The dollar store has been a shopping staple for many lower-income Americans, but lately it's been a struggle.
California-based 99 Cents Only is shuttering its 371 stores.A Family Dollar Stores Inc. store in Hyattsville, Maryland, US, on Wednesday, March 13, 2024. Dollar Tree Inc . expects to close about 600 Family Dollar stores in the first half of fiscal 2024 and shut down an additional 370 Family Dollar and 30 Dollar Tree locations as their leases expire.Ruth Colvin-Graves, 76, of Columbus, Ohio, used to make Family Dollar her go-to destination for snacks, paper towels, and cleaning products.
Strong said that Dollar Tree and Family Dollar are two very different stores with vastly different customer bases, and trying to merge them has proven challenging. "Family Dollar has always been the weak child of the sector," Strong said, and closing stores is an attempt by Dollar Tree to strengthen it. While 1,000 stores are shuttering, Dollar Tree is also opening 219 new stores this year, a blend of Dollar Tree and Family Dollar, so there is still at least some room for growth, he added.in small towns, and the value retailing space in general is much more competitive now than it was a decade ago.
Dollar General has 20,000-plus stores and plans to open 800 more this year as competitors stumble. But that's a less aggressive expansion plan than it had contemplated, Strong said, noting that Dollar General had envisioned 1,500 new stores a year before inflationary economic headwinds
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