Member Article

Poundworld withdraws from online venture with rival Poundland’s founder

West Yorkshire-based single-price retailer, Poundworld has announced that it is withdrawing from the Poundshop.com venture launched with Poundland founder, Steve Smith.

The family-run company will end its association with the operation, citing a failure to reach a shared vision for the online store with its Poundshop.com partner.

Poundworld’s commitment to the joint venture that launched in February 2014 was to lend its branding to the site, to supply stock and provide product images for the first ever online single price point website.

Other aspects of managing the business, from operations and fulfilment through to customer service and marketing were led by Steve Smith.

The discount retailer’s ongoing concerns surrounding the operations, online trading, web platform and marketing of the site has resulted in a mutual agreement to dissolve the partnership.

Poundworld plans to launch its own e-commerce site later in the year.

Chris Edwards Junior trading director at Poundworld commented: “A mutual and constructive decision has been made by both parties for Poundworld to end its association with the Poundshop.com brand.

“We are still committed to online and Poundworld is putting plans in place to go it alone with our own online venture. By doing so, this will enable us to have full control over all aspects of the business ensuring that the site reflects our ongoing brand values and strategy.

“We wish Steve every success for the future.”

This was posted in Bdaily's Members' News section by Clare Burnett .