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Poundland updates pricing model

Pound land Store Front

In Steinhoff's recent trading update, it was confirmed that Poundland is to expand its range and price points by featuring items from PEP&CO - a trading fascia of Pepkor, a large South African retail group which is also part of the Steinhoff empire.

PEP&CO has national coverage with its first 50 stores located in secondary towns across the United Kingdom. The chain offers a mix of womenswear, childrenswear and babywear to the value conscious consumer, with 95% of its products priced at under £10.

Steinhoff states that the Pepkor Group - which comprises PEP&CO and sister company Guess How Much? - is relatively successful in the UK but, prior to the Poundland acquisition, lacked the necessary scale to complete its general merchandise offering to an existing customer base.

The Poundland acquisition presented Steinhoff with a unique opportunity to satisfy its strategic initiatives which include increase its relevance and product range and scaling the PEP&CO model.

Markus Jooste, Group CEO said that “gross margins increased substantially” in stores where the products were sold, adding, "Management is quite confident that a multi-pricepoint and a different mix of product is definitely in store for the future for those brands in the UK.”

Image : Barry Barnes / Shutterstock.com

Source : Insight DIY

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12 December 2016

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