"WELCOME to the city of Croydon" is how those promoting the town would like to welcome future visitors.

But, if the city status bid doesn't come off, there's always an alternative – "Welcome to the 99p capital of the UK".

The opening of Croydon's third 99p Stores at the end of this month means the town now has more of the bargain basement shops than anywhere else in the country, based on population per store.

Hussein Lalani, boss of the nationwide chain, said Croydon is a town full of bargain hunters.

He told the Advertiser: "People in the town know value when they see it.

"We initially conducted research when we first started expanding in the town and discovered that Croydon people know a bargain better than anyone."

The latest 99p Stores, at the site of the former Walkabout bar in Church Street, will open at 9am next Saturday.

It will be the 174th 99p Stores in the UK and Ireland – and the third to open in Croydon, following on from those already in place in North End and Central Parade, New Addington.

And Mr Lalani, who runs the business alongside his brother Faisal, believes bargain shopping is not something to be ashamed of.

He added: "People who say Croydon being the 99p capital of the UK is a bad thing are clearly not living in the real world.

"Times are tough. We offer products at very affordable prices.

"Our shops are always crammed and we want to give people the very best service."

Walkabout closed in June 2009 and the site has remained empty ever since.

The opening of the new store, which will create 35 jobs, will be marked with a 99-second trolley dash for one lucky customer.

But not everyone is keen.

Matthew Sims, from Croydon Chamber of Commerce, said: "People are shopping on a much tighter budget and want to make their money stretch further.

"But by having a market which is focused purely on 99p stores, it may take away from other high street retailers and could damage the local economy.

"We need to make sure the balance is right."