It's a sight we thought we'd never see. Poundland opens today in Winchester. Does the arrival of Britain's number one bargain basement store mean that the recession has finally hit Winchester where it hurts- in the pocket? Probably not.

Just because it's the richest city per head of any in the UK doesn't mean there aren't plenty of residents who appreciate a bargain. It's not only those on low incomes that like to look after the pennies either. That's one way the rich get richer.

Paul Getty, in his day the richest man in the world, used to have a pay phone in his house for the use of guests.

The fact that Poundland is now esconced in Middle Brook Street also suggests there is no hurry to empty buildings to make way for the ill fated Silver Hill Development. This now seems destined to become a mythical place as wondrous as Avalon or El Dorado.