Bargain basement. (Retail).Even the executives at the 99 Cents Only Stores love a bargain. The City of Commerce-based company bought a 740,000-square-foot distribution center on 87 acres 15 miles outside of Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; for $23 million in cash from Albertson's Inc. The purchase quickens quick·en v. quick·ened, quick·en·ing, quick·ens v.tr. 1. To make more rapid; accelerate. 2. To make alive; vitalize. 3. 99 Cents Only Stores' expansion to Texas, which originally was slated for early 2004 but will now take place in mid- mid- pref. Middle: midbrain. 2003. The plan is to open 15 stores this year in the Houston market as well as another 23 in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). and Nevada, where stores already exist. "This is a ready-to-go facility that we got for less than one third of what it is worth," said Eric Schiffer, 99 Cents Only president. "We also looked at the real estate prices in Houston right now and with supermarkets leaving the market or consolidating, there are a lot of great real estate deals." Staff reporter Deborah Belgum can be reached at (323) 549-5225 ext. 228, or at dbelgum@labusinessjournal.com. |
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