Poundland boss Andy Bond has said there is light at the end of the tunnel for struggling high streets.

The former Asda chief maintained that bricks-and-mortar stores have a future because “online retail growth is slowing”.

Bond told the Mail on Sunday: “The thing to ask yourself is this: Do you believe that 100 per cent of shopping will be online at any point in the future?

“Most people would answer no. Online retail growth is slowing and so there must come a point when the shift online has happened, where we reach a point of equilibrium between online and the physical shops again.”

He argued that the rising costs of technology would constrain online retailers’ growth.

Bond said: “When [online shopping] first started, bluntly, a Mickey Mouse website was fine, but the costs of attracting new customers are escalating dramatically. Meanwhile, the cost of running shops, rent in particular, is coming down.

“Suddenly, when that balances out, it won’t be cheaper to buy goods online any more.”