99p outlet forces rival pound store to shut up shop (From Bournemouth Echo)
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99p outlet forces rival pound store to shut up shop
7:00am Saturday 10th January 2009 in
IN these difficult financial times, we all could all do with saving a few pennies.
But shoppers in Poole appear to have taken credit crunch shopping to the extreme – in the scramble to save just a single penny.
Opened just a few short months ago, Pound World on Poole High Street is being forced to close because recently opened directly opposite is the infinitely cheaper 99p Stores.
A case of in for a penny, but not necessarily for a pound, it seems.
Jamie Lang is area manager for Red Retail, which operates various discount chains across the country, including Poundworld.
He said the rush to the cheaper 99p Stores across the high street had “ripped the best part of 70 per cent” out of Poole Pound World’s turnover.
“It’s amazing,” he said.
“But people will go wherever they can get what they need at the cheapest price.
“Our Poole store only opened in June and things were fairly stable. It would have contributed to the business nicely.”
The extraordinary downturn in Pound World’s fortunes is perhaps a startling sign of the times.
But 99p Stores, one of the fastest growing companies in the country, said it had not opened with the intention of undercutting Pound World.
Hussein Lalani, commercial director for 99p Stores, said: “We never try to directly affect anyone but it is all healthy competition.
“With tight pockets and wallets these days, there is a lot of competition for the pound on the high street.”
But it seems only the opening salvos have been fired in the Poole discount store wars.
Poundworld is to be refurbished this week and should be reopened by next weekend under the new name of Original Save Centre. Mr Lang said he expected Poundworld’s seven staff to all be retained, with extra jobs also created in the new, revamped, venture.
99p Stores also has an outlet in Boscombe and Mr Lalani said it had “very aggressive” plans to add to its 66 stores in 2009.
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Comments(13)
georgeianbladder
says...
9:02am Sat 10 Jan 09
amused
says...
9:31am Sat 10 Jan 09
Bournehammer68
says...
10:06am Sat 10 Jan 09
ferret38
says...
10:29am Sat 10 Jan 09
Laurie Marsh
says...
12:09pm Sat 10 Jan 09
Do they sell the same merchandise?
There is a difference between frugal and CHEAP!
They both sell 2nd. rate Chinese or Indian rubbish and anyone that supports them is cutting their own throats in the long term!
What ever happened to the "Buy British" program?
alasdair1967
says...
1:59pm Sat 10 Jan 09
GB1980
says...
8:33pm Sat 10 Jan 09
Blunderland!
john_the_idiot
says...
11:43pm Sat 10 Jan 09
Just a bit of newspaper inches for the new store and another chance to blame the credit crunch.
The 99p store is a very good one and it does sell some products which are worth the 99p, mainly the food/sweets and the cleaning type products. This type of store serves a purpose and does it well, I have nothing but credit for them.
People may mock but it was the same for Aldi/Lidl when they first opened and now people love them.
The store across the road is a complete rip off and it anounced it was closing the day the 99p shop opened. They have tried to latch onto the pound shop band wagon but fell off before the wheels started rolling
turquoisewaters
says...
11:48pm Sat 10 Jan 09
It's a reality check for me.
benjamin
says...
6:30pm Sun 11 Jan 09
john_the_idiot
says...
11:50pm Sun 11 Jan 09
ned flanders
says...
4:12pm Mon 12 Jan 09
turquoisewaters wrote:Sure you weren't deported??
Well I don't need to worry about all this recession no more 10 years ago now I moved over to a offshore island that's tropical. I was pleased to leave England and live a tax free life in the Bahamas. I like reading the national news papers and the Bournemouth echo on line because It reminds me that I did the right thing all that time ago now. When I see what is going on in the country and back in my old home birth town of Bournemouth. It's a reality check for me.
ned flanders
says...
4:12pm Mon 12 Jan 09
turquoisewaters wrote:Sure you weren't deported??
Well I don't need to worry about all this recession no more 10 years ago now I moved over to a offshore island that's tropical. I was pleased to leave England and live a tax free life in the Bahamas. I like reading the national news papers and the Bournemouth echo on line because It reminds me that I did the right thing all that time ago now. When I see what is going on in the country and back in my old home birth town of Bournemouth. It's a reality check for me.
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THRIFTY BUSINESS: Pound shop manager Kelly Denton, right, with staff at the shop that is closing due to a 99p store opening opposite
STORE WARS: This rival shop has seen off Pound World... for now
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