Poundstretcher announces plans to open 50 stores across UK - plus 10% pay rise for staff
Poundstretcher said its profitability had grown since 2020, allowing the budget retailer to open 50 new stores and reward staff for their hard work post-pandemic.
Poundstretcher has announced plans to open 50 new stores across the UK in 2023. The popular budget retailer has said the new shop openings could generate around 2,000 jobs over the next few years.
It comes after Poundstretcher opened 30 new locations last year, bringing its total number of stores to 350. The retailer has not yet shared a full list of where it plans to launch new shops, but already opened a new store in Scotland.
The new site in Galashiels opened on January 28, offering customers a special offer of 50% off selected lines. Poundstretcher, which was established in 1981 and offers a variety of discount products, says that its profitability has grown since 2020 and it is now looking towards a “profitable future” that will drive sales.
The chain also said it would give its staff a 10% pay rise from April 2023. Employees who have worked for the company for at least one year will be eligible for the increase - around 70% of the firm’s workforce.
Poundstretcher owner Aziz Tayub said: “This 10% pay rise will make a real difference in this current climate to the majority of our employees who are committed to servicing our customers and growing our business in the current economic climate.”
It marks the second time in the last year the retailer has given its staff a pay boost of 10%. In 2022 it implemented an increase to reward staff for their hard work after the pandemic, as well as a positive turnaround of its profits.