QUID PRO QUOON PRINCES ST!
Poundland opens there today, claiming to breathe new life into the street. But what WILL they say in Morningside?
ITS arrival has been more keenly contested than the matches at a Morningside whist drive.
But despite grumbles about the direction of the neighbourhood, Poundland will finally open its doors on Edinburgh’s Princes Street this morning, with a vow to breathe new life into the thoroughfare.
Bargain hunters willing to swallow their snobbery and queue for the 9am ribbon-cutting – against the majestic backdrop of Edinburgh Castle – will have the chance to win a £50 golden ticket for use when they cross the threshold.
It may be easier to spend than they imagine. Amid the furore over the shop’s likely cheapening of Scotland’s most famous street, customers may get a shock when they realise how many of the goods on offer now cost more than the single price point they have come to expect.
A shake-up in Poundland’s pricing structure means they offer products priced between 50p and £5, though three-quarters of the range still costs £1.
Perhaps it is fitting that even the pound shops on Princes Street come with premium price tags.
‘This is a national strategy to move away from a single price point to offer customers a greater range of fantastic products,’ explained Mat Ankers, Poundland’s transformation director.
Even the hard-to-please ladies of Morningside? ‘Well, if they use Pantene hair products, why would they want to shop anywhere else as they are cheaper here,’ he shot back. ‘It’s about value and convenience.’
The decision to allow Poundland, with its distinctive teal-coloured signage, to open on one of Scotland’s
most prestigious shopping streets has left critics warning that a line has been crossed.
Yet some say that line was crossed years ago. Poundland’s sixth Edinburgh outlet is sandwiched
between a well-known coffee purveyor and a cut-price greetings card ‘factory’. Along the street is a budget bookshop, while below the exclusive New Club frequented by lawyers and academics stands the garish Kingdom of Sweets. But at a time when Princes Street is facing an exodus of upmarket brands, Poundland claims it has a right to open for business. Not least because, argues Mr Ankers, it is one of the few companies prepared to move there and pay the £500,000 per annum rent.
‘We should be here because our customers tell us they want us here, where it is convenient for them,’ he said. ‘In terms of the controversy, if you are stood in the store today, I wouldn’t say we were cheapening Princes Street.
‘I would say this store looks incredibly well-presented with a set of products which are exceptional value.
‘We’re not Jenners and aren’t trying to be. Our customers know who we are. We’re not a weekly shop, we’re a top-up shop.’
Mr Ankers, 33, is adamant the death of the high street has been exaggerated.
‘Out of every £10 spent, the statistics tell us £8 to £9 is still spent physically rather than online in the UK,’ he said.
‘There’s a lot been said about the death of the high street. That’s wrong, what people are doing on the high street is changing. ‘Undoubtedly, footfall is dropping but only by 1 or 2 per cent. There are still a lot of people out there and for a business like ours it’s about understanding what those people want.’