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Thursday 13 December 2012

Prof. Ben Voyer discusses the UK's pound shop boom

Prof. Ben Voyer is an Assistant Professor of Marketing at the London campus. He was recently invited by BBC Radio 4 to discuss one of the recession's few winners: the pound shop.

Officially known as 'single-price-point chains', pound shops essentially offer a broad range of everyday items - from food to toiletries, cleaning products to toys - at one price: the humble quid.

Their appearance on the high street is divisive, with some celebrating the convenience and low-cost options on offer, and others viewing them as a blight. But with pound shop chains expanding as the recession drags on, they are nothing if not a fascinating business model.

Speaking on Jonty Bloom's BBC Radio 4 show, Prof. Voyer said that pound shops succeed because they create "an illusion that you need the product."

"You might attribute extra value to a product, and then your entire way of making decisions is changed. Because of the low price, you actually end up buying the product."

You can listen to the rest of Ben's interview and the full show via the BBC Radio 4 website. This is available until 17th December 2012.

Please note that due to licensing restrictions, BBC online content may not be accessible outside of the United Kingdom.

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