poundland, budgetAs well as making innovations convenience store retailers have to be able to copy ideas from other businesses. One such idea has been the growth of outlets selling “pound” products. Stores like Poundland have been extremely successful and continue to open up everywhere. The message is simple, it works and by selling branded goods the public have confidence in the proposition. The formula makes sense in good times but in recessionary times such as now it works wonders. Even some of the big supermarkets have copied this idea and are selling many products at a the one pound pricepoint.

It may well be worth trying this in your shop by creating, say, a “Pound Point”? I am sure there are lots of products you can sell for a pound, even if it may mean squeezing margins at times. Why not create a corner or some other convenient point in your store so it will stand out for customers? You can also put a notice in your window advertising your pound products.

Nothing ventured nothing gained!