THE former Woolworths shop in Chingford Mount is to become a 99p Store.

The shop, in Old Church Road, is to reopen at 9am on Friday July 3 and will employ about 30 people.

A spokeswoman for 99p Stores said: “The nearest other store is Walthamstow and it’s the success of this one that has led to the Chingford opening.”

The new store will be one of 89 across London and the UK, about 15 of which are former branches of Woolworths.

The spokeswoman added that queues of hundreds of people hoping to snap up cut-price products were expected.

A promotional event will also be held in which one customer will be made a “Very Important Pennysaver”.

The winner will cut the red ribbon at the official opening and will also be given a 99-second “trolley dash” in the store.

Woolworths went into administration at the end of last year, closing all 800 of its UK stores and cutting tens of thousands of jobs.

The Chingford store officially ceased trading on January 2 this year amid swarms of bargain hungry shoppers, keen to buy up the last of its stock.

The former Woolworths shops have been specifically targeted for takeover by 99p Stores and there are plans for a further 40 to be reopened by the chain before the end of the year.