Poundland to chop prices to below a quid

Its pricing policy may be written above the stores, but budget retailer Poundland on Tuesday broke three decades of tradition by selling goods for less than a quid for the first time.

The chain has long been known for selling everything from toilet roll to shampoo and felt-tip pens, for £1 since launching in 1990.

In 2017 it added £2 and £5 prices for some goods, but this is its first attempt to sell at lower prices.

Goods will include Pampers Baby wipes on sale at 75p and breakfast porridge pots for 50p.

Managing director Barry Williams said: “This will broaden our appeal to existing customers and help us to attract new ones.”

It is trialling the lower prices in some Midlands stores, with a nationwide rollout expected in early 2020. The pilot will also include trials of £1.50, £3 and £4 price points.

The firm added that by broadening its product range, it will be able to use its sourcing and distribution strength to offer more bargains.

Poundland is part of Pepkor Europe which is owned by debt-laden South African retail giant Steinhoff.