Rich people boost Poundland profits
It’s not just people with one eye who live in skip who frequent Poundland – it’s become a haven for moneyed shoppers. Yes, the elite are deigning to descend from their Range Rovers to snap up some bargains with the rest of the proles, and it’s making Poundland very rich indeed.
The discount store yesterday announced total sales of £880 million, and it looks like there’s no stopping the 4.5 million customers who pour into the store every week. Stocking beauty brands such as Maybelline and Sally Hansen has proved a hit with middle class ladies, who are undeterred by sense of poverty stricken hopelessness and the fact that everything comes from a dusty shipping crate in Shanghai.
On Mumsnet, where well-heeled women flock to discuss their annoying children, the forums are buzzing with tales of Poundland related bargains.
'I bought three Sally Hansen lipsticks in a bag for £1 in Poundland last week … one called ‘Soft Red’ which is exactly the shade of red I’d just spent all morning looking for, and failing to find, in Selfridges.’
Poundland chief executive Jim McCarthy said one in five of his customers are from the wealthiest section of the population.
‘The discount sector is now a mainstream feature of the UK retail scene,’ he said. ‘This has been a year of tremendous progress for Poundland. Sales and operating profit hit new record levels.’
Call it the Aldi Effect, but this recession is making everything weird. Soon the Queen’s going to be spotted in Poundstretcher buying 75 Charmin bog rolls and a bag of dog chews for the Corgis.