According to the retail unit’s letting agent, Culverwell, the rent for the premises will cost Poundland £500,000 per annum.
Store chiefs last month said that they see the move as a ‘vote of confidence’ in the struggling shopping street which is set to see an exodus from fashion giants New Look, Zara and Next as they make plans to take up units in the new St James Quarter
In October, it was revealed Princes Street suffered its fifth consecutive month of shrinking sales as consumers hold back from serious spending commitments, a report has suggested.
Despite the sales slump, critics had claimed Poundland would harm Princes Street’s reputation as one of the UK’s top shopping destinations.
But in a tongue-in-cheek stunt, a giant poster covering an entire glazed panel outside the store featured the ‘Poundland Times’, complete with the hashtag
#PRINCESSTREETPROUDLAND which cited an article in a London-based newspaper which had claimed that the chain “threatens to cheapen Princes Street”