Discount retailer Poundland has announced new initiatives that diverse the company's offerings following the impact of COVID-19.
Dubbed Project Diamond, the new transformation plans will bring about a new phase in the evolution of discount retail as well as a new chapter for Poundland.
With discount stores on the rise over the last few years, this mass change to stores, pricing and the overall breadth of retail offering will bring more brands in store and increase its popular PEP&CO clothing range across 310 stores.
A new ‘store-in-a-store' concept will be rolled out to create destination stores, offering full ranges of food, homeware, health, beauty and clothing. This includes bringing in wider high street brands to increase its general merchandise offerings as well as building on its clothing ranges.
“We’re stepping up to support high streets after the impact of the coronavirus by being customer-focused, people-led and tech-enabled,” says Barry Williams, managing director, Poundland. “This is the biggest transformation in our history as we look to secure our future for another thirty years.”
With Project Diamond completing its initial phases by August, this new push toward experiential, brand-driven product offerings and increased diversification of products reflects the importance of discount stores as the U.K. forecasts for a tough financial year ahead.