Bargain store takes over Balham Woolworths (From Your Local Guardian)

Bargain store takes over Balham Woolworths

3:40pm Friday 23rd January 2009 in Wandsworth By Eleanor Harding

99p Stores has bought up a number of Woolworths in London

A bargain basement store took over the old Woolworths site in Balham High Road on Thursday morning, creating 25 new jobs.

The shop, 99p Stores, which has bought up a number of Woolworths in London, is looking to expand its 71 stores across the UK this year.

The new arrival has been welcomed by those feeling the pinch, but others fear it signals a decline in the area.

And in these tough economic times, the company claims the likes of stockbrokers, solicitors and accountants are now turning to its stores.

"The face of the High Street has now changed forever," said Hussein Lalani, commercial director. "When we first opened at the start of the millennium our customers were bargain hunters. Now they come from every sector of society and every single one of them is welcome."

The British-based company, which sells all products for under £1, has taken out a long-term lease and anticipates staying for a number of years.

Gerry Loughran, marketing director, added: “Everything we sell represents exceptional value for money. Customers will be saving 20 per cent to 80 per cent. It’s a significant saving. It’s good because people haven’t got as much money to spread around these days.”