Poundland, which opened a store in Bishop’s Stortford less than six months ago, has confirmed the Jackson Square branch will shut for good on Saturday, May 4.
A spokesman said: “Sadly we’ve been unable to secure a long-term lease that would enable us to keep trading. We know that will be disappointing to customers and colleagues alike – we will, of course, do all we can, to look for other opportunities for colleagues.
The precinct is owned by Legal & General. A spokeswoman for the landlord and the centre management said: “We continue to prioritise the redevelopment of the shopping centre and are engaged in discussions with various stores as we collaborate and shape the future of Jackson Square.
“Our primary objectives remain centred on providing support to our retailers.”
After Wilko went bust last year, putting 400 branches in jeopardy, Poundland was one of the discount rivals eager to expand.
Parent company Pepco Group – which has more than 4,000 stores in 21 territories including the UK, Ireland, Spain and across central and eastern Europe with 43,000 employees – struck a deal for up to 71 stores including Bishop’s Stortford.
Poundland, which opened its first shop in Burton-upon-Trent in 1990, now has more than 800 outlets across the UK and Ireland employing around 18,000 workers.
However, recently the discount chain has closed outlets in Alfreton, Derbyshire; Galashiels in the Scottish Borders; Eccles in Salford; Jarrow, South Tyneside; and Sailmakers Shopping Centre, Ipswich.
Poundland has occupied the former Wilko unit in Jackson Square since October 21. When it opened, two weeks after Wilko shut after 26 years in town, it took on a number of existing staff.
The brand, which sells food and drink, health and beauty, household, gardening, DIY, pet, stationery, books, DVDs and toys, previously operated in Stortford from premises in South Street.
It followed 99p Stores as the occupant of the former Sainsbury’s store in the mid-2010s before B&M opened in February 2018.
Jackson Square is currently undergoing a major redevelopment to accommodate a new 20,000 sq ft TK Maxx store and other units, expected to be ready by spring 2025.
Mamdani Opticians, Photosound and F. Hinds jewellers have all been relocated within the shopping centre while the work progresses but Sports Direct left a year ago when the project began.