99 Cent Only store shopping for a new name?Posted: Updated:
PHOENIX -- What's in a name? Well, for shoppers at this 99 Cent Only store, the name means everything!
"I come here because everything's 99 cents," Kristin Hales said.
"Under 99 cents or a dollar, that's a great deal," Jaime Spencer said.
"They're famous for 99 cents," Sue Fong said.
Rachael Jacobs is an executive with the 99 Cent Only store and acknowledges there's just something cool about her company's name.
"Ninety-nine cents is a magic price point because it's a price that people don't even have to think about," Jacobs said. "It's 99 cents, I'm gonna buy it."
But there's talk out there the 99 Cent Only store just might be changing its name.
The reason? Well, prices are going up and it's hard to call yourself the 99 Cent Only store when items might sell for more than 99 cents.
"There's been discussions, but we still are the 99-cent store," Jacobs said. "Everything in our store is still 99 cents. We plan on keeping it that way as long as we can provide a great selection."
Jacobs said they want to keep everything the way it is, but with the ever-rising economy, it's becoming more difficult to keep the great variety they have while also keeping everything under a buck.
"We have to work exceptionally hard to maintain that price and it is very difficult," she said.
Shoppers we spoke with aren't excited about the idea.
"Raise the price? I won't shop here if they raise the price," Hales said.
"They should just leave it alone," Spencer said. "People like it the way it is."
And then there's this question: If there is a price increase, what about the name? Could it become the $1.19 store? Or maybe the $1.25 store? It just doesn't have the same ring to it.
"We haven't had that discussion yet what it would be," Jacobs said. "We'll have to run a contest for the best name."
Jacobs said no matter what decision the store comes to, they promise to continue to give their customers the biggest bang for their buck.
"That's our reason to be is that we are a great value, great brand names and you can save a ton of money," Jacobs said.