God. Another one bites the dust.
I was rushing through Clapham Junction yesterday (late as usual) when I spotted that depressing little sign in the window. Poundland's shutting up shop on May 2nd. That's barely enough time for me to stock up on all teh random crap I buy there before my morning train!
For someone who spends approximately 47% of their life waiting for delayed Southern Rail services, that little store has been my saving grace since 2022. Forgotten your umbrella and it's bucketing down? Poundland. Need emergency snacks for a boring work meeting? Poundland. Desperately hunting for batteries at 8:43am? You guessed it.
Why am I so weirdly emotional about this?
The closing sign tries to be reassuring: "Don't worry, we have another great store in the Southside Shopping Centre near Specsavers." Yeah, thanks for that. Because what I really want to do when I'm already running late is take a detour to the shopping centre.
I'm clearly not the only one feeling sentimental. After Battersea Beat broke the news on Instagram, the comments section turned into a mini support group. "Noooo" wrote one person, which pretty much captures the collective mood. Another just said it made them sad.
Same, random stranger. Same.
The Liverpool branch is toast too
Turns out the Clapham Junction casualty isn't an isolated incident. The parent company Pepco confirmed to The Sun that they're also closing their Belle Valle shopping centre location in Liverpool on May 6th.
When asked why, a spokesperson gave that classic corporate non-answer: they were "served notice on the lease." Translation: the landlord probably jacked up the rent to something ridiculous.
"We know how disappointing this will be to customers and colleagues," they added. I bet the poor staff found that super comforting while updating their CVs.
What the hell is happening with Poundland anyway?
This feels like watching a slow-motion car crash. Back in 2023, I remember chatting with my friend who works in retail analytics (yes, I have boring friends) who predicted Poundland would start closing stores. I owe him £10 now.
The signs have been there for months. They've already shut branches in Belfast, Maidenhead, Sutton Coldfield, and Macclesfield. And now it seems the parent company is looking to wash its hands of the whole operation.
Last month, Pepco hired advisory firm Teneo to oversee selling the UK business. They're making noises about focusing on their "more profitable businesses in Europe" instead. Which basically means the UK operation is dragging them down.
Profits apparently nosedived by a staggering £641 million in the year to September. That's not a typo. £641 MILLION. Their explanation? A "non-cash impairment" related to buying the chain back in 2016.
In normal human speak, that means they've realized the business is worth way less than they thought.
The brutal reality for budget retailers
Pepco's been whining about the upcoming increases to employer National Insurance Contributions and minimum wage hikes. And while I'm all for people getting paid properly, you can see how a business selling things for a quid might struggle when their costs go up.
Revenue dropped 9.3% in the three months to December. Not exactly the Christmas miracle they were hoping for.
I walked past the Clapham Junction store this morning adn noticed they've already started the "everything must go" vibe. Part of me wants to feel sorry for them, but another part remembers that time in 2018 when the cashier argued with me for five minutes about whether my pound coin was fake. (It wasn't.)
Still gonna miss the place though.
Frequently Asked Questions
What are the different types of money?
The main types of money include commodity money, which is based on physical goods like gold or silver; fiat money, which is government-issued currency not backed by a physical commodity; and digital currency, which exists electronically and is often decentralized, such as cryptocurrencies.
What are the main functions of money?
The primary functions of money are as a medium of exchange, facilitating trade; a unit of account, which provides a standard measure of value; a store of value, allowing individuals to save and transfer purchasing power over time; and a standard of deferred payment, enabling credit transactions.
What is the definition of money?
Money is a medium of exchange that facilitates transactions for goods and services. It serves as a unit of account, a store of value, and a standard of deferred payment, allowing individuals to compare the value of diverse products and services.
What is the role of central banks in the economy?
Central banks manage a nation's currency, money supply, and interest rates. They implement monetary policy to control inflation, stabilize the currency, and foster economic growth. They also serve as lenders of last resort to the banking system during financial crises.
How can I start saving for retirement?
To start saving for retirement, begin by establishing clear retirement goals and determining how much you need to save. Contribute to employer-sponsored retirement plans, such as a 401(k), and consider opening an Individual Retirement Account (IRA). Regular contributions and taking advantage of compounding interest can significantly boost your retirement savings over time.
What is a budget deficit?
A budget deficit occurs when a government's expenditures exceed its revenues over a specific period, usually a fiscal year. This can lead to increased borrowing and national debt if not addressed through spending cuts or revenue increases.
What are credit scores and why are they important?
Credit scores are numerical representations of an individual's creditworthiness, calculated based on credit history, payment behavior, and debt levels. They are important because they impact the ability to obtain loans, credit cards, and favorable interest rates, affecting overall financial health.
Statistics
- In 2020, the average retirement savings for Americans aged 60 to 69 was approximately $195,000, according to Fidelity.
- A study by the National Endowment for Financial Education found that 60% of Americans do not have a budget.
- A survey by the American Psychological Association found that 72% of Americans reported feeling stressed about money at some point in the past month.
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- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
- According to a survey by the Financial Industry Regulatory Authority (FINRA), about 66% of Americans could not correctly answer four basic financial literacy questions.
- The average cost of raising a child in the U.S. is estimated to be around $233,610, according to the U.S. Department of Agriculture.
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How To
How To Set Financial Goals That Stick
Setting financial goals that stick begins with defining what you want to achieve, whether it’s saving for a home, paying off debt, or building retirement savings. Use the SMART criteria—Specific, Measurable, Achievable, Relevant, Time-bound—to structure your goals effectively. Write down your goals and break them into smaller, actionable steps to make them less overwhelming. Establish a timeline for each goal and regularly review your progress to stay motivated. Adjust your goals as necessary to reflect changes in your financial situation or priorities, ensuring they remain relevant and attainable over time.
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