The former flagship HMV store on Market Street in Manchester is to become one of Britain’s biggest pound shops, the M.E.N can reveal.

The three-storey building was a Saturday morning browsing spot for music fans over more than two decades before the HMV store closed down in January.

But the 32,000 sq ft location has now been let out to independent pound shop Home Store, which is set to open within weeks.

Hoardings for the new business have not yet been set up. However, workers could be seen inside the store on Thursday stocking up on foodstuffs and toiletries.

Signs outside the former store are also advertising for new staff members.

Home Store, which is operated by a firm in the West Midlands, is understood to have only signed a short-term let and the property remains on the market for a long-term letting.

A request for planning permission has also been submitted to Manchester council to renovate the building’s historic frontage and to sub-divide the huge store into two units, if required.

Matt Illingworth, from agent Hynes Illingworth, said: “The landlord is still looking to find a long-term tenant for the location. It could be one or more businesses.”

The HMV store ran into difficulties after the music chain became the latest high street victim of the credit crunch.

Although numerous stores closed last year, it was thought a deal in April 2013 with retail chain Hilco would safeguard the Market Street branch in Manchester.

The retailer had vowed to save the store and invest money in a facelift, after buying 141 stores in a £50m deal.

But in January, Hilco closed the Manchester store with five other branches due to tough trading conditions.

However, HMV continues to trade in the Arndale Centre.

Largely free from internet competition and fuelled by the credit crunch, pound stores have enjoyed a renaissance with brands such as Poundstretcher and Poundland now running nationwide chains.