Business leaders insisted today that Oswestry was bucking the trend and “very much open for business” despite the credit crunch.

In spite of a number of shops remaining vacant in the town centre, they said hopes were high that the town would beat the economic downturn.

Those hopes were boosted today by the news that a national retailer is on the verge of moving into the empty Woolworths shop on Bailey Street.

The landmark building is owned by Oswestry Town Council, which has been working hard to find a new tenant since Woolworths shut on December 30.

David Preston, council clerk, said today: “The council made a commitment before Christmas to work with the administrators to try to secure a new tenant recognising the pivotal role of Woolworths within the town centre and the employment it provided.

“Through those discussions we are aware contracts are due to be exchanged this week to bring a new retailer into the town.

“At this stage further details cannot be revealed, but the council is encouraged at this national interest and the fact that hopefully the store will reopen, demonstrating commercial confidence in Oswestry and providing new jobs.”

The Woolworths store is one of several which are currently vacant.

Some of the properties have closed in the wake of the credit crunch while others have been vacant for many months or have shut because traders have retired or relocated in the town.

But town traders dismissed the suggestion Oswestry was on its knees.

Yossi Gliksman, Oswestry Chamber of Trade chairman, said: “The town is very far away from being a ghost town. There are many independent retailers in the town which are surviving and working hard to keep going. We are very much open for business.”

The town’s Wednesday market was busy yesterday and market stallholders remained upbeat.

Matt Brooks, from Tinsley’s fruit and vegetables stall, said: “We have been here for 40 years and I have been doing this on and off for 20 years and we have seen good times and bad. Right now things are not great but we are busy enough.”

By Iain St John