A NEW discount store has opened in the UK that will sell everything for £5 each.

Only5Pounds is ready to tackle the likes of Poundland and 99p Stores on our troubled high streets and insists people will pay five times the prices they'd find in their rivals.

The company launched online in 2015 and has become so popular it opened its first physical store this week in Northampton.

But it comes months after Poundworld crashed into administration amid the turbulent times our empty town centres face.

Only5Pounds will sell everything from beauty products and electronics to toys and even basic flat pack furniture.

"The aim is for people to feel that they are getting good value for money," managing director Vinod Chopra told ThisisMoney.

"We want to bring online prices to the high street so everyone can benefit from the savings."

He added the firm wants to open 100 stores in the next three years across the UK.

It initially has plans for sites in the south, including in Harrow, Watford, Milton Keynes, Luton and Dunstable.

The retailer will then work on opening branches in the Midlands locations, such as Birmingham, Solihull, Loughborough and Leicester.

However, just last week The Sun Online reported how 100,000 jobs had vanished from UK high streets due to the rise in online shopping.