Hi, I guess it all depends on how you define "a lot". :-)
Yes, Poms DO shed. Here's a quote from "The Pomeranian - An Owner's Guide to a Happy, Healthy Pet" regarding Pom shedding:
"The Pomeranian sheds between four & six months of age, and again when he is one year old. After that, the male sheds once a year, and the female at each season. Good grooming practices will keep these episodes short."
This refers to the major "clump" shedding that they go through where the hair comes out in large clumps. In between these episodes, they also go through a "continuous" shedding where the hair is lost continuously, but in less volume.
If you're looking for a dog that doesn't shed, I would not recommend a Pom. :-)