Discount stores

Poundstretcher’s new CEO stresses importance of discount stores in cost of living crisis

GENERAL MERCHANDISE

The new CEO of discount chain Poundstretcher, headquartered in Leicestershire, wants the company to play an even bigger role in helping struggling families through the cost of living crisis.

Derek Lawlor was appointed in July and is committed to making the business the best it can be for its people and customers amid soaring inflation and economic uncertainty.

This includes ensuring that Poundstretcher’s 337 stores can rely on a steady supply of branded goods so customers know what to expect when visiting the stores.

Derek Lawlor, CEO of Poundstretcher, said: “The price of everything is going up and everyone is going to have less money for everyone. In a world with a cost of living crisis, I think we can do a good job of really making people’s books fatter.

“We need to make customers more aware of the value we have, which in turn attracts more customers. Poundstretcher is already excellent at running a low-cost operation and the high street rebate channel as a whole is well positioned during a cost-to-live crisis to help customers.

Derek Lawlor continued: “Poundstretcher is a wonderful company and there are lots of opportunities for growth so working with the team is really exciting for me. It’s a great brand with the ability to grow in the most competitive food market in the world.

“It’s very different from the big retailers and I think that’s the wonderful thing. We have 337 stores and 5,000 colleagues, and we can support each of them to help our customers.

Derek Lawlor will work alongside Poundstretcher owner Aziz Tayub, who becomes president of the company.

Aziz Tayub said: “Derek’s mandate is broad – he will be a good CEO for this company.

“We want the business to be more customer-oriented by getting the right product line and through marketing and getting the right price. Our prices are already cheaper than our competitors, even in the discount sector. We are perhaps the best kept secret in retail.

Mr. Lawlor has worked in retail for 31 years and has held leadership positions with major retailers. He also chairs GroceryAid, a charity that helps workers in the sector facing financial difficulties.

Founded in 1981, Poundstretcher is a family run retailer with a strong high street presence with 337 stores across the UK.

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