Founder of the 99 Cents Stores Dave Gold Dies at 80

In 1982 Gold while working with his father at their local liquor store learned that pricing items at 99 cents sold fast, not a dollar, or below 99 cents but exactly 99 cents sold quickly. Merchandise was moving faster at 99 cents than at any other price, which had him thinking that perhaps opening a store with everything 99 cents might be profitable and worth the chance. Gold?s family thought he was out of his mind with the idea, but once the idea became a reality and went public on the New York Stock Exchange many realized he hit it big.

Gold went on to have a large profitable chain of stores ranging from California, Arizona, Nevada, and even Texas located in many different cities and towns both middle-class and upscale neighborhoods. The chain became a family enterprise with him and his children. Gold actually sold the company in 2011 for approximately $1.6 billion.

http://articles.latimes.com/2013/apr/ ... /la-me-dave-gold-20130427