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Retail

If Poundworld Can't Survive, Who Can? Asks Poundland Founder

The original founder of the Poundland retail chain, Steve Smith, has said that current market conditions, such as high rents, wage increases and operating costs, have created a perfect storm for retailers on the UK high street.

Smith, who now heads up Poundshop.com, an online single-price retailer, also said that consumers now have less time to go shopping, while town centres are beginning to look identical, with the same assortment of retail brands.

"Most lease rents increase every three to five years, knocking small independent retailers off the high street," he said. "Wages have increased and pensions have been implemented, affecting rising costs to run a business. Many independent retailers have closed down because they have no buying power to compete.

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