Ipswich Poundland to remain open in U-turn decision

Poundland in Ipswich's Sailmakers shopping centre will now stay open

A town centre's pound store is to stay open, after the company reached a new agreement with the landlord.

The Poundland in Ipswich's Sailmakers shopping centre had announced plans to close in February, as the company stated it was "unable to renew the lease" for the site.

A spokesperson for the retailer said: "We have been working hard behind the scenes with the landlord.

"We have managed to secure an agreement that will keep the store open."

The news comes just days after Poundstretcher announced it would be taking over the former Wilko store, which closed in October after the chain fell into administration, on Upper Brook Street later this month.

'Common sense'

Retail analyst Stephen Moody said the companies fell into what he called "variety retailers".

"With inflation, higher rents and higher business rates... very few things are now a pound," he said.

In September Poundland opened a new store at Copdock Mill Interchange.

Mr Moody said the move was "common sense", as retailers increasingly looked for locations with cheaper rent and free customer parking.