Latest news with #Poundland
Scottish Sun
8 hours ago
- Business
- Scottish Sun
Supermarket chain with 300 stores launching closing down sale ahead of shutting popular site this weekend
A POPULAR supermarket chain is launching a huge closing-down sale this weekend, as it shuts one of its 300 high street stores. The budget foodstore has been providing shoppers with bargains in the busy shopping precinct for over two decades. Advertisement 2 A budget foodstore is closing the doors to one of its stores this weekend Credit: Getty 2 Farmfoods in Ilkeston is set to close after two decades Credit: Alamy Farmfoods, in Ilkeston, Derbyshire, is closing its doors for the final time this Sunday, June 22, with the remaining stock being sold off at a reduced price. Shoppers have been left devastated by the news, which marks another blow for the high street. Posting in the Ilkeston Life Facebook group, one person said of the Scottish store, which was founded in 1954. "A blow for savvy Ilkeston shoppers - Farmfoods in the precinct is closing. Advertisement "It will be missed by many people, and the pleasant, helpful staff will be out of a job. "Shops like this are a lifeline to many folk." The post was flooded with comments from locals, sharing their sadness at the loss. One person said: "Soon the precinct will be empty...." Advertisement A second person said: "It will be a sad day to see another shop closing. "It always seems to be busy though so it makes no sense." NatWest to close 53 bank branches in fresh blow to UK high street – see if your local is affected A third person added: "Oh what a shame, it will be sorely missed." This follows the news that Poundland has confirmed plans to shut 68 stores, with up to 150 at risk of closure. Advertisement The struggling discount chain was sold for just £1 last week and it was expected a major shake-up would be needed to rescue it. Poundland has now announced a huge series of changes aimed at keeping itself afloat - although these will need to be approved by the High Court in August. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." They include ditching its frozen food items, getting rid of its loyalty scheme app and no longer selling products online. The Original Factory Shop has also recently launched another closing-down sale as the brand pulls the shutters on another store. Advertisement The discount department store has slashed the prices on everything, from clothing to gardening tools to toys. Clothing rails have been tagged with percentage-off signs as high as 30 per cent off. And a major DIY retailer has launched a huge closing-down sale as it prepares to close one of its branches in weeks. The Hobbycraft store in Imperial Park, Bristol, has confirmed that it will close its doors for good on June 21.
The Sun
8 hours ago
- Business
- The Sun
Supermarket chain with 300 stores launching closing down sale ahead of shutting popular site this weekend
Olivia Stringer, Fabulous Digital Writer Published: Invalid Date, A POPULAR supermarket chain is launching a huge closing-down sale this weekend, as it shuts one of its 300 high street stores. The budget foodstore has been providing shoppers with bargains in the busy shopping precinct for over two decades. 2 2 Farmfoods, in Ilkeston, Derbyshire, is closing its doors for the final time this Sunday, June 22, with the remaining stock being sold off at a reduced price. Shoppers have been left devastated by the news, which marks another blow for the high street. Posting in the Ilkeston Life Facebook group, one person said of the Scottish store, which was founded in 1954. "A blow for savvy Ilkeston shoppers - Farmfoods in the precinct is closing. "It will be missed by many people, and the pleasant, helpful staff will be out of a job. "Shops like this are a lifeline to many folk." The post was flooded with comments from locals, sharing their sadness at the loss. A second person said: "It will be a sad day to see another shop closing. "It always seems to be busy though so it makes no sense." NatWest to close 53 bank branches in fresh blow to UK high street – see if your local is affected A third person added: "Oh what a shame, it will be sorely missed." This follows the news that Poundland has confirmed plans to shut 68 stores, with up to 150 at risk of closure. The struggling discount chain was sold for just £1 last week and it was expected a major shake-up would be needed to rescue it. Poundland has now announced a huge series of changes aimed at keeping itself afloat - although these will need to be approved by the High Court in August. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." They include ditching its frozen food items, getting rid of its loyalty scheme app and no longer selling products online. The Original Factory Shop has also recently launched another closing-down sale as the brand pulls the shutters on another store. The discount department store has slashed the prices on everything, from clothing to gardening tools to toys. Clothing rails have been tagged with percentage-off signs as high as 30 per cent off. And a major DIY retailer has launched a huge closing-down sale as it prepares to close one of its branches in weeks. The Hobbycraft store in Imperial Park, Bristol, has confirmed that it will close its doors for good on June 21.
