Dollar Tree CEO Michael Witynski (LinkedIn, Getty)
The dollar store brick-and-mortar renaissance continues, as chains like Dollar General and Dollar Tree are enjoying a strong surge in new openings across the U.S., the Wall Street Journal reported.
Both chains will have opened a combined 1,300 new locations by the end of the fiscal year, continuing the momentum from 2021, when nearly half of the 3,600 new stores that opened nationwide were no-frills discount shops.
In addition, Five Below and TJX Co., the parent company of discount stores such as TJ Maxx, opened 100 new stores in 2022, the Journal said.
Many dollar stores serve rural locations that other retailers ignore and operate where costs of labor and operations are lower than other areas of the country, Piper Sandler analyst Peter Keith told the outlet.
“It’s about providing convenience and value to customers that live in more remote areas,” Keith told the Journal….
