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Practice Management: Chuck Newton
How Bad Is This?
By Chuck Newton
The Los Angeles Times is reporting that the 99 Cents Only retail chain may have to hike its prices. Because inflation is soaring, it is not sure it can continue selling its goods for 99 cents or less. They think they will have to break the one dollar barrier for the first time in their 26-year history.
Some changes have already taken place. For example, when eggs became too expensive, 99 Cents Only temporarily began offering six-packs instead of a dozen to keep prices under a dollar. The company also reduced the size of its milk cartons and stopped selling items such as peanut butter and cooking oil on a regular basis. But selling items for a dollar or more is another matter for the company, where the number 99 has become a source of pride. On its website, the chain boasts, "Still nothing over 99 cents, ever!" and says its stores are open until "9 p.m., nine days a week."