Pound shop forced to close after 99p Store opens across the road .

A pound shop has been put out of business - by a rival 99 pence store.
Thrifty shoppers began bypassing Pound World when the competitive shop opened directly opposite.It is thought people struggling to beat the credit crunch would rather save just one penny by shopping in 99p Stores.



Penny pinching: Pound World in Poole has been forced to close after a 99p Store opened nearby Pound World bosses claim the rush across the high street has got so bad that the shop has seen a 70 per cent drop in turnover.They have now been forced to close the discount store in Poole, Dorset, due to the nosedive in takings.Jamie Lang, area manager of Pound World, said the shop's turnover had been stable
since the store opened in June last year.


But takings began to tumble when 99p Stores opened across the road just weeks ago - undercutting their prices by just one penny.Mr Lang said: 'It's amazing that we are having to close because of a 99 pence store.
'But people will go wherever they can get what they need at the cheapest price - even if the difference is just one penny.'Hussein Lalani, commercial director for 99p Stores, blamed the poor economic climate for the unfortunate situation.He said: 'We never try to directly affect anyone but it's all healthy competition.
'With tight pockets and wallets these days, there is a lot of competition for the pound on the high street'.The closed shop's seven staff will however remain employed, by another discount store opening on the same site.




It must be like the old saying "look after the pennies and the pounds will look after themselves". :Bolt1:

or as the scots say mony a mickle maks a muckle