The economic downturn has caused growth for Poundland, which intends to open 30 new stores this year, creating 1,000 jobs.

The retailer, which sells everything for a pound, has attracted savvy consumers hoping to save some cash. Like-for-like sales at Poundland for the five weeks ending 4 January increased by 3.9%. Total sales were up 24.3% year-on-year.

Chief executive Jim McCarthy said: "It is clear Poundland has been one of the few retailers reporting growth during the 2008 Christmas trading period. We are well-positioned to capitalise on the continuing strong customer trend to seek value for money."