New World replaces £1 with a fiver
A NEW high street chain where everything costs a fiver aims to have 150 shops within 18 months.
The first Five Pound World opened in a former Poundworld store in Burton-on-trent, Staffs, last week, and two more will launch this month in Derby and Walthamstow, North East London.
They will sell both single items and bundles of cheaper goods for £5.
Its range includes nonfood goods and homeware. But industry insiders say this is only a quarter of what is planned, with food and fast-moving consumer goods to be added in multibuy deals.
Trade magazine The Grocer said the firm hopes that by selling items for £5 it will escape the pressure on pound shop margins.
The sector has struggled since 2016’s Brexit vote caused sterling’s value to fall – meaning imported items got more expensive.
Pound shop chain Poundworld collapsed in June with the loss of 5,000 jobs and 335 stores. It had also suffered competition from rivals Poundland and Poundstretcher.
One insider said: “The pound is dead. Five pounds is the new pound.”
LAUNCH: The new store