This latest store expansion program comes in the wake of strong sales posted by the company which rose 15% to £880m in the year to the end of March.

Poundland chief executive Jim McCarthy told BBC news that the discount sector is now a mainstream feature of the UK retail scene.

"Over time I’m confident that we will have over 1,000 Poundland stores in the UK," McCarthy added.

As per plan, the retailer intends to set up 50 stores in the UK this year and another 50 next year. Presently, the discount retailer is operating 458 stores in the UK and Ireland.

Additionally, the retailer, which is a food and household items retailing company, is planning to launch its Dealz chain into Europe in the next 18 months. The chain presently operates 26 outlets, and is further looking to set up additional outlets in Ireland.

"There is a big market in Europe and it is absolutely ideal for Dealz," McCarthy noted.

Poundland is also mulling to float an IPO on London stock exchange next year.

Poundland offers its products through various segments including, food and drink, health and beauty, baby, house and home, pet food, clothing accessories, music, books and film, toys, batteries, and stationery.