December 7 2013 Latest news:
Thursday, October 31, 2013
The Carr Street price war is continuing into its second week as Poundland pushed their prices down another 2p.
The bargain basement store is advertising a reduced price of 93p on all stock for this week.
The price drop is the latest in a string of reductions that have followed the opening of a 99p Stores branch just across the street last week.
The opening of the 99p Stores branch made it the third budget shop to set up in Carr Street, which also includes four charity shops, two betting shops and a small casino.
Poundland greeted the opening of the store by reducing the price of all stock to 95p.
When the 99p Store opened the following day all stock had been reduced to 94p. Management at the store revealed the decision to drop prices by 5p was made by Chief Executive of 99p Stores Ltd Nadir Lalani the night before opening.
Mr Lalani said: “We won’t drop this, we will always be a penny cheaper, since we started twenty years ago, we’ve been a penny cheaper.”
Now Poundland have gone a penny cheaper again.
Poundland declined to comment about their latest price drop except to repeat that they frequently test competitor responses.
Jim McCarthy, CEO of Poundland, said: “Poundland always aims to offer great quality products for amazing value to all its customers.
“Like all retailers we test competitor response options all the time and this is just one of a number of tactical options.”
The budget chain also refused to say whether any further price reductions would be made at the store.
The Star contacted 99p Stores Ltd to ask if they would be reducing their prices again however no answer was received. As of 5pm yesterday prices at the 99p Stores branch remained at 94p.