(CNN) — Nadir Lalani, arrived in the United Kingdom in the recession-hit 1970s from Tanzania and started a small corner shop. Since then, he has expanded his successful budget retail business ’99p Stores’, throughout the country.
The stores, where everything is sold for 99 pence and are equivalent to dollar stores in the United States, have grown rapidly especially during the global downturn. Lalani now operates more than 100 stores in Britain and serves around 1.5 million customers each week.
Times are tough on the British High street but Lalani has managed to open 40 new stores in one year as a growing number of consumers go on the hunt for a bargain.
Lalani, who is of Pakistani origin, shares his experience of building a recession-proof business with CNN’s Erin Maclaughlin in this edited version of their conversation below.
via How ’99p’ stores made African businessman millions – CNN.com.
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