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Poundland confirms it will consider short-term leases

Poundland has revealed it is willing to enter into short-term lease arrangements with landlords “under certain opportunistic circumstances” as it strives to reach 1,000 stores in the UK.

The disclosure came in the discount retailers’ annual report and accounts for the year to 30 March which it posted to shareholders today.

The company began the last financial year operating from 458 outlets. It opened a net 70 stores during the year, taking it to 495 Poundlands, 31 Dealz stores in the Republic of Ireland and 2 Dealz stores on the Isle of Man and Orkney – a year-end total of 528.

Jim McCarthy, chief executive, said: “Our new store selection process includes detailed internal analysis and input from various consultants to help determine site longevity and thus the long term profit opportunity by location.

“The overwhelming number of new stores are acquired under normal commercial arrangements with property landlords; typically ten year leases with monthly rent payments,” he said.

Part of the group’s growth strategy is to open new stores across the UK and Ireland, including a 1,000-store target in the UK and it is developing plans to test Dealz stores on the Continent with a low-cost pilot launch planned for Spain in the current financial year.

The report and accounts noted that the property department was “constantly working to identify and secure attractive locations for new stores, including selecting the right store formats”.

Sourc e : Andrew Don - Property Week
www.propertyweek.com/news/news-by-sector/retail/poundland-considers-short-term-leases/5069805.article

15 August 2014

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