A NEW budget store is set to flood the high street within months, as Five Pound World takes over the retail spaces left vacant by Poundworld.
But what is Five Pound World and how does it differ from its failing predecessor Poundworld? We take a look.
What is Five Pound World?
Just as the name suggests, the new Five Pound World stores will be selling all their goods for just £5.
The store aims to take over all the retail spaces left empty by Poundworld, which went bust in June with the loss of 5,000 jobs and 335 stores.
The discount chain is the brainchild of Dev Singh, managing director of Opium Group, a firm describing itself as "trading in various sectors all over the world."
While everything in the store will cost just a fiver, there are plans in the pipeline to sell cheaper products in multi-buy deals at the same price point.
An example given by the head office was Domestos bleach spray at four for £5.
Products available at the chain currently consist of general merchandise and homeware.
However, the range is set to increase by 75 per cent, with the addition of food items and fast-moving consumer goods to be sold within multi-buy deals.
Are these stores the same as Poundworld?
Well, not really because nothing here will cost a pound.
The principle is the same though, as it is just another discount store.
Speaking to the Grocer, a source close to the brand claimed that bosses hoped the single price point would help Five Pound World escape the pressures seen by pound shops on their profit margin.
Citing the devaluation of Pound Sterling, the source added: “The pound is dead, five pounds is the new pound.”
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Where are the new stores?
Five Pound World is set to open 150 new stores within the next 18 months.
The first branch was opened in Burton-on-Trent, Staffordshire, in September 2018.
Two more stores are set to open later this month, October 2018, in Derby and Walthamstow, North London.
The stores will be scattered nationwide, with the company aiming to go head to head with competitors like B&M.
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