Miami Herald
a day ago
- Business
- Miami Herald
Huge troubled retailer closing dozens of stores, laying off 100s
It's not exactly the best time in history to be a retailer. To be sure, there have probably been worse times in the history of man. Related: Huge retail chain suddenly closing 100s of stores, no bankruptcy But the past five or so years haven't been the kindest to most stores. That's especially the case for brick-and-mortar retailers, which rely on robust foot traffic numbers just to keep profits afloat. Think about one of your favorite - or at least most frequented - shops in your town. Maybe it's a hardware store, a clothing boutique, or a big-box warehouse club. You might pop into that store every couple of weeks and pick up things you need. The average ticket price at a big hardware store in 2024, for instance, was just over $100. But a sale of $100 every two weeks certainly isn't going to keep that store in business. In fact, it'll hardly even pay the bills. This means that store must make those kinds of sales frequently and cater to all kinds of customers. Some have bigger needs, and some have smaller. So that means the store must keep a wide variety of inventory in stock. It will also need to pay employees to help customers and keep the shelves stocked. It will need to maintain aisles and facilities. It will need to clean, pay utilities, advertise, and constantly track and reorder inventory. It's a pricey business, and it's not often the most lucrative venture. Even in the best of times, the average brick-and-mortar store typically operates on a thin margin. But when unprecedented or unforeseen circumstances arise, things can get even dicier. Consider the havoc Covid wrought on many small brick-and-mortar businesses across the U.S. More closings: Popular local Dairy Queen rival suddenly closing, no bankruptcyAnother big Mexican chain closing down restaurant, no bankruptcyUPS suddenly closing more stores amid chaotic new change, layoffsPopular fast-food burger chain closes all restaurants in key area When many storefronts closed up shop for weeks or even months to wait out the worst of the pandemic, foot traffic obviously took a nose dive. Without a steady stream of customers coming through retailers' doors to make purchases, profits also dropped. This might have been doable for a day or two. But when retailers are forced to close for a prolonged period of time with seemingly no end in sight, the fight for survival is suddenly daunting. As a result, many retailers closed permanently. The American Bankruptcy Institute estimates that about 60% of retailers that closed during Covid never reopened. And this trend, while incredibly familiar to most Americans, isn't just constrained to the U.S. Plenty of retailers - big and small - have encountered trouble over the last several years. One such retailer is Poundland, the popular discount retail chain primarily clustered around UK travel hubs like bus and train stations. In June, Poundland was sold by Pepco to Gordon Brothers for just £1. The firm said it would front an additional £80 to help clean up operations and right the business. And now, Poundland is closing about 68 stores across the UK and Ireland, which will put about 1,000 jobs at risk. Related: Another giant cosmetics brand closing store unexpectedly Two distribution centers are also slotted for closure. They are in: Darton, South Yorkshire, UKBilston, West Midlands UK Poundland managing director Barry Williams called the closures "regrettable," but said there is much work to be done. "While Poundland remains a strong brand, serving 20m-plus shoppers each year, our performance for a significant period has fallen short of our high standards and action is needed to enable the business to return to growth," he said. Poundland operates about 792 stores and employs about 16,000 people. It has also indicated that more closures could be coming. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Scotsman
2 days ago
- Business
- Scotsman
Why I'll miss Edinburgh's Poundland, even though I've only just visited
