Global Information99p Stores information
 | |
| Company type | Private Limited Company |
|---|---|
| Industry | Retail |
| Founded | Holloway, London, United Kingdom (18 January 2001) |
| Founder | Nadir Lalani |
| Defunct | 6 March 2016 |
| Successor | Poundland |
| Headquarters | Northamptonshire, United Kingdom |
Number of locations | 220+[1] |
Key people | Simon Barnett ( Director) |
| Products | Groceries, Consumer goods, Do it yourself, electrical |
Number of employees | 3000+ |
| Parent | Poundland |
| Subsidiaries | Family Bargains |
| Website | [1] |
99p Stores Ltd. was a family-run business founded in January 2001 by entrepreneur Nadir Lalani, who opened the first store in the chain in Holloway, London, with a further three stores opening later that year.[citation needed] In 2002, Lalani decided to expand the business throughout the UK and had rapidly developed 99p Stores, operating a total of 129 stores as of March 2010 and serving around 1.5 million customers each week,[2] undercutting their main rival Poundland by a penny. As of mid-2009 the company offered more than 3,500 different product lines throughout its stores.[3]
Most of their stores were based in the south of the UK, although there were stores as far north as Liverpool and Hartlepool.[4] The chain saw accelerated store expansion upon the collapse of Woolworths Group, where they took the opportunity to acquire 15 of these former stores, increasing their estate to 79 at that time.[5] Landlords were regarding 99p Stores as an anchor tenant due to the significant number of customers one of their stores could bring to a location.[6]
Although the retailer made a pre-tax loss of £1.14 million in the year to 31 January 2007, they claimed that, since then, consumers had become more cautious with their money and where they spend it, in response to the economic conditions.[7] The retailer had noticed an increase of customers from the wealthier AB social grade (a system of demographic classification used in the United Kingdom) during the recession.[8] Customers had tended to speak positively about 99p Stores, with most reviewers noting customer and product overcrowding as their biggest criticisms, yet still rated the chain 4.5/5 on average.[9]
In February 2015, Poundland agreed to buy 99p Stores for £55 million, with regulatory approval received in September 2015. The 99p Stores fascia began being phased out in favour of Poundland branding from late 2015.[10]
- ^ "About us | 99p Stores - Quality products under a pound!". Archived from the original on 2 February 2014. Retrieved 23 January 2014.
- ^ "99p Stores looks to cash in further as shoppers seek bargains". Scotsman Business. 8 March 2010. Retrieved 15 March 2010.
- ^ "Discount store to open in Halesowen". Halesowen News. 30 April 2009. Retrieved 1 January 2010.
- ^ Mesure, Susie (5 April 2006). "99p Stores wins backing for 45 more outlets". The Independent. London. Archived from the original on 14 May 2009. Retrieved 6 November 2008.
- ^ Cite error: The named reference
woolies_storeswas invoked but never defined (see the help page). - ^ Cite error: The named reference
proteuswas invoked but never defined (see the help page). - ^ "99p Stores sales up as shoppers pursue value". Retail Week. 25 September 2008. Retrieved 6 November 2008.
- ^ "99p Stores guns for growth as profits soar". Retail Week. 26 June 2009. Retrieved 19 July 2009.
- ^ Cite error: The named reference
dooyoo_reviewswas invoked but never defined (see the help page). - ^ Espiner, Tom (6 February 2015). "Poundland seeks to buy 99p Stores for £55m". BBC News. Retrieved 6 February 2015.