A ‘discount store’ selling luxury jewellery, watches and fashion for the fixed price of £1,000 is due to open its doors in Mayfair.

The £1,000 shop is a luxury take on the pound shop model, and will stock brand-name luxury items at an exclusively discounted, fixed price.

The price tag is a considerable step up from Poundland, but David Shapiro said the shop is not just for the elite: “I would say our demographic is pretty wide open,” he said.

“The so-called ‘super-rich’ probably won’t go near it - £1,000 is too cheap for them to be interested.”

‘Luxury discount’ merchandising may sound somewhat oxymoronic, as the two are rarely seen to go hand in hand, but Mr Shapiro insists there is a place in the market for a £1,000 store.

Mr Shapiro believes that selling discounted luxury goods will benefit small brands, which would usually struggle to break into the luxury market:

“A lot of brands struggle to get exposure because of the exclusive nature of luxury marketing.

“By giving brands an opportunity to exhibit in a shop which has a much wider demographic, they can increase brand awareness in a very cost effective way. They are cutting their own prices to market to our customer base.”

He also stressed that, though £1,000 is a lot of money, it is not unheard of for people with mid-level income to save up and splurge on one luxury item: “£1000 is within the reach of most people who appreciate the quality and design of luxury goods and want to save up.

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“There are a lot of people walking around with £1000 handbags and watches who aren’t perfectly wealthy.”

Mr Shapiro said the public have responded positively to the concept, and a “significant” number of people have signed up to the members-only online store.