We present a simple adaptation of the Lempel Ziv 78' (LZ78) compression scheme ({\em IEEE Transactions on Information Theory, 1978}) that supports efficient random access to the input string. Namely, given query access to the compressed string, it is possible to efficiently recover any symbol of the input string. The compression algorithm is given as input a parameter $\eps >0$, and with very high probability increases the length of the compressed string by at most a factor of $(1+\eps)$. The access time is $O(\log n + 1/\eps^2)$ in expectation, and $O(\log n/\eps^2)$ with high probability. The scheme relies on sparse transitive-closure spanners. Any (consecutive) substring of the input string can be retrieved at an additional additive cost in the running time of the length of the substring. We also formally establish the necessity of modifying LZ78 so as to allow efficient random access. Specifically, we construct a family of strings for which $Ω(n/\log n)$ queries to the LZ78-compressed string are required in order to recover a single symbol in the input string. The main benefit of the proposed scheme is that it preserves the online nature and simplicity of LZ78, and that for {\em every} input string, the length of the compressed string is only a small factor larger than that obtained by running LZ78.