Just after Christmas in 1887, Sámal P. Petersen (affectionately called "Piddi") started to do business in his own new-bulit store "Niðri í Støð" in Fuglafjørður.

At first, the store served as his residence too, and soon "Piddasahandil" (Piddi's Shop") became the place where people gathered, not just for business, but also to get the latest news.

After a few months, Sámal P. Petersen started to buy fish, and already in 1890 he owned several vessels. In Fuglafjørður, he also owned several areas, specially used for fish drying. The store basement was used for weighting, washing and drying fish.

The business proved profitable and in 1910 he had to build an addition to his shop building. This building was called "Ribarhús", the same name as one of the Danish ships delivering merchandise for the store.

In the early 1920s, the trade became increasingly difficult, and in 1924 Sámal P. Petersen had to stop his trading business. However, his eldest son managed to continue the trading for many years afterwards.

In 1970 the trade business stopped for good. The building was sold, and for a period it was used for a varity of business purposes. After that, the building was left unused for several years.

In 1997, when a local "Craft Society" was established in Fuglafjørður, the old store building returned to life again. Today, the old store with the old shelves is full of handicrafts (clothing and decoration items). All the items are produced by members of the Craft Society.

In 2004 the Town Council of Fuglafjørður bought the old building for preservation purposes.