DISCOUNT CHAIN SET TO LAUNCH COVENTRY STORE PRE-CHRISTMAS AS IT CONTINUES TO BLAZE A RETAIL TRAIL

Harris Lamb has secured a 10–year lease at a Coventry shopping centre in the latest of a string of acquisitions for discount retail chain Poundstretcher.

The chain retained the business’ Retail department to help bring its ambitious expansion plans throughout 2018 to fruition. Poundstretcher’s goal is to launch 94 new stores by April 2019 to take the total number of stores nationwide to 470.

More than 65 of these have been launched this year, with 50 of them having done so between September and December.

The newest store, to be branded Bargain Buys, will launch at the Cannon Park shopping centre on Lynchgate Road next week.

Harris Lamb identified the 5,761 sq ft opportunity and negotiated terms. Fit-out is underway to ensure a pre-Christmas opening.

David Walton, head of Retail for Harris Lamb, said: “What Poundstretcher has achieved in 2018 is absolutely phenomenal. The business has completed more than 75 refits this year, with more in the pipeline as it aims to reach the 470-store milestone by next April.

“This particular store is an ideal site for the business, being located in a popular shopping centre within the city that benefits from high levels of footfall. There are a number of complementary retailers, and as with its most recent launches, we wanted to secure an opening date pre-Christmas.

Gerry Loughran, Property Director, advised: “This outlet will open its doors on Wednesday December 19th in order to capitalise on the busiest shopping weekend of the year,” he said.

“Having now almost completed its 2018-19 plans, the business has set its sights on opening an additional 120 stores across the UK from April 2019 to March 2020 – a substantial number of which have already been identified. The main drivers for the rapid expansion is the shift to selling more everyday products and reducing prices to customers. All of this will be under our exciting new trading fascia Bargain Buys,” he added.