GOING CHEAP ON RODEO: The richest people in the world are often the cheapest — at least that’s the guiding principle behind Commerce, Calif.-based 99 Cents Only Stores’ latest real estate decision. In a highly unusual announcement (retail real estate scouting tends to be on the down-low), the company said Tuesday that it is searching for a location on Rodeo Drive to open a store and solicited information from anyone with knowledge about available spaces.
This story first appeared in the October 10, 2012 issue of WWD. Subscribe Today.
“We are confident a Rodeo Drive store will be successful because our stores do well in affluent areas; in fact, our highest sales volume store is located only a few blocks from Beverly Hills on Wilshire Boulevard,” said 99 Cents Only Stores chief executive officer Eric Schiffer. The retailer currently has 303 stores, including 222 in California, 37 in Texas, 29 in Arizona and 15 in Nevada. If Rodeo Drive doesn’t work out, what about Fifth Avenue or Bond Street? Notify Schiffer of vacancies.