|Pictured: Nouveau riche? The 99 Cent store .|
I”ll never forget when Elizabeth Taylor was on the Larry King show a few years ago and she revealed that she bought the stylish looking pair of glasses she had with her at…wait for it…the 99 cent store! Seriously, Elizabeth Taylor claimed to have shopped there. No comes the news that maybe the affluent are the perfect target market for these stores. That’s why Women’s Wear Daily (WWD) reports the store is scouting a location on now less than Rodeo Drive. There goes the neighborhood
“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. This I have to see! Will the store actually find a spot on Rodeo drive? There certainly are a few available spots. What’s next for the chain with low prices and big real estate dreams, the Louis Vuitton Atelier? It’s a fact that the recession continues to change the face of Rodeo. There are many lower priced retailers on the street now. Right now the 99 Cent store has many locations in affluent California neighborhoods like Santa Barbara, Santa Monica and Redondo Beach. Is Beverly Hills just the natural progression?