love the brands, love the price’ delivers. We’re bringing customers knockout deals, unbelievable prices and stunning value on the brands and products they genuinely want to buy. And with some of these amazing offers, it really is a case of ‘when it’s gone, it’s gone’, so when customers spot a great deal, they’ll want to grab it while they can.”
The push is being supported by a limited-time promotional leaflet with a coupon worth £2.50 off a £15 shop.
Poundstretcher said the expansion underlined its commitment to investing in the high street.
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