Poundland, Europe’s largest single-price value general merchandise retailer by both sales and by number of stores, today announces plans to extend its operations into Spain in the next financial year. The initial plan is to open up to 10 shops under the Dealz brand over a two year period and to use the experience and insight from the first phase of stores as a platform for further rollout.
Poundland first entered Europe in September 2011 opening two stores in the Republic of Ireland. Trading under the Dealz brand, the estate has grown rapidly to a 31 store operation which was profitable in its first full year of operation, has already delivered a positive return on investment and has significant growth opportunities ahead.
Jim McCarthy, CEO of Poundland, said: “The success of Dealz in the Republic of Ireland was a clear demonstration that we have the capability to generate positive financial returns in new geographies quickly. We have been very careful and thorough in our evaluation of further European expansion opportunities and we are confident that our offer and our model suits the Spanish market well.
“We have a very detailed, low risk and low cost entry plan and the management strength and capacity, in the UK and in Spain, to execute it well. I’m confident that Poundland’s amazing value will quickly resonate with Spanish customers.”