99 cents only logo*Yes, you read the headline correctly.

A 99 Cents Only store is being prepped for Beverly Hills. Who Knew?!

Hey, well-off shoppers – at least most of them – are just like the rest of the not so well off. They want bargains, too. And they especially don’t want to have to travel to the other side of the tracks to get them, if you know what we mean. 🙂

And on top of that, not so well of folks love the idea of shopping in affluent areas but for the most part can’t afford to. Now they can. It’s a win-win for everybody.

The LA Times tells why it makes sense.

Discount chain 99 Cents Only Stores Inc. is shopping on Rodeo Drive.

The City of Commerce retailer, which has thrived in the economic downturn, announced that it was scouting real estate on the iconic street in Beverly Hills to open its flagship store, said Eric Schiffer, the company’s chief executive.

“We know many customers are driving from Beverly Hills to shop at 99, and they have been saying ‘Please open a location in Beverly Hills,'” he said.

Schiffer said the posh customers expected to shop at a new Rodeo Drive store are now driving to the 99 Cents store on Wilshire Boulevard near Beverly Hills. It is the best-performing store in the entire chain, pulling in sales of nearly $12 million last year, compared with the average of $5.2 million.

A location that recently opened in Santa Barbara’s luxe State Street is also bustling, Schiffer said.

“We buy name brands like Wolfgang Puck, we have Jamba Juice items, Toblerone candy bars,” Schiffer said. “Some customers don’t recognize the gourmet items, but someone who values and knows the brand gets excited because they are getting a $4 item for less.”

Read/learn more at LA Times.