Value retailer Poundland has opened its 500th store in Birmingham today as its expansion continues.

The 7,000 sq ft store, on Corporation Street, is the 49th store Poundland has opened in its current financial year.

The single price point retailer, which has lined up JP Morgan and Credit Suisse to advise on a potential float, now makes close to £1bn sales a year and has five million customers a week.

Poundland chief executive Jim McCarthy said: “I strongly believe that our customer base keep coming back because we have stayed firmly to the principles established when we opened our first store in 1990; namely helpful and friendly staff offering amazing value every day at the £1 price point.”

McCarthy has said that he is ultimately targeting a 1,000 store estate for Poundland.