Dave Gold's entrepreneurial spirit led him to found Saver's, a store that offered deep discounts on closeout merchandise.
Dave Gold was born in 1928.
Growing up, Gold was exposed to the world of business through his father's involvement in the grocery industry.
This early exposure likely influenced Gold's decision to pursue a career in retail.
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Dave Gold's Life and Career
Dave Gold launched his 99 Cents Only Stores empire in Los Angeles at age 50 after mulling over the idea for more than a decade.
Dave Gold was 80 years old when he passed away, reportedly due to a heart attack.
He started working on his deep-discount vision after being inspired by the success of pricing items at 99 cents, which he found to be a "magic number".
Dave Gold worked at his family's liquor store in downtown LA's Grand Central Market before pursuing his own business venture.
He was known for his tireless work ethic, starting his day at 4 a.m. and finishing at 7 p.m., often joking that he worked a three-hour day.
At the time, dollar stores were perceived as retail graveyards for expired or broken products, but Dave Gold's chain was different, offering good quality products at 99 cents.
Dave Gold's chain quickly caught on, expanded briskly, and went public on the New York Stock Exchange in 1996.
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Entrepreneur Dies at 80
Dave Gold, the founder of 99 Cents Only Stores, passed away at the age of 80. He died Monday of an apparent attack at his Los Angeles home.
Gold founded the stores more than three decades ago and expanded them into a billion-dollar empire. His stores were known for being bigger, brighter, and better organized than traditional dollar stores.
He discovered the magic of the 99-cent label while working at his father's liquor store, where he found that items discounted to 98 cents or $1.02 never sold out but a 99-cent label was a guarantee of quick sales.
Gold's stores eventually spread to middle-class and even upscale neighborhoods in California, Arizona, Nevada, and Texas. He became a multimillionaire but lived modestly, driving the same Toyota Prius he purchased in 2000.
Here's a brief timeline of Gold's life and career:
- 1982: Gold opened the first 99 Cents Only Store at age 50.
- 2003: Gold told the Los Angeles Times that he discovered the success of the 99-cent label.
- 2000: Gold purchased a Toyota Prius that he would drive for nearly two decades.
- Monday: Gold died at his Los Angeles home of an apparent attack.
Gold's family said he lived in the same middle-class home for nearly five decades with his wife, Sherry, whom he married 55 years ago.
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