Steven Smith, Founder of Poundland: Britain’s Favorite Retailer tells us about how he started from a market stall to multi million pound business. He gives insights on Poundlands formation, driving the business, scaling the business, passing personal milestones, to selling the business and now looking for the next big business opportunity.
Steven Smith founded Poundland in December 1990, changing the British High Street and the way people shop. 85% of all people in Britain have been into or shopped in a Poundland store. Steven’s theory is that if you get the pricing right, everything sells and that there is no such thing as bad products, only bad prices. He was proved right, when they took £13,000 on their first day and he sold his business for an astonishing £50 million in 2002. The industry is now worth a staggering £5 billion.