Discount giant Pepco has opened its 3,00th store, with a new Berlin site, as momentum swells for affordable goods while households tighten their belts.
The owner of the Pepco, Dealz and Poundland brands told CityA.M. its 3,000th Pepco store opened its doors today, with plans to roll out hundreds more stores in the near future.
Now the Poland-founded retailer operates across 17 countries, having recently made its debut in Greece, with stores in Spain, Italy and Germany in recent years.
The company, which employs around 43,000 staff, is also readying itself for a launch in Portugal in the spring of next year.
After beginning in central and eastern Europe, the company now viewed the whole of Europe as “an addressable market to us,” Trevor Masters, Pepco Group boss, said.
“We will continue our profitable store opening programme – which remains our biggest source of value creation – to capitalise on this opportunity,” he added.
The variety goods seller was hoping to become “a bigger, better, cheaper and simpler business.”
It comes as the group revealed last month that it was aiming to open at least 550 net new stores in the 2023 financial year, predominantly via its Pepco brand, as well as its Dealz brand in Poland.
This expansion will see thousands of net new jobs created across Europe in the financial year to September 2023.
Poundland, a staple on UK high streets, is set to open five new stores, as well as extensions for two and the relocation of one store next month. This investment will see 160 jobs created in the UK.
Discount brands – from supermarkets Aldi and Lidl to variety goods retailers B&M – have been hoping to reap the rewards of consumers trading down to more affordable brands amid the cost of living crisis.