99p Stores to double number of shops
The 99p Stores company, based in Northamptonshire, has announced it will create 3,500 new shops as it doubles its stores – and said part of the reason for its success was because of the end of a chain with 100 years of history on the high street.
Yesterday, the chain, which is based at the the Drayton Fields Industrial Estate in Daventry, opened its 99th shop and the company is seeking new units to move into, in towns and cities with populations of 50,000 or more. Its Northampton shop is in Gold Street and earlier this year, 99p Stores hit the headlines when they launched the 99p bikini.
Hussein Lalani, co-founder and commercial director of 99p Stores, put the chain's success down to three reasons.
He said: "We offer good branded products and all at 99p or less. Sometimes pound shops are accused of selling stuff for a pound which other shops sell for less.
"And I think because of the credit crunch, there's less stigma about going into stores like ours – people are prepared to go in and save money."
Mr Lalani said the third reason was related to the demise of high street staple Woolworths.
He added: "It's the Woolies factor. These shops have been empty since January and now we're taking them over and people are curious, so they go inside and have a look. It has been a great chance for us to get onto the high street.
"We can create jobs in this market and at the same time, give people great value products."
The company has already opened in 30 former Woolworths stores and will be in 50 by the end of the year. Its success is boosted by landlords eager to have their units filled.
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