Pound store put out of business by 99p store
When we read this story in the Bitterwallet office earlier, we had to check with Andy that it wasn't one of his flamboyant pieces of factual news reporting. On paper, it makes perfect sense that consumers will favour the cheaper prices in a recession, but for the sake of a single penny?
And so the Daily Telegraph reports that uber-bargain store Pound World in Poole was forced to close at the weekend, because of competition from 99p Stores across the road. Yes, Pound Land was king of the hill until its rival opened last month, and has since seen sales tumble by 70 per cent.
Frugal 21 year-old Karl White said: "I would certainly cross the road if it meant I could get a similar item a penny cheaper. The more you buy for 99p, the more pennies you save. Every penny makes a difference in a credit crunch."
"I have just bought six items, so I've saved 6p," said White, sounding not unlike a character from Viz. Thanks to Bitterwallet reader Mike for the link!