Poundlandis bringing back an iconic rule to 850 stores across the UK. Customers of the budget chain demanded the famous £1 pricing strategy return to shops.

The move is part of a major overhaul that will see 68 branches shut their doors. The Black Country-headquartered chain is set to boost the number of items available for just a pound in its stores. Poundlandwill implement £1, £2, £3 grocery pricing throughout all outlets in stages running from now until September. By the end of the rollout, a whopping 60% of grocery products will carry the £1 price tag. Barry Williams, managing director, said: "Customers have told us loud and clear during these trials that they will back a simpler, more focused Poundlandthat keeps its promise of amazing value. "We've heard them, and the clear success of our pilot is why I'm confident that a Poundland that's focused on the simple value our customers expect can have a bright future." The move comes half a decade after the chain abandoned its £1-only pricing model. Market analysts GlobalData reckon the retailer's market share has dropped by 2.3 percentage points between 2019 and 2024.

Parent company Pepco revealed it had put the business on the market following the Government's hike in National Insurance and business rates this April, claiming these changes would "add further pressure to Poundland's cost base".

A former Poundland executive claimed the brand had "lost its way" by becoming "far too complicated and confusing for customers" due to its bewildering range of price points.

Barry Williams, the boss of Poundland, stated that maintaining the £1 price tag had stopped them from offering products that customers were forced to purchase from competitors.

The company described the shift as a transition from being a "single price" to a "simple price" retailer. At the time, Williams commented: "This is a way to broaden our proposition in a measured way that stays true to why people love Poundland."

The chain announced that 37 of its stores will close in August. Poundland will close 10 sites for good on August 10, 15 stores will close on August 17, and 12 stores will close on August 24.

This is part of a restructuring plan that the company launched in June after it was sold to investment firm Gordon Brothers for £1. A total of 68 stores are closing - three have already in Chiswick, Swiss Cottage and Southampton.

The remaining 40 will close between August and October. There are 150 more at risk of closure, with Poundland expecting to reduce its portfolio to around 700 stores.

The new owners have proposed axing frozen foods, reducing chilled foods, closing distribution centres, not selling online, and providing more womenswear and seasonal ranges.