Setting Up Shop

Hi all,

This might be a little mad to some but it is just an idea in my head for now. Setting up a small retail shop in Malta.

I have looked at rent for a fairly decent place which gave my idea a little more of a push, around 100 eur monthly. However, I am looking for what ideas everyone has, whether it's a good idea or not, can it actually make money? etc etc. Maybe get my goods from the UK or elsewhere (haven't looked into this in great detail as yet). The shop would be similar to a poundland type store which sells all sorts of bits and bobs from 1 eur to 5 eur something like that. Imagine like a carboot but in a shop environment.

Is the above a really stupid idea? how much money would it take do you think to start off? would it make money eventually paying around 1,000 eur a month? is it even possible?

I am from the UK currently living in Malta.

Ideas, comments, suggestions etc anything. Criticism welcome.

Thanks,

Hi, wow that is very cheap...Are you sure that is right? That is around 3-4 euro a day rent, which is pretty unbelievable??? Also, are you aware that there is a chain of 1-5 euro shops here? Probably one in most towns?? I guess if you were providing something different from the rest?

Hi,

Yes, very cheap even I was surprised. I asked the guys (real estate agent) to confirm and they said yes it is monthly. However, would be good to get more details on it, I'm sure there are other fees involved.

I have seen a few 99c stores around but they always seem empty and full of cheap plastic rubbish. It didn't seem to impress or my wife who is always after a bargain.

I think the difference would be the fact that it is based on a carboot but in a shop environment. This would mean an all sorts type shop and re-order things that are doing well. I see small little shops with a similar idea to mine and they are nestled in side streets and never have much trade. I am unsure if they make enough to survive or the store owner also has a partner working during the day elsewhere to help make ends meet.

Is this idea just a ridiculous idea? I would need to make roughly 40-60 eur profit a day is it even possible for a shop like this?

I would shop there if its close to me, I miss poundland in england lol love a good bargain

But there are shops that were once Tal Lira called 1 to 5 Now, I believe, all Tal- Lira's will be these shops, which basically is in every town...They sell everything, including clothes, shoes, household goods and are very good value. This list of stores are here

There is this recent thread about the Tal-Lira shops...Read into it how you like...Tal -Lira's are a huge chain for Malta and have been going for years but even they are changing to 1 to 5 euro shops now and jumbo stores...Was this because selling things for 2 euro was not profitable? Who knows, could you make 60 a day in a small shop, when people could go to a jumbo superstore? Where is this shop going to be??