The store that went from poor relation to High Street winner

In the days when it was de rigueur to bring your packed lunch to work in a designer paper bag, Poundland and its plastic carriers was regarded as strictly off-limits.

But things have changed and thanks to a U-turn by middle class consumers, who have fallen out of love with designer excess, the discount store has suddenly found itself in favour. So much so, if it hasn't already, the company will soon be coming to a high street near you.

After previously announcing a staggering 81.5 per cent rise in operating profits to 21.5m and unveiling plans for open a further 50 stores in the UK from April next year, the company, which has never advertised since it first began trading 20 years ago, is now keen to welcome even more professionals through its doors.

"We have two types of customers, " said chief executive Jim McCarthy. "Those who need to save money and increasing numbers of middle class customers who are choosing to save money to preserve their lifestyle.

"More middle class customers are trying us because attitudes have changed and there is no shame in saving money any more. They make a virtue of spending wisely and its their custom that has already seen us grow throughout tough trading conditions."

Poundland certainly offers an eclectic range of items – its top sellers including everything from Kodak batteries, Maltesers and a two litre carton of milk to reading glasses and an emergency tent.

In fact, with most of its stores boasting 3,000 products, there's not an awful lot you can't buy.

In the special occasions section, 1 will get you one pink cowgirl hat, 40 paper plates or an L-plate. There's even more value for money over at leisure and entertainment, where for the same money you can pick up an albeit unauthorised biography of Daniel Craig, three pouches of cat food or a 12-pack of die cast cars.

The stack them high sell them cheap philosophy is one that's been embraced by retailers to great success in recent years, with the likes of Netto, Lidl and Aldi all suddenly finding themselves being the subject of dinner party conversations.

Yesterday, Poundland which has already taken over 60 former Woolworth sites since January last year, insisted its rebranding from downmarket purveyors of tat to middle class bargain haven was complete.

"At one time we were considered to be perhaps downmarket," added Mr McCarthy. "But now landlords recognise we are a major magnet for footfall.

"When the economy picks up, we expect some of these new shopping behaviours to be stickier than they were in the last recession. People are now proud to be savvy and save money."

While Poundland may be over-stating the point – its stores are unlikely to ever truly take the place of Waitrose in the hearts of the middle classes – it has managed to capitalise on a new wave of the money conscious.

Recent research seems to confirm that materialism is very definitely last year's thing and we have turned into a proud nation of have-nots. According to the survey by website uSwitch.com, while a third of us are likely to talk about how much we earn, more than double that boast about how little they are paid. Of course the results were a convenient plug for the online price comparison site, but it does appear having less is the new having more.

"In the face of economic adversity, keeping up with the Joneses no longer means competing to have the most lavish lifestyle – it's now about being seen to be poor and proud," says Ann Robinson, the company's director of consumer policy.

"Bragging about money or expensive purchases is something that is frowned upon. Boasting about getting a great bargain or talking about how little you earn is in keeping with the times. We are wearing our frugality as a badge of honour and take great pleasure in telling others about what we don't have rather than what we do.

"Part of it is about being seen to fit in – we don't want others thinking we are getting off lightly. Instead we're competing to make the biggest changes and cutbacks to our lifestyle – or at least that's what we're telling everybody else.

"The good news is there are no longer any prizes for being seen to enjoy a lavish lifestyle and that takes a lot of pressure off consumers."