Discount retailer 99p Stores has set its sights on opening as many as 500 shops.

It currently operates 52 stores, but there was potential for the chain to expand to between 400 and 500 stores across the UK, said business development director Hussein Lalani.

"If you look at other discounters such as Poundland, which has more than 150 stores, you can see the potential," he said.

A further five stores are scheduled to open by the end of the year, Lalani added.

99p Stores was also planning to expand its own label grocery range Deli Fresh. The 12-strong ambient range was launched at the beginning of the year.