Welcome to 97p Land
Poundland, whose slogan - if you can call it a slogan – is ‘Everything’s £1’ has started to slash prices in some of its stores to 97p, in a bid to undercut its closest rivals, 99p Stores. Depressed yet?
It seems the battle of the not-quite-a-pound shops has been heating up in such UK hotspots as East Ham and Dudley, and competition to sell mop heads, pegs and One Cup teabags for less than a pound is getting fierce.
Jim McCarthy, chief executive of Poundland, explained the move to Retail Week.
‘It is those early weeks [when a rival opens] that are very important and if you can pop the balloon early we find that doing that rather than nothing at all is helpful,’ Mr McCarthy said.
(Balloons – 97p).
‘And it sends the message that we’re not a soft touch.’ He added.
(Soft Touch toilet paper – 97p).
‘It’s a bit like when a supermarket has a competitor opening nearby. They have hosts of tactics to dampen the impact.’
(5 pack of Tictacs – 97p)
It makes the mind boggle. What must the rubbish they sell actually be worth? 10p? 5p? 1p? If pound shop price wars continue, one day, everything will cost nothing, and we’ll just all stick our heads in a massive branded trough with FREE written on it, and consume knock off Mini Cheddars until we explode.