Poundworld in trouble: Impact on SE London stores?
Poundworld are the latest High Street retailer in trouble. A rescue deal has fallen through putting many stores and jobs at risk.
Any back up plan would still likely see mass closures.
They have stores in Lewisham, Bexleyheath and Dartford.
Other chains in trouble
Mothercare recently announced the closure of stores in Bexleyheath, Eltham and Bromley.
Orpington was also at risk if landlords did not agree to reductions, and it appears they may not agree.
There’s also Homebase. After a disastrous takeover by Australian firm Bunnings, losses grew and it has just been sold for £1. Closures are expected at many store sites to stablise losses.
Homebase have a site in Kidbrooke near the railway station. A likely candidate for a residential tower?
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Poundworld founder, Chris Edwards, who sold the business for £150m is considering a bid.
Generally, this ‘pound’ business model may be shrinking. Poundland once had three branches in Lewisham town centre, including a two floor store next to Matalan.
As costs go up it’s only a matter of time until selling for a pound has no margins. they’ve gone in for £2+ ranges but then many consumers think why bother – I’ll go to the supermarket etc.
Latest news is that Poundworld cannot be saved. I was in the Lewisham branch yesterday and the shelves were looking distinctly patchy, so this is probably the end.