Discount retailer Poundworld is planning to open 120 new stores in the next three years after relocating to a new 215,000sq ft warehouse in Normanton, West Yorkshire.
The retailer, which currently trades from 118 stores, claims to have enjoyed record growth, opening 28 new stores in the last 12 months.
Poundworld has moved from premises in Birstall to lease the new site, which has been acquired to house the retailer’s range of over 4,000 products, all priced at just £1.00.
Poundworld’s managing director Chris Edwards said: “This is a momentous occasion for our company, which started from such humble beginnings on a Wakefield market stall 37 years ago. Our commitment to such an enormous unit signifies our confidence in the commercial success of the business which already employs 2,800 staff across 118 stores nationwide.
“Our firm’s aggressive national expansion drive and growth into new headquarters reflects an optimistic rise in like-for-like sales of 4%, at a time when many retailers are struggling to compete; and we anticipate annual growth of up to 40% this year.”
The family-run retailer is planning to open a further 120 new stores over the next three years, which will create approximately 3,000 new jobs and is on target to grow turnover to £200m this financial year.
Poundworld’s operations director, Mark Ward, said: “Our impressive new headquarters now forms the hub of our fast-paced business and will allow us to build on our extensive range of quality branded products, which include household names such as Cadbury’s, Johnson’s and Coca Cola, and make quicker and more efficient deliveries to our ever expanding network of stores.”
Edwards said: “There is a huge appetite among consumers for our products because we offer such genuine savings. This means we benefit from a hugely loyal customer base which is growing at a tremendous rate.”