By . Daily Mail Reporter . PUBLISHED: . 05:54 EST, 28 January 2014 . | . UPDATED: . 20:09 EST, 28 January 2014 . The concept of the high street pound shop is transferring to the internet. The man who founded Poundland in 1990 has revealed plans for an online store where everything costs £1. Steve Smith, who sold his share of Poundland for £50million in 2002, believes he can make the idea work on the web. The businessman, who sold his share of Poundland for nearly £50m in 2002, however could face competition from his former business, which is also reportedly preparing to open a website. Poundland founder Steve Smith is planning to open the UK's first online single-price retailer - Poundshop.com . Business: Mr Smith, pictured, sold his share of Poundland in 2002 for nearly £50m after opening his first store in 1990 . The 51-year-old told Retail Week customers would have to pay a delivery cost of about £3, which he compared to transport and parking costs for high street shoppers. He said: 'People are used to delivery costs. My challenge is to make sure it works out cheaply for the customer.' According to reports, Mr Smith had thought about a £42 minimum order value for customers, but this is likely to reduced to about £23 following market research. He is also considering a 'click-and-collect' system which would allow customers to pick up their goods at other stores and shopping centres. Mr Smith told The Times the business may not immediately make a profit. He said: 'The first few years we didn't . make any money at Poundland. It's a bit like this. I suppose I'm the one . person who can make it work.' Smith opened his first Poundland store in 1990 with the help of a £50,000 loan from his father and sold his share for nearly £50m in 2002 . Mr Smith came up with the idea for Poundland after selling items which had lost their packaging for 10p in his first discount shop which he opened in West Bromwich at the age of 16. He managed to convince a shopping centre in Burton upon Trent to open a store in December 1990 and £13,000 of stock was sold on the first day. By the time he sold the business it had a million customers a week and 6,000 people were employed by the company. Mr Smith now finds himself living in a luxury mansion with his family while also owning homes in Florida and Majorca. Despite having enough money in the bank to retire, Mr Smith didn't want to stop working just yet and has launched a number of other businesses including one which offers investment loans to other entrepreneurs waiting for a lucky break. Poundland now has 460 stores in the UK and is the biggest bargain basement chain in Europe. A typical shop contains more than 3,000 different products with a wealth of brand names including Heinz, Pepsi, Nivea, Thorntons and Simple. Earlier this month the Daily Mail reported how of its 4.5 million savvy shoppers, one in five is a middle-class professional.
Businessman Steve Smith has bought the internet domain Poundshop.com .
Mr Smith, who founded Poundland, hopes website will be trading this year .
Minimum order value for customers of the website could stand at £23 .
By . Daily Mail Reporter . PUBLISHED: . 05:54 EST, 28 January 2014 . | . UPDATED: . 20:09 EST, 28 January 2014 . The concept of the high street pound shop is transferring to the internet. The man who founded Poundland in 1990 has revealed plans for an online store where everything costs £1. Steve Smith, who sold his share of Poundland for £50million in 2002, believes he can make the idea work on the web. The businessman, who sold his share of Poundland for nearly £50m in 2002, however could face competition from his former business, which is also reportedly preparing to open a website. Poundland founder Steve Smith is planning to open the UK's first online single-price retailer - Poundshop.com . Business: Mr Smith, pictured, sold his share of Poundland in 2002 for nearly £50m after opening his first store in 1990 . The 51-year-old told Retail Week customers would have to pay a delivery cost of about £3, which he compared to transport and parking costs for high street shoppers. He said: 'People are used to delivery costs. My challenge is to make sure it works out cheaply for the customer.' According to reports, Mr Smith had thought about a £42 minimum order value for customers, but this is likely to reduced to about £23 following market research. He is also considering a 'click-and-collect' system which would allow customers to pick up their goods at other stores and shopping centres. Mr Smith told The Times the business may not immediately make a profit. He said: 'The first few years we didn't . make any money at Poundland. It's a bit like this. I suppose I'm the one . person who can make it work.' Smith opened his first Poundland store in 1990 with the help of a £50,000 loan from his father and sold his share for nearly £50m in 2002 . Mr Smith came up with the idea for Poundland after selling items which had lost their packaging for 10p in his first discount shop which he opened in West Bromwich at the age of 16. He managed to convince a shopping centre in Burton upon Trent to open a store in December 1990 and £13,000 of stock was sold on the first day. By the time he sold the business it had a million customers a week and 6,000 people were employed by the company. Mr Smith now finds himself living in a luxury mansion with his family while also owning homes in Florida and Majorca. Despite having enough money in the bank to retire, Mr Smith didn't want to stop working just yet and has launched a number of other businesses including one which offers investment loans to other entrepreneurs waiting for a lucky break. Poundland now has 460 stores in the UK and is the biggest bargain basement chain in Europe. A typical shop contains more than 3,000 different products with a wealth of brand names including Heinz, Pepsi, Nivea, Thorntons and Simple. Earlier this month the Daily Mail reported how of its 4.5 million savvy shoppers, one in five is a middle-class professional.
pound shop is transferring to the internet. The man who founded Poundland in 1990 has revealed £1. Steve Smith, who sold his share of Poundland Mr Smith, pictured, sold his share of Poundland thought about a £42 minimum order value for customers, but this is likely to reduced to about