The existing Poundland store at Westcroft shopping centre is moving next door to premises that are at least three times the size.
Poundstretcher moved out earlier this year and the store is currently empty.
A spokesman for the company said: “Poundland is moving next door into the former Poundstretcher unit. The opening date will be confirmed in September.”
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It is not known what will happen to the existing Poundland premises.
Westcroft is becoming the bargain mecca of MK, with an Aldi and B&M in the same stretch of shops. And Poundland bosses have announced there will be even more treats in store for bargain hunters when the new store opens.
They are cutting the price of 1,000 general merchandise items in its stores and are also introducing new low-priced household staples online.
Savings include a robot block pencil case reduced to 25p and numerous lines at £2, including hand towels, vases, jars and storage boxes.
In gardening, sale items include a Squirrel feeder for just £2.
Meanwhile, Poundshop.com has unveiled its Value Heroes. This is a range of £1 household staples that help to beat inflation. Current Value Heroes, which can also be found in-store, - include Fairy Washing Up liquid, Flash Cleaner and Men’s Nivea Shower Gel.
Every Wednesday Poundshop.com will also offering an item for just one penny while stocks last. This begins today with Elbow Grease Degreaser Original (500ml).
Poundland’s commercial director Tim Bettley said: “We’re acutely aware how important value-for-money is right now for our customers – and that’s why whether it’s across grocery, clothing or homewares, we’re doubling down on our promise of amazing value."
Chief operating officer, Austin Cooke, added: “The pressure on customers from inflation is real. While we’re serving more shoppers, that’s partly offset by customers being more intentional about what they’re putting in the baskets. That’s why we’re determined to bring more value to more places, in store and through our new online business.”
The company plans to open 10 new and relocated stores before the end of September, while another 15 are the pipeline by the end of the year.