Contributed This store might be on its way out soon, so I took a trip Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... I didn't know how to react when I heard that the flagging chain, Poundland, was closing up to 150 stores in the UK, after, ironically, selling for £1 to investment firm Gordon Brothers. Since I've never been to a branch, I felt sad for the employees, but impassive otherwise. Advertisement Hide Ad Advertisement Hide Ad Still, as I have a single pound coin that's been burning a hole in my pocket, I thought it was time to make my inaugural visit. I like a bargain as much as the next woman. Scratch that. I NEED bargains. Let's see what I've been missing. Thus, I head to the Edinburgh Lothian Road store, which is one of four in the Capital and 57 in Scotland. Don't panic, as this shop might not be going anywhere, as it's not yet clear which of their branches will be shutting. My first thought is that this occupies the spot that, many moons ago, was the location for Woolworths and their formidable pic and mix selection. Advertisement Hide Ad Advertisement Hide Ad That destination is so seared into my memory that I feel as if I'm developing a psychosomatic mouth ulcer while reminiscing over their sandpapery-surfaced cola cubes. It's also on the same block as another 'variety store', the independent Ali's Cave, which has been there for 44 years and has also recently announced its closure. Maybe it's a sign of the times. We can blame Amazon, and probably Shein and Temu, too. Anyway, first impressions of Poundland aren't great. It's not quite as forbidding as Count Dracula's castle, but I feel as if I'm channeling my inner Mary Portas, when weighing up the kerb appeal. Advertisement Hide Ad Advertisement Hide Ad The window is being used as storage for trolleys full of litre bottles of primary-coloured fizzy pop, rather than a tempting showcase to display their finest objects. As soon as you enter, you're faced with a wall of Pot Noodles. My cryptonite, since I'm probably the only person in the world who isn't a fan of this instant snack. The staff, dressed in the same colours, seem lovely though, with Happy to Help emblazoned on the back of their uniforms. I'm sure they would be, though I might just be browsing today. We'll see. It's definitely a store of the ilk that became popular in the Nineties. Advertisement Hide Ad Advertisement Hide Ad I can see why they might have been shuffled out of the market by stores like Aldi and Lidl. Those retailers are affordable, yes, but they've invested in the store design and usually have muzak playing, and lots of natural light. This place is less of a retail experience, really. Still, once you can see past that, it's really not so bad. It obviously has a fan club. I'm surprised by how many shoppers are here. Since you can't see inside from the street, or the top deck of the number 10 bus, I always assumed it was deserted. On a Tuesday morning, there are at least five browsers, and quite a few at the self checkout. As far as products go, they have SO much. Blame Woolworths flash-backs but I am very much enjoying the sweetie aisle. Advertisement Hide Ad Advertisement Hide Ad There are no cola-cubes but they do have bags of my present day Achilles heel - Galaxy Minstrels for just £1.50. Get in. And boxes of Maltesers for the same price. If I'd known, I would've got along here earlier. They even have bags of Turkish Delight minis. As the only person in the world who doesn't like instant noodles but does still lovesthese rose-scented chocolate-coated retro delights, I haven't seen these fun sizes anywhere else but here. Also, every type of Haribo and Skittles available under the sun, all for £1 a bag. And a strange sort of sweet called Chooeee. I wonder if they're yumeee or spewee. This area is the best bit. The rest of the store is slightly less inspiring At the back, I get my first look at their own clothing range, Pepco. Everything is bargain basement priced and pretty neutral, apart from the £10 handbag with Minnie Mouse on it, and the t-shirts that are emblazoned with a heart and the words 'Love your self'. Shouldn't that be two words, rather than three? Never mind, the sentiment is there. This would be a good place to get basics, like leggings or tights, and there are loads of colourful kids' clothes. Advertisement Hide Ad Advertisement Hide Ad They also sell their own versions of Crocs. Let's call them mock-crocs. There are square holes, rather than round ones, and they're only £4. Not for me, as I wouldn't be seen dead in these colander-like shoes, but I'm in the minority (again). There are seven packs of socks for £3. I don't know if they're 100 per cent cotton or not. They probably are, but , even if not, I'd risk the athlete's foot for 42p per sock. The other aisles sell all manner of homeware on the cheap. There is one that has toothpaste, and stacks of other branded toiletries. Another features garden stuff. Across the shop floor, I find rain ponchos for £1.50, hand-towels for £1.75, padlocks for £1 that may or may not invalidate your home insurance, frozen and fresh food, a water ball catapult for £2, and £3 washing powder. I pick up three of those hand-towels. They've got pet stuff, and a patriotic box of Scott's Porridge Oats for a quid. Advertisement Hide Ad Advertisement Hide Ad This store might lack aesthetic value, but it certainly has plenty of redeeming qualities.
