Ambitious Poundland to create up to 2,000 jobs
19 August 2010 09:32
Having released an impressive set of annual trading figures, discount retailer Poundland has announced its intentions to open more and bigger stores to meet demand from increasingly cash-strapped British shoppers. The initiative could create as many as 2,000 new jobs across the country.
In the year to March 28th the retailer notched up an 81% jump in operating profits on turnover up 28.7% to £509.8 million. Poundland's chief executive Jim McCarthy has revealed the company's intention to open new larger stores in retail parks, with a potential sales footprint up to 30% larger than the chain's regular outlets. Overall, the discounter could open as many as 50 new stores in the current financial year, having opened 56 last year.
Commenting on the firm's booming trade, Mr McCarthy said: "With the economic uncertainty continuing, we are seeing many more first-time shoppers joining our existing loyal customer base and with this trend set to continue, I remain confident of our prospects for the current financial year."
With a current portfolio of 263 stores, Poundland says its market research suggests that the UK market could ultimately support as many as 800 units.
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