Poundland predicts tough year for customers ahead of New Malden opening (From Surrey Comet)

Poundland predicts tough year for customers ahead of New Malden opening

1:26pm Wednesday 1st September 2010 in

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New Malden will see another discount store chain set up shop this weekend, after its owner warned of pain ahead for consumers this year.

Poundland, Europe’s largest single price discount retailer, will officially open its new store in New Malden High Street on Saturday, September 4, and will host a fun day featuring minor celebrities and competitions.

Last week the budget chain’s chief executive, James McCarthy, warned consumers would face a painful squeeze on their finances this winter when public sector cuts and tax rises started to bite.

Mr McCarthy said: “The pain that we’ve experienced thus far is likely to be less than the pain that we’re going to get from October forward.

“Consumers feel hard pressed and under pressure. Their confidence in the future is pretty shattered.”

One the family fun day shoppers will get £1 vouchers and the chance to compete in a checkout challenge, where £100 worth of vouchers will be given away throughout the day.