Shoppers flocked to the 99 Cents Only store in El Segundo after it was announced that the stores would be closing.
One shopper told KNX News’ Jon Baird he couldn’t believe the news.
“It's unbelievable. I can't believe they're claiming they're losing money,” he said.
One woman said she comes to the store a lot.
“When you're low income, this is what you can afford,” she said.
Bill Ruane, a realtor, said the store was a staple in El Segundo.
“It's become a staple in El Segundo. In fact, I think more people prefer the shopping at the 99 Cent store, especially for the groceries [and] essentials than they do the Ralphs in El Segundo,” he said.
As for what could replace the store, Ruane said it’s clear there’s a demand for retail in the area.
“The price that 99 Cents has their price per foot is so inexpensive that it may be a benefit for the landlord and the city itself to get a new retailer in there that may be more of a restaurant, more clothing, more of essential items that we have right now that we're missing,” he said.
But for now, shoppers are taking advantage of the liquidation sales.
All company locations in California, Nevada, Arizona, and Texas will close. Interim CEO Mike Simoncic called the closure “an extremely difficult decision.”
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"Unfortunately, the last several years have presented significant and lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures and other macroeconomic headwinds, all of which have greatly hindered the company's ability to operate,” he said.
The 99 Cents Only stores have been around since 1982.
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