99 Cent Store and IKEA Forced to Hike Prices

[The Straight Story]

99 Cent Store and IKEA Forced to Hike Prices

Rising costs and inflation are pushing retailers known for their low prices to implement price increases - albeit small ones - to continue making profits.

Items at the 99 Cents Store, for example, will no longer cost $0.99, writes Exec Digital (via Retailer Daily). The discount retailer has upped its one-all price to 99.99 cents - just a hair below one dollar. The new price point will go into effect at all stores later this month.

It is the first ever price increase in 26 years - but a necessary one if the company is to continue making a profit during a time of high inflation and dramatically rising fuel and commodity costs, said CEO Eric Schiffer.

IKEA is hiking its prices incrementally to deal with rising transport and raw material costs, reports NAM News.

In 2009, goods from the home products giant will cost 1% more than in 2008 - the chain’s first price hike in five years.

http://www.mediabuyerplanner.com/2008/09/10/99-cent-store-and-ikea-forced-to-hike-prices/

[rurallib]

1. Anybody else here remember the five and dimes?

99 cent store will soon be the $5 store.

[Tesha]

2. Expect "$5 and $10" stores instead of "5¢ and 10¢" stores. (NT)

[noonwitch]

4. There is still one near me in Warren, MI

Burler's at 9 Mile and Ryan. It's like the one in Kentwood, where I grew up, except I'm an adult now, so the owner doesn't follow me around.

Dollar stores have replaced most 5 and dimes. There is still a Ben Franklin in Traverse City, though.

[rurallib]

8. Is there still some Woolworth stores around?

Thought there were. They tried to get into the big box biz long ago and bombed. Woolco I think they were. We had one near us.

[Teaser]

3. How the fuck does a 99 cent store raise it's prices?

.

[lame54]

5. How ironic - the 99 cent store will have to raise prices to pay for their new signs...

"The over a dollar store"

[Shakespeare]

6. They're only raising to 99.99 cents.

So their signs, technically, are fine. A one-cent increase doesn't bother me that much (and I shop at this chain regularly). I'm grateful they haven't had to raise prices more than that, given the huge increase in fuel prices.

[lame54]

7. How are they going to afford all those extra 9's?