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Poundland to expand into Europe

Poundland, Europe's biggest single price discount retailer, has announced its expansion into Europe. The company, which has 347 UK stores, will open six stores in the Republic of Ireland by the end of its financial year in March 2012.

The stores will bring 180 jobs to the struggling Irish economy and €2million in capital investment.

The first four stores, which will trade under the name Dealz, will open in early October.

Commenting on how the brand name was chosen, Poundland chief executive officer, Jim McCarthy, said: “We carried out extensive customer research in the Republic of Ireland. Finding a European brand name for an established UK brand was no easy task. It was important to ensure we decided on a brand name that was going to resonate with our Republic of Ireland customers and in the future, enable us to expand the brand in mainland Europe. Dealz was the clear winner.
We know that there is an appetite from Irish consumers for a discount retailer that offers real value. Just like Poundland in the UK, we’re anticipating busy stores from day one with queues of value-savvy shoppers.”

Dealz will offer customers a wide range of well known brands such as Kelloggs, Cadbury’s, Maxwell House, Pantene and Kodak, as well as established own brand products. Dealz will also provide Irish consumers with locally sourced products including milk, eggs and crisps.

Poundland said that Dealz will be an integrated part of Poundland, with the same board (chaired by Colin Smith) and management team (lead by Jim McCarthy, CEO). The Republic of Ireland operation will be run by an Irish business manager.

The company’s expansion has been supported by private equity firm Warburg Pincus, which acquired a 75% stake in the company last year in a deal worth £200 million.

Source : The Retail Bulletin
www.theretailbulletin.com/news/poundland_to_expand_into_europe_02-08-11/

02 August 2011
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