99 Cents Only, the L.A.-based chain of not-quite-a-dollar stores, has come up with a novel approach to the growing losses it faces as the economy worsens: they’re raising their top-priced items to 99.99 cents.
When we wrote last month about the financial hardships facing 99 Cents Only, we questioned their CEO’s idea of raising prices above the $1.00 threshold:
Of course, breaking their 99-cent promise—the core of their branding—would be risky, not to mention expensive (think of all the signage they’d have to change).
Congratulations on staying somewhat true to your core values, 99 Cents Only. We anticipate a flood of emails from consumers angry at being denied their hundredth of a cent.
Top Price Jumps to 99.99 Cents at 99 Cents Only Stores [NBC] (Thanks to Sunny!)