Landlord's lease demands pushes Poundland out
Just as Stratford town centre trade was showing signs of recovery it has been dealt a blow with the announcement that Poundland is to close.
The Bridge Street store opened in 2009 but will cease trading on 15th September.
The company told the Herald that high rent being asked by the landlord was a deciding factor.
A spokesman said: “Sadly the lease is expiring and we’ve so far been unable to agree economic terms with the landlord for its extension. We’re actively looking for another suitable town centre site.”
Located at 6-7 Bridge Street, the site had been home to Woolworths for many years – fondly remembered by many. Its lease is now up for sale, advertised on a number of business estate agent websites. One such company, CBRE, said it was seeking rent of £140,000 and added "depending on use and covenant we will consider offers". This comes on top of rates of £84,000 per year.
The news of the shop’s closure is especially disappointing as Poundland had offered reassurances that the new site at Maybird would not jeopardise the future of the Bridge Street branch.
When the company was seeking planning permission for the new location at Unit C – the old Pets at Home store – at the Maybird in January 2020, it stated as such in their application to Stratford District Council.
In a letter submitted with the application, Ben Wall, head of estates for Poundland, said: “The second store at Maybird Shopping Park will allow Poundland to improve its offering to customers in the area.
“The town centre store trades acceptably and will be maintained. Poundland considers two stores being very much complementary to one another and part of our strategy for representation in the town.”
Poundland’s departure from Bridge Street is another worrying setback for Stratford town centre and will impact on strategy for other large commercial operators.
Marks and Spencer and Boots are understood to have been concerned by an estimated 80 per cent fall in footfall to the town centre during the pandemic – with many favouring the ease of parking at Maybird given the road closures and barriers erected along Bridge Street for the past 18 months has made town centre parking more difficult.
A local business person, who did not want to be named, said that the loss of Poundland was especially devastating as retail trade had been gradually recovering in the wake of the pandemic.
“It’s tragic really,” said the source. “Poundland was a destination asset. People would visit the town especially to pop in and buy a few bits and pieces.”
They continued: “I think landlords asking high rents in the current climate are out of touch. It will delay recovery and ultimately hasten the end of the
high street.”