Why The 99 Cents Only Stores Suck Now

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History
99 Cents Only Store, North Hollywood, California

Early History
99 Cents Only Stores dates back to the 1960s when the company’s founder, Dave Gold, inherited a tiny liquor store in downtown Los Angeles and decided to run a test by selling bottles of wine at a fixed price-point of 99 cents. The test was an instant success, and Dave thought that selling everything in the store for 99 cents would be hugely popular.

"Whenever I'd put wine or cheese on sale for $1.02 or 98 cents, it never sold out," Gold said in a 2001 interview with The Los Angeles Times. "When I put a 99 cent sign on anything, it was gone in no time. I realized it was a magic number."

On a “lucky” Friday, August 13, 1982, Dave and Sherry Gold opened the first 99 Cents Only Store in Los Angeles. To celebrate the Grand Opening, Dave decided to sell television sets for only 99 cents to the store’s first 13 Families. More than 300 people showed up to stand in line and wait for the store to open. The huge line caught the media’s attention, and more than 10 TV outlets covered the store’s first day. The success of this first grand opening inspired a tradition, with new stores continuing for years to offer 99-cent deals for televisions and other products.

2000s
In November 2003, 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 believed that this will permit better management of commodity price increases.

In September 2007, the company raised its prices by $0.0099 - about 1%, e.g. from 99 cents to 99.99 cents—the first increase in the history of the franchise—to combat "dramatically rising costs and inflation." However, the store now carries some items that are over the .9999 price point; such as $1.99 and $2.99

Despite having announced on September 18, 2008, that the company would close all stores in Texas, in February 2009, the company decided that it will close only one-third of its Texas stores. The company quoted a rise in sales, and plans to keep the stores open, as long as the stores remain profitable.

2010s
In October 2011, the company agreed to a $1.6-billion buy-out by private equity firm Ares Management and the CPP Investment Board. The deal was completed on January 13, 2012. New ownership decided to lay off 172-plus employees in October 2013. The Gold family ended their involvement with the company in January 2013.

In popular culture
99 Cents Only Stores advertises that it is open "9 days a week", often invoking humorous commentary on holidays with products sold for 99 cents. One advertisement wished Joan Rivers "Happy 99th Facelift"; another congratulated the Los Angeles "Dodgers on Losing 99 Games." The company also celebrates the 99th birthday of public figures and names 99-year-old individuals as honorary spokespersons.

Photographer Andreas Gursky's diptych of the inside of the Hollywood, California, 99 Cents Only store became at the time of its sale in February 2007, the most expensive photograph ever sold, being auctioned for $3.3 million.


#99CentStore #99CentsOnlyStore #DoThe99

Video Title: Why The 99 Cents Only Stores Suck Now

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[snvideos]

EVERYBODY FILL OUT THIS FORM AND TELL THEM THIS IS BULL. IT'S A NUMBERS GAME:

[TheCourtsofChaos]

i'm so poor i can't even afford 99 cent store anymore. hello darkness my old friend....

[anthonybarroque]

I was in shock today I couldn't believe how the prices have increased oh my goodness

[XDaring]

As a former worker of this corrupted company, I agree not only are their prices are wack but also their working conditions and management are trash UwU

[digitalrick]

At Walmart you can get a full loaf of their brand bread for $1.18. that is still a lot cheaper than this store.

[hairhag]

Cashier told me Walmart bought the store for 16 billion!!! Sucks now! Not going there anymore!

[mechanicyourcar]

It will get worse, stock up while you can and keep family and friends close by. United we stand divided we fall.

[brennymcphees]

This is exactly the experience I had today in a 99 Cent Only Store, down to the cursing. I knew they had bumped up prices but didn't know they had become a crap-filled Dollar General. This is beyond inflation, it's a change of business plans. This company was once family owned and had direction. In 2013, it was bought by a holding company and has to answer to investors, so they have to trick you into spending a lot more money than you planned on when you walked into the store ($13 dog bed?). The stores were once pretty clean and always affordable. Now it looks like a third world country with not even a discount for your misery. They'll not last long, not because their prices are more than their competitors, but because they abandoned the principles that made them great. Investors will still make money, of course.

[CuriousMutation]

It began when the Gold family sold the place to a big Canadian corporation. It's all about greed now...

[zanebot]

I totally agree with this guy. Love the commentary. I am done with them! I went to them always now it s all Bullshit!

[Alvin_Vivian]

I agree, especially lately.

Holy shit, it's so much more expensive than it used to be.

[labrego]

99 cents only will lose their business if they sell items for $1.50 $1.99 $2.99 $3.99 $4.99 $5.99 $6.99 $7.99 $8.99 $9.99 $10.99 all the way up to $21. They should only sell things from 79¢ to 99¢

[junpan]

Did they remove the word "only" from the store name?

[salsaavedra]

I’ve seen this video countless times always come back to it for a laugh. I worked at the 99 for 5 years. After the ownership change it was a terribly mismanaged company and employees were treated terrible if you weren’t “in”. Just announced 1 hour ago that they are shutting down. Not surprised.

[moneymakingbear]

They can't buy things as cheaply anymore. If your wholesale prices go up your retail prices go up.

[joemalacara]

It's not called the 99 cents any more its the 99 store

[drearydancer]

Thank you for this video!! 99 Cents Only used to be my favorite store. They are out of their minds with what they have done to the store. Now I might go there occasionally but every time I am annoyed, shaking my head at all the unnecessary products and prices. I just want to buy a toothbrush and babywipes for a 99 cents each. Sheesh. I don't understand why anybody would shop there unless they don't have a car and it is walking distance. Very funny video too!! LOL

[christiesmith]

"F*ck you, Welcome to the store!" .... lmao.... love the whole video and this guy (Sean?) doesn't even stutter as he says exactly what everyone else is thinking. There was one .99 tag on the shelf in the lower right corner on the sodas, so they need to change that.

[Linda-bhrx]

The store needs to change their name, this is a Faust😮 advertisement now, 😡

[benthead]

I agree that something went terribly wrong with this wonderful store. It needs to be reinvented and refreshed to the way it was when it started in the early 1980's. A remake in the form of IKEA with inviting aisles