Scotsman
2 days ago
- Business
- Scotsman
I went to Edinburgh's Poundland for the very first time, and this is what I bought
Contributed This store might be on its way out soon, so I took a trip Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... I didn't know how to react when I heard that the flagging chain, Poundland, was closing up to 150 stores in the UK, after, ironically, selling for £1 to investment firm Gordon Brothers. Since I've never been to a branch, I felt sad for the employees, but impassive otherwise. Advertisement Hide Ad Advertisement Hide Ad Still, as I have a single pound coin that's been burning a hole in my pocket, I thought it was time to make my inaugural visit. This is not going to be a Pulp's Common People-style experience.I am not a Waitrose-ite. Nope, I like a bargain as much as the next woman. Scratch that. I NEED bargains. Thus, I head to the Edinburgh Lothian Road store, which is one of four in the Capital and 57 in Scotland. Don't panic, as this shop might not be going anywhere, as it's not yet clear which of their branches will be shutting. Advertisement Hide Ad Advertisement Hide Ad My first thought is that this occupies the spot that, many moons ago, was the location for Woolworths and their formidable pic and mix selection. That destination is so seared into my memory that I feel as if I'm developing a psychosomatic mouth ulcer while reminiscing over their sandpapery-surfaced cola cubes. It's also on the same block as another 'variety store', the independent Ali's Cave, which has been there for 44 years and has also recently announced its closure. I AM sad about it's a sign of the times. We can blame Amazon, and probably Shein and Temu, too. Advertisement Hide Ad Advertisement Hide Ad Anyway, first impressions of Poundland aren't great. It's as forbidding as Count Dracula's castle. I feel as if I'm channeling my inner Mary Portas, when weighing up the kerb appeal. It doesn't really have any. In fact, this store makes its neighbours - The Futon Company and Superdrug - look like Harvey Nichols and Fortnum & Mason. The cracked window is being used as storage for trolleys full of litre bottles of primary-coloured fizzy pop, rather than a tempting showcase to display their finest objects. Advertisement Hide Ad Advertisement Hide Ad At least they've paid lip service to visual merchandising with a few posters in the window, though they feature lifestyle shots on them that look as if they've been taken on someone's ancient Nokia 7650. Nay, drawn on, using an Etch a Sketch. As soon as you enter, you're faced with a wall of Pot Noodles. My cryptonite. The grey and green branding is also pretty depressing. Concrete and snot. Elephants and frogs. It's just not inspiring. The staff, dressed in the same colours, seem lovely though, with Happy to Help emblazoned on the back of their uniforms. I'm sure they would be, though I might just be browsing today. We'll see. Advertisement Hide Ad Advertisement Hide Ad It's definitely a store of the pile-em-high-sell-em-cheap ilk that became popular in the Nineties. I totally see why they've been shuffled out of the market by stores like Aldi and Lidl. Those retailers are affordable, yes, but at least they have muzak playing, and lots of natural light. This place is dingy. It isn't much of a retail experience, really. However, I'm surprised by how many shoppers are here. Since you can't see inside from the street, I assumed it was always deserted. On a Tuesday morning, there are at least five browsers, and a few at the self checkout. As far as products go, they have SO much. Blame Woolworths flash-backs but I am very much enjoying the sweetie aisle. Advertisement Hide Ad Advertisement Hide Ad There are no cola-cubes but they do have bags of my present day Achilles heel - Galaxy Minstrels for £1.50. Get in. And boxes of Maltesers for the same price. If I'd known, I would've been here earlier. They even have bags of Turkish Delight minis. As the only person in the world who still loves these rose-scented chocolate-coated retro delights, I haven't seen these fun sizes anywhere else but here. Also, every type of Haribo and Skittles available under the sun, all for £1 a bag. And a strange sort of sweet called Chooeee. I wonder if they're yumeee or spewee. This area is the best bit. The rest of the store is a bit meh. At the back, I find their own clothing range, Pepco. Everything is bargain basement priced and pretty neutral, apart from the £10 handbag with Minnie Mouse on it, and the t-shirts that are emblazoned with a heart and the words 'Love your self'. Shouldn't that be two words, rather than three? Never mind, the sentiment is there. They also sell their own versions of Crocs. Let's call them mock-crocs. There are square holes, rather than round ones, and they're £4. There are seven packs of socks for £3. I don't know if they're 100 per cent cotton or not. I'll risk the athlete's foot for 42p per sock. The other aisles sell all manner of homeware. Advertisement Hide Ad Advertisement Hide Ad There is one that has toothpaste, and stacks of other branded toiletries. Another features garden stuff. Across the shop floor, I find rain ponchos for £1.50, hand-towels for £1.75, padlocks for £1 that may or may not invalidate your home insurance, frozen and fresh food, a water ball catapult for £2, and £3 washing powder on a row of very empty shelves, with an ominous sign that reads AGAINST RETAIL CRIME in front of the negative spaces. They've got pet stuff, and a patriotic box of Scott's Porridge Oats for a quid. This store might lack aesthetic value, but it certainly has its redeeming qualities.
