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Retailer Update: The Transformation of 99 Cents Only Stores

Retail Report
99 cents only stores leasing report retailer update

Written and Researched by Bill Read
June 2024

The Transformation of 99 Cents Only Stores

Overall, the bankruptcy sale of 99 Cents Only Stores has a ton of interest. 

Our tracking shows 333 Leases up for sale; 180 have been taken. 


Retail Specialists has been tracking retailers that have been backfilling space vacated by bankrupt retailers. The activity so far has been very strong. Former Bed, Bath and Beyond spaces and 99 Cents Only stores have received tremendous Leasing velocity since the stores closed. 

99 Cents Only store is closing 344 locations in California, Nevada and Arizona. Dollar Tree has bid to acquire 170 of the locations, Ollie’s Bargain Basement has acquired 8 and Burlington Stores has acquired two of the spaces.  

Dollar Tree 

Ollie’s 

Burlington 

Bed, Bath and Beyond locations have also been re-leasing at an incredible pace. We tracked over 40 percent of the vacant spaces have new stores opening in them. The list included Burlington, Nordstrom Rack, Barnes and Noble, Macys, Michael’s, and ALDI. Apparel led the way taking 103 of the spaces, followed by Furniture and Home Décor stores taking another 48 locations. 

In summary, retail space vacated by retailers closing has been filling rapidly. This reflects the demand for good locations and retailers realizing that availability in good locations is constrained in today’s market 

99 Cents Only Store Closures

Overview

99 Cents Only Stores, a well-known discount retail chain, has recently announced its decision to wind down its business operations. Here are the key details: 

99 cents only stores leasing report

99 Cents Only Stores
Lease Tracking

Reporting on Bill Read’s Retailer Update

CBS News-LA :: Dozens of 99 Cents Only stores in Southern California will reopen as Dollar Tree

The Virginia-based company did not release a list of the specific stores bought. But Bill Read, a commercial real estate expert with the firm Retail Specialists, compiled a list of all the individual locations acquired by Dollar Tree. 

The list includes more than 70 stores in Southern California in cities such as Canoga Park, Glendale, Garden Grove, Downey, Port Hueneme, Ventura, Long Beach, Ontario, San Diego, Riverside, Lancaster, Norwalk, Valencia, Tustin and Simi Valley. 

CBS News

Wall Street Journal :: Bankruptcies Have Left More Stores Vacant, but the Space Doesn’t Sit Empty for Long

LA Times :: Some closed 99 Cents Only locations will reopen as Dollar Tree

The Sun :: Dollar Tree lines up to buy 93 shuttered 99 Cents Only stores in California

About Retail Specialists

Retail Specialists, LLC is the premier retail real estate services firm in the south. We are committed to long-term relationships in property management, retail representation, development, leasing, and brokerage. Founded in 2005, we’ve thrived through tough times and shine under pressure. A unique mix of experience, technology, and data have proven successful in a business we love.

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