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Sara Melin from the Poundshop delivered us a great lesson on how an entrepreneur mindset and good partners can build something profitable, even in markets that are shrinking. The Poundshop was established in 2010, after a worrying discussion about how expensive and inaccesible art shops have become.

The artists from the collective were not happy with the idea that art was being overly expensive, and what started as a joke (“Let’s make a shop where nothing costs more than one pound!”) turned out a very successful idea.

As the idea started to take off, the collective decided upon a production cost no bigger than 50p, in order to make all products cost effective at a selling price of one pound. The first pop-up store opened up in Hoxton, in 2010, and costs were kept to a minimum.  After the initial success, the group went on to create  bigger and better shops keeping in mind the same business model. The biggest Poundshop to date is the Christmas shop at Somerset House, with a record 73 designers taking part in it.

 

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