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COMMERCE, Calif. — 99 Cents Only Stores LLC late last month announced that it had appointed board chairman Andrew Giancamilli as interim president and chief executive officer following the resignation of Stephane Gonthier.
99 Cents Only Stores LLC late last month announced that it had appointed board chairman Andrew Giancamilli as interim president and chief executive officer following the resignation of Stephane Gonthier.
Giancamilli joined the privately held company’s board three years ago and became its chairman on April 25. He is a former president and CEO of Katz Group, whose parent company operates more than 1,800 drug stores in Canada. Giancamilli also has served as executive vice president of dealer operations at Canadian Tire Co., and as president and operations chief at Perry Drug Stores before it was acquired in 1995 by Rite Aid Corp.
99 Cents Only offers "highly visible branded consumables at a very low price," Giancamilli said. "Food is the biggest piece of the business," he added, but the retailer also sells health and beauty aids and household cleaning products, which it acquires from manufacturers as overruns, close-outs or short-dated items.
Its customers regularly visit the stores for such food items as avocados, bananas, strawberries or watermelons, Giancamilli said. Plus, there’s a "treasure hunt" aspect of a visit to a 99 Cents Only store, as the retailer on occasion has toothpaste, mouthwash or other personal care or household brands for sale.
"Our mantra is, we sell for 99 cents." Giancamilli remarked. "We’re positioned very well because of our price point to fend off Aldi or anyone else."
German discounter Aldi recently announced plans to take its no-frills, low-price grocery format to California, where 99 Cents Only operates most of its stores. It also has outlets in Arizona, Nevada and Texas. Stores average 15,000 square feet, Giancamilli said.
A stable workforce is another 99 Cents Only advantage, he noted. "We have unique employees who have been with company for a long time and understand the market. It’s all about those people who interface with customers, and I’m very proud of them."
