99 Cents Only Closures: Phoenix Retail Market Shifts

[Sanjeev Advani]

After 99 Cents Only filed for bankruptcy in April 2024, 28 stores in Phoenix closed, leaving 632,900 square feet of prime retail space available. The closures arrived at a time when Phoenix's retail market was tight, with space for expansion becoming increasingly rare. Dollar Tree took advantage, snapping up 12 locations for 280,000 square feet, mostly in the West Valley. Aldi followed suit, purchasing two stores in Phoenix and Mesa for $6.9 million.

With 11 locations still available, off-price retailers like Goodwill and Burlington are expected to backfill these spaces. Despite the closures, Phoenix's retail sector remains strong, supported by robust demand and limited new construction.