n 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 (25 July) made a significant move to reduce the price of big brand family favourite products, 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.
Some products will be reduced even more aggressively. Six-pack Seabrooks, Cheetos and Smiths crisps will come down from £1.50 to £1.00 and one litre bottles of Coca-Cola will be reduced from £1.65 to £1.00.
Poundland has also managed to reduce the price of many popular big sellers below £1. Pot Noodles are being reduced from £1.00 to 85p, Disney baby wipes from £1 to 75p and various Bodyform lines from £1 to 85p.
The move comes as Poundland releases research that despite falling inflation, customers are still highly concerned about making ends meet.
Research[1] carried out last week shows that while energy bills have started to fall, concern about the cost-of-living is still high.
Compared to June 2023, a sample of all Brits shows there’s 26 per cent more concern about tax and national insurance rises with concern from two-thirds of the public (67 per cent).
However, Poundland shoppers are even more concerned with almost three quarters (74 per cent) saying they are worried about those rises.
With mortgage hikes 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 (57pc) reveal they have to plan their budgets carefully or can only just afford what they need, slightly more than the wider population (57pc).
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 amazing 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.
“We’re committed to that mission of delivering amazing value – and it we know how much that matters to our customers.”
Poundland recently announced it planned to accelerate its grocery rollout which includes chilled’, frozen’, fresh fruit and veg as well as beers, wines and spirits to more stores.
The move further strengthens the Poundland’s range revolution that’s taken place over the last three years, as it adds whole new categories such as clothing, homewares, and chilled and frozen food to offer customers an alternative to supermarkets.
It is also continuing to revamp stores so they can accommodate wider ranges as Poundland offers more of the items customers buy week-in, week-out.
Over the coming weeks Poundland will open or relocate nine new stores in Braehead (29 July), Frome (5 August), Torquay (2 September), Ipswich (2 September), Selby (2 September), Pontefract (9 September), Cardiff (9 September), Stafford (16 September) and Ryde (23 September).
Up to six other stores are also planned to open before the end of September, subject to legal agreements.
