The news has came through of the death last Monday of Dave Gold, founder of the 99-Cents Only Stores.
http://www.latimes.com/...
I had never heard the fascinating story of the man who indirectly helped so many low-income people keep food on their tables in both recessionary and "normal" times.
While my concerns are usually about government's role in creating a better world, I realize that the private sector is equally important, even though its role is not specifically to foster life, liberty and the pursuit of happiness among citizens. We think of business entrepreneurs as primarily motivated to build wealth for themselves, and too often their acquisition of wealth comes at the expense of others. But when their rewards come as a result of creations that enrich and enlighten the lives of others, they receive my applause.
Dave Gold became a multimillionaire by establishing stores that priced everything at 99 cents (or lower). He found when working in his Russian immigrant father's store that items priced at 99 cents sold faster than those priced at 98 cents or $1.02. He called 99 a "magic number" and mused that a store with everything selling at that price would be interesting.
Within ten years he had set up such a store, which was destined for great success, spreading over several Western states and placing its owner in the Forbes 400. While that fact is interesting to admirers of successful business-people, there are two facets of this story that draw my attention:
(1) Gold seems to have remained a Common Man in spite of his money. He lived in the same modest L.A. house for 50 years along with his wife of 55 years. He dressed simply and owned a 2000 Prius. I have not learned much about his charitable acts except that he bought Priuses for a number of other people.
(2) This is my main point: His stores have helped numerous low-income people survive by stretching their food and household budgets, since the stores carry fresh produce and dairy products in addition to canned and frozen food, including some meat. Of course there is a lot of junk food, but a careful buyer can usually find many bargains in nutritious food and can often cut food budgets in half compared to prices at most stores.
I have no idea whether Gold, who was 80 at the time of his death, was proud of his role in helping many people survive in hard times, but from what has been said in the news, he sounds like a person who would be pleased with his contribution to society.