- 99 Cents Only Stores
company_name = 99 Cents Only Stores
company_type = Public (nyse|NDN)
slogan = Nothing Over 99¢, Ever!
location_city = Commerce,
location_country = USA
Eric Schiffer, CEO Jeff Gold, President, COO Robert Kautz, CFO
num_employees = 10,000 (2007)
revenue = profit$1.105 billion USD (
net_income = profit$9.762 million USD (
industry = Discount, Variety Stores
homepage = [http://www.99only.com/ 99only.com]
99 Cents Only Stores (NYSE|NDN) is a
price-point retailerchain in the United States. It mostly sells products with prices of 99 cents. Items cheaper than 99 cents are sold in divisors of 99 cents (i.e., 2 for 99 cents, 6 for 99 cents). David Gold founded the store in 1982. Most of the stores are centered in Southern California, with others in Nevada, Arizonaand Texas. According to the company website (as of January 1, 2008) there are 262 "99 Cents Only" stores in the United States. In addition, the company operates Bargain Wholesale, which sells closeouts to retailers from showrooms in Los Angeles, Chicago, and Houston.
Gold first came up with the idea as a means to liquidate slow selling wines at his
liquor store. After prompting from a friend, he then created a full store of these bargains. To get publicity, he sold televisions for 99 cents on the first day, then had family members calling TV stations to ask about the commotion caused by the lines. The practice continues today as 99 Cents Only Stores will sell a high priced item (currently an iPod nano) for 99 cents to the first nine customers in line on opening day, and other limited items for the following week. Despite its image, the company operates a basic information technologyoperation with a computer system ordering stockers in the distribution center and point of sale registers tracking purchases at every store. [http://www.cioinsight.com/print_article2/0,1217,a=117140,00.asp] The Texas distribution center is a former Albertsons facility bought when they chose to exit the Houston market.
Notably, it has advertised as being open "9 days a week" and for its full page ads in the "
Los Angeles Times" often invoking humorous commentary on holidays with products sold for 99 cents. The company also celebrates the 99th birthday of public figures and names 99 year old individuals as honorary spokespersons. Photographer Andreas Gursky's diptychof the inside of the Hollywood, California99 Cents Only store became the most expensive photograph ever sold in February 2007, auctioned for $3.3 million.
October 2007, a more flexible pricing structure was implemented where items are sold for prices lower than 99 cents (for example, 69 or 49 cents). The management believes that this will permit better management of commodity price increases. [http://home.businesswire.com/portal/site/home/index.jsp?epi-content=NEWS_VIEW_POPUP_TYPE&newsId=20071108006467&ndmHsc=v2*A1163077200000*B1194691930000*DgroupByDate*J2*M619*N1001081&newsLang=en&beanID=1963892417]
September 2008, the company announced plans to raise its highest price to 99.99 cents—the first increase in the history of the franchise—to combat "dramatically rising costs and inflation." [http://www.bloomberg.com/apps/news?pid=20601087&sid=a0UtgD74RCms]
On September 18,2008 the company announced that it will cease all Texas operations by the end of the calendar year.
The company is headquartered in the
City of Commerce, California.
Coffey, Brendan. " [http://www.forbes.com/free_forbes/2002/0930/400068.html Every penny counts.] " "Forbes", September 30, 2002.
* [http://www.99only.com Official website]
* [http://www.bargainw.com Bargain Wholesale]
Wikimedia Foundation. 2010.
Look at other dictionaries:
Wigwam Stores Inc. — Wigwam Stores Inc., was a chain of discount department stores based in Seattle and operated across four states: Washington, Hawaii, California and Arizona. The discount department store was a fairly new concept when Wigwam first store opened in… … Wikipedia
Variety store — 100 Emon at Kohnoike Higashi Osaka City Dollar store redirects here. For Cuban shops that exchange solely in hard currency, see Dollar store (Cuba). Big N redirects here. For the Japanese corporation, see Nintendo. 99 cents store redirects here.… … Wikipedia
99 Ranch Market — Infobox Company company name = 99 Ranch Market company company type = Asian supermarket foundation = 1984 (Westminster, California) location = Buena Park, California industry = Retail products = Bakery, dairy, deli, frozen foods, grocery, meat,… … Wikipedia
Dollar General — Corporation Type Public Traded as NYSE: DG … Wikipedia
Dollar Tree — Dollar Tree, Inc. 275px Type Public Traded as NASDAQ: DLTR Industry Retail, Variety, Discount … Wikipedia
Rinso — was the brand name of a laundry soap most commonly used in the United States, the United Kingdom, and Australia. The brand was created by Hudson s Soap which was sold to Lever Brothers of Port Sunlight, UK in 1908. [cite web… … Wikipedia
Daiso — s first North American store, at Ab … Wikipedia
Dollarama — Inc. Type Public TSX: DOL Industry Retail … Wikipedia
Dollar Giant — Type Dollar store Industry Retail Founded 2001 Headquarters … Wikipedia
A Buck or Two — Extreme Retail CANADA Inc. Type Dollar store Industry Retail Founded 1990 Headquarters Vaughan, Ontario, Canada Products Party, Cards, Wrap, Seasonal, Housewares, Confectionery … Wikipedia