The birth of Poundland in the West Midlands and how it transformed discount shopping in the UK
It is a remarkable story that began with a box of bits and pieces on a stall in Bilston market - and it grew to become the nation's go-to budget store.
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It made fortunes for the father and son who came up with the idea and this year marks Poundland's 35th anniversary.
Poundland was the brainchild of father and son market traders Keith and Steve Smith, from Willenhall, who created the business with fellow former market trader Dave Dodd.
After the sale of the Smiths' highly successful Hooty's store in 1988 the family had planned to move to Spain.
But Steve's wife Tracy had last-minute misgivings about moving.
Steve recalled that it was while sitting around a swimming pool in Spain, after breaking the news to his parents, that Poundland was born.
He said: "We were talking about what I should do when dad recalled how, when we ran the market stall in Bilston, the most successful idea was an 'everything for 10p each' box.
"He suggested starting a shop selling everything for £1, the old one-price idea that Woolworth's started with.
"I came back and set up the office in Sedgley with a second hand fax machine, a second hand desk and a dream of making the business worth £100m a year."
That £30-a-week office was in Dudley Street, above the Concord Market.
Dad Keith had faith, and backed his son with £50,000.
The first store opened in Burton-on-Trent on December 13, 1990.
It has come a long way since then and there have been a number of changes over the years.
It now has 825 stores but recent trading has become more challenging.
Current owner Pepco Group now says the UK business will increase the number of products it sells for £1 or less in a bid to improve its performance after a sharp drop in sales and as part of efforts to get the chain “back on track”.
It has stressed that Poundland will not increase its store numbers over the current financial year as it focuses on improving sales.
Let's take a look back at where it all began and how Poundland grew to have hundreds of stores....
1990: Poundland opened its first store in Burton Upon Trent's Octagon Centre. At the time founder Steve Smith was working out of a first floor office over the indoor market in Sedgley with a second-hand fax machine and an old desk.
1991: Poundland opens a store at the Meadowhall shopping centre in Sheffield. In its first week the new branch, in a former video shop, took more than £140,000.
1995: Poundland's new 320,000 sq ft head office and distribution centre is opened in The Meadows, Cannock Road, Wolverhampton.
1996: The Hong Kong office opens to provide direct support with sourcing products from China and the Far East.
1999: Steve Smith wins UK Retail Entrepreneur of the Year award as Poundland grows to more than 50 stores and 2,500 employees.
2000: New Willenhall Customer Support Centre (CSC) and warehouse opened beside the Black Country Route to cope with growing store numbers. The new headquarters is built on the site of the former Wellman Smith & Owen factory where Steve Smith's father Keith once worked.
2002: Steve Smith and his father Keith sell Poundland to investment group Advent International for a reported £50 million; Colin Smith (ex Safeway CEO) joins as chairman. The group has 74 stores at this point.
2003: The 100th store opens in Shirley, West Midlands.
2004: Poundland finally opens its first store in Wolverhampton, in the Mander Centre. In 2012 it moved to the former TK Maxx unit in the Wulfrun Centre – it's biggest UK store at that stage.
2005: Springvale, a 300,000 sq ft second distribution centre at Bilston, is opened to cope with future growth.
2006: Jim McCarthy joins Poundland as CEO
2008: 200th store is opened in Doncaster, South Yorkshire.
2008: Poundland launches charity partnership with Macmillan.
2009: Poundland launched in Northern Ireland.
2010: Warburg Pincus acquires the majority shareholding in a £200 million deal, retaining Jim McCarthy and his management team. The 300th store in Cirencester opened.
2011: The first Dealz stores opens in the Republic of Ireland, at Blanchardstown and Portlaiose, and Poundland wins Discount Retailer of The Year at the Retail Industry Awards.
2012: Poundland opens temporary 200,000 sq ft distribution centre at Hoddesdon whilst permanent 350,000 sq ft distribution centre is built; and 400th store, in Haringey opened.
2012: Poundland chooses Cancer Research Wales as beneficiary from sales of its plastic carrier bags.
2013: The 25th Dealz store opens in Ireland and Poundland wins Discounter of The Year at The Grocer Gold Awards.
2013: First Celebrity partnership announcement – Jane Asher Bakeware range, Jane Asher's Kitchen.
2013: The 500th store is opened in Corporation Street, Birmingham, by Jane Asher, celebrity baker and author and boss Jim McCarthy.
2014: In March, Poundland floats on the London Stock Exchange. The shares are a bit more than £1 – they are currently around £3.16 each – valuing the business at more than £800 million.
2014: MP Esther McVey opens new 350,000 sq ft flagship distribution centre in Harlow.
2014: Poundland opens first Dealz store in Spain, in the resort of Torremolinos. Five more follow within a few months, three in Madrid.
2014: Poundland announces an exclusive jewellery range – Purple Ivy – and its Make Up Gallery.
2015: Poundland signs a conditional sale and purchase agreement to acquire 99p Stores for £55m.
2015: Second celebrity partnership announced – Tommy Walsh for a DIY range under the 'DIY:time' brand.
2015: Poundland exceeds £1 billion turnover for the first time.
2016: Poundland under new ownership
2016: PEP&CO clothing brand launches
2017: Twin Peaks launches (Poundland’s fastest selling own brand chocolate)
2018: Dealz launches in Poland
2019: First chilled and frozen store opens in Ashbourne
2020: New PEP&CO Home range
2020: Chilled and Frozen launches
2020: Fultons Acquisition
2021: PEPCO floated on the Warsaw stock exchange
2021: Poundland Foundation launches
2021: First Kits for Kids Sponsorship
2022: Poundshop.com acquisition
2022: Opened its largest 19,000 sq ft store
2022: On Super Saturday, December 10, it opened eight stores in one day.
2023: Acquired a number of former Wilko leases
2023: Poundland transactional website launches
2025: Pepco Group said the UK business will increase the number of products it sells for £1 or less in a bid to improve its performance.
