1. ITV Report

Economic gloom means a bright future for cut price retailers

Bucking the trend - 99p Stores Photo: PA

The recession has been hard on our highstreets. Many outlets that used to house esabished chains and independant stores are now closed for business. But the story's not the same everywhere.

With less cash in people's pockets bargins are becoming even more important.

Budget retailer Poundland announced their financial results this week and profits are up by 50 per cent. While Northamptonshire based 99p Store are also proving that pile-it-high sell-it-cheap retailers are being boosted by the economic downturn.

99p Store has opened more than 60 new stores in the last two years, with some landlords willing to offer a years free rent to get thier properties filled.

The recession is clearly changing habits on our high streets but amoung the considerable losers are some winners - their low cost strategy reaping big rewards.