EXHIBIT 23.2
 
                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
 
    As independent public accountants, we hereby consent to the incorporation by
reference in this registration statement of our reports dated March 2, 1998
included in 99 CENTS Only Stores Form 10-K for the year ended December 31, 1997
and to all references to our Firm included in this registration statement.
 
                                          ARTHUR ANDERSEN LLP
 
Los Angeles, California
June 12, 1998