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Demand rockets at Hereforapound.com

Britain’s first online pound shop said demand has rocketed in its first few weeks of trading, setting the group up for sales of more than £5million in its first year.

Hereforapound.com launched at the beginning of last month with a sales target of £28,000 in its first month. However, after four weeks it had already exceeded £100,000.

Co-founder and managing director Donna Baker, 38, said: ‘I am going to have to draw up some new forecasts.’

Her company has featured in BBC1’s reality TV programme Pound Shop Wars.

The last month has seen a flurry of launches in the sector including Poundshop.com, which was set up by Steve Smith, who founded Poundland more than a decade ago.

Poundpanda.co.uk launched last month but has been deactivated because it could not cope with demand. It is expected to relaunch soon.

‘The people visiting our site are probably a different type of shopper to the ones you find in pound shops,’ said Baker. ‘They have less time to spend shopping and are probably more middle class.’

Baker, who is based in Exeter, Devon, set up the website with her husband Mark. Their first ecommerce venture Hereforaday.com was launched in 2010. It now has an annual turnover of £1 million.

Source : Neil Craven - ThisIsMoney.co.uk
www.thisismoney.co.uk/money/smallbusiness/article-2570935/First-online-pound-store-set-annual-turnover-5m-weeks-launch-demand-goes-roof.html?ito=feeds-newsxml

01 March 2014
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