Poundland is set to close its Canterbury city centre store on St George’s Street later this month, marking the end of its 15-year presence in the area. The branch, which opened in December 2008 following the administration of Woolworths, has garnered a loyal following over the years.
Customers have expressed disappointment over the closure on social media platforms, with one individual mentioning their regular visits to the store and expressing surprise at the sudden decision. Another person empathized with the staff, acknowledging their friendly service.
Despite having another Poundland outlet at Marshwood Close Retail Park in Canterbury, the closure of the St George’s Street store was attributed to the inability to secure a long-term lease from the landlords, as confirmed by a Poundland spokesperson. The company stated its intention to streamline its store network, aiming for around 650-700 stores in the UK & Ireland compared to the current 800.
As part of a restructuring effort, Poundland plans to close 68 stores and negotiate reduced rent at various locations. The High Court will review and approve the restructuring plan, with Poundland having already closed 16 stores and plans for two more closures this summer. Additionally, the company had shut down over a dozen stores previously, with upcoming closures in Cowes, Isle of Wight, and Newquay.
Owned by the Pepco Group, Poundland operates approximately 800 stores in the UK and employs about 16,000 individuals. Pepco Group’s CEO, Stephan Borchert, highlighted the strategic importance of the transaction in supporting the group’s value creation program, focusing on the successful Pepco business while maintaining Poundland as a significant player in the UK discount retail sector.
The company expressed gratitude towards its team for their dedication and contribution, extending well wishes to the leadership for the future.