"In hard times we do better" admits Jackie O'Keefe, owner of StockXchange, a haute couture swap shop popular with 'ladies who lunch' and fashionistas on the look out for a bargain in these recessionary times.

Established by her mother over 35 years ago, and based in Dun Laoghaire under the managership of Nonnie Hilton, O'Keefe says there has been a significant pick up in business in the last year, particularly from clever women looking for a designer outfit for special occasions.

O'Keefe explains that an item is brought into the shop and, depending on its condition, a price of one third to one half of the original price is agreed.

To ensure a sufficient turnover of stock, the outfit stays in the shop for three weeks and, if sold, the owner and the shop split the proceeds 50/50. If not, the woman takes the item back.

"On the other side of the equation, the well-heeled ladies who can't bear to wear the same Gucci or Prada outfit twice can get money back on their initial outlay.

"For example, a Max Mara coat with an original price tag of €800 sold in the shop for €290, with the owner and the shop getting €145 each," explains O'Keefe.

O'Keefe has noticed that younger women are slower to notice the worsening recession, probably because they have never been through it before.

"The older woman is well used to recessionary times and they would still be the mainstay of the business.

"But more and more younger women are coming in with secondhand designer clothes trying to offset the original cost," notes O'Keefe.

"The recession is doing us no harm at all," she says.