Major discount retailer closing more stores as it's up for sale

Ask any business owner, analyst, or pedestrian shopper who visits at least a couple stores a year. 

It's a hard time to be in the retail industry right now.

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Something of a perfect storm has hit retail at just the right time; unfortunate instances have turned into one big constant, ongoing circumstance. 

Five years ago, for example, retailers had to grapple with a new world. 

Covid swept the entire globe, closing many retailers and restaurants indefinitely. 

Patrons stopped coming, which meant foot traffic went to zero. 

When foot traffic goes down, sales almost always follow. Before we knew it, comps were declining across the board. 

And unless a retailer had a robust, pre-existing online operation, most businesses had to build it in the midst of the crisis. Which only led to further confusion, inefficiency, and expense. 

Some retailers are still in free fall

While Covid is largely behind us, many businesses are still feeling the effects. 

Retailers that didn't completely fold during the pandemic are slowly picking up the pieces, but things are complicated. 

Many customers' shopping behaviors have changed forever. While many of us may have visited big-box stores in person prior to the pandemic, we got used to getting our staples and essentials (and, increasingly, the fun stuff, too) online. 

More closings:

• Iconic ice cream chain unexpectedly closing locations
• Struggling auto parts chain closing down all stores but one
• Another discount retailer closing over 1,000 stores
• Iconic retail chain closing nearly 500 stores

Fewer people go to brick-and-mortar retailers for things we know we need and like, such as pet supplies, household staples, and clothing. 

But it isn't just customer behavior that's changed. 

A sharp rise in interest rates following Covid has also challenged businesses. Increased interest rates makes borrowing more expensive. And often, borrowing money is precisely what struggling businesses need to do in order to revitalize sales. 

When it gets tougher to pay off debt, improve systems and operations, or grow, a business risks stagnation — or worse, defeat. 

Troubled retailer closing more stores

Life isn't just more expensive for retailers, though. 

Nearly everywhere in the world has seen a rise in the cost of living. It's more expensive to buy everything from meat to a mortgage. And when costs go up, customers get choosier with where they put their money. 

One retail chain that's been struggling in particular is Poundland, a discount retailer clustered around many urban areas in the UK.

Poundland is owned by Pepco Group, which has put the business up for sale as it struggles to run the stores profitably. 

Related: Massive furniture and decor chain suddenly closing down

Pepco Group explained Poundland has been "operating in an increasingly challenging UK retail landscape that is only intensifying," adding, "from April 2025, the UK Government's additional tax changes announced in the Budget will also add further pressure to Poundland's cost base."

In the meantime, it has been closing several of Poundland's struggling stores. 

It recently announced the upcoming closure of: 

• Clapham Junction, London: May 2
• Belle Vale Shopping Centre, Liverpool: May 6

And now, Poundland is closing yet another location at St. George's Centre in Gravesend in Kent.

"We know how disappointing this will be to customers and colleagues. Whenever we have to close a store in these circumstances, we do all we can to look for other opportunities for colleagues, and that work is now underway," a spokesperson for Poundland said.