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99p Stores announces plans to open new stores in Hampshire
LEADING discount chain 99p Stores has announced plans to open 70 new stores across the country – including a number in Hampshire.
Last night the company said it was too early to disclose the new branches’ locations, but stressed the county is in its plans due to demand from customers.
The huge expansion, funded by a £25million cash injection from Barclays, is part of a scheme to increase its 240 stores to 310 by 2015.
Southampton Itchen MP John Denham welcomed the opportunities for new employment after heavy job losses across the county, including 940 positions shed at BAE Systems in Portsmouth and 300 more at chemical firm Polimeri Europa UK Ltd in Hythe.
He said: “The spread of these stores is the sign of the times that people are trying to manage with low incomes.
“These stores will provide jobs for people and any job is better than no job.
“But I am slightly depressed that today’s business opportunities come from the fact that so many people are struggling to make ends meet.
“It will provide jobs for people who need work but we need to build the economy and bring decent wages and business.”
Company chief executive Nadir Lalani who founded the store in 2001 in Holloway in London said: “We know from the popularity of our stores and customer feedback that there is still a substantial opportunity to grow much further.
“This package of growth finance will allow us to move quickly to the next stage of growth, giving more consumers in more locations access to our proposition of quality goods for under a pound.”
Over two million customers visit 99p Stores each week for a range of 3,000 items including food and drink, toys, stationery, toiletries, clothing and gardening equipment.
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