Popular Arizona Chain Closing All Locations
Discount stores are the lifeblood of America. No matter your budget, if you need something, it can likely be found for pennies at one of these shops.
The business model is simple, sell cheaper goods for cheaper prices, thus increasing demand. This has led to the rise of countless chains such as Dollar General, Dollar Tree, and Five Below.
One chain will be leaving Arizona permanently.
99 Cents Only
After a 42 year run opening its doors to all who needed it, the popular discount chain 99 Cents Only will be closing all of its locations. Arizona has the third most stores within its borders, with 39 locations across the Grand Canyon state.
Why Are They Closing?
The idea of a store that sells all of its products for under a dollar is genius in theory, and that theory worked for decades, but we live in a new age, and consumer products are almost impossible to price down that low.
The chain's interim CEO Mike Simoncic stated that consumer demands, inflation, and shrinkage (when products are stolen or damaged and unable to be sold) have cost the company too much, and they're unable to keep their heads above the water.
When Will They Start to Close Down?
There is no timeline for the closures of the physical stores, and it's unknown how many employees will lose their jobs.
Discount stores have hit critical mass, and this closure seems like a warning of things to come. Discount stores are continuously forced to up their prices, or get out, and many have chosen to sink instead of swimming.
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