99p Stores and Woolworths Group

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Difference between 99p Stores and Woolworths Group

99p Stores vs. Woolworths Group

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. In 2002, Lalani decided to expand the business throughout the UK and has rapidly developed 99p Stores, operating a total of 129 stores as of March 2010 and serving around 1.5 million customers each week, 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. Most of their stores are based in the south of the UK, although there are stores as far north as Liverpool and Hartlepool. 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. Landlords are now regarding 99p Stores as an anchor tenant due to the significant number of customers one of their stores can bring to a location. Although the retailer made a pre-tax loss of £1.14 million in the year to 31 January 2007, they claim that, since then, consumers have become more cautious with their money and where they spend it, in response to the current economic conditions. The retailer has noticed an increase of customers from the wealthier AB social grade (a system of demographic classification used in the United Kingdom) during the recession. Customers tend to speak positively about 99p Stores, with most reviewers noting customer and product overcrowding as their biggest criticisms, yet still rate the chain 4.5/5 on average. 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. Woolworths Group was a listed British company that owned the high-street retail chain, Woolworths.

Bulk confectionery

Bulk confectionery is a method of commercially dispensing multiple small units of confectionery, either in manufactured bags with a fixed number of units per container, or by the amount of mass placed in a bag.

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Chairman

The chairman (also chairperson, chairwoman or chair) is the highest officer of an organized group such as a board, a committee, or a deliberative assembly.

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Confectionery

Confectionery is the art of making confections, which are food items that are rich in sugar and carbohydrates.

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Financial crisis of 2007–2008

The financial crisis of 2007–2008, also known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.

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High Street

High Street (or the High Street, also High Road) is a metonym for the concept (and frequently the street name) of the primary business street of towns or cities, especially in the United Kingdom and Commonwealth of Nations.

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Liverpool

Liverpool is a city in North West England, with an estimated population of 491,500 in 2017.

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London

London is the capital and most populous city of England and the United Kingdom.

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Poundland

Poundland is a British variety store chain founded in 1990, with a single price-point on most items costing £1, including clearance items as well as proprietary brands.

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Retail

Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit.

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Wilko (retailer)

Wilko Retail Ltd. (formerly Wilkinson Hardware Stores) is a British high-street chain which sells homewares and household goods.

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