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Dollar Tree

American discount variety chain

Dollar Tree logo.svg
Dollar Tree, Griffin.JPG

Dollar Tree store in Griffin, Georgia

Trade name

Dollar Tree
Formerly
  • Only $1.00
  • Dollar Tree Stores, Inc.
TypePublic

Traded as

IndustryRetail, variety, discount
Predecessors
  • K&K 5&10 (1953–1986)
  • Only $1.00 (1986–1993)
Founded1986; 35 years ago (1986)
Norfolk, Virginia, U.S.
Headquarters

Chesapeake, Virginia

,

U.S.

Number of locations

15,288 (February 2020) [1]

Areas served

United States, Canada

Key people

Mike Witynski (CEO)
ProductsFood and snacks, health and beauty care products, housewares, books and toys
RevenueIncreaseUS$22.246 billion(2017)[1]

Operating income

IncreaseUS$1.999 billion(2017)[1]

Net income

IncreaseUS$1.714 billion(2017)[1]
Total assetsIncreaseUS$16.333 billion(2017)[1]
Total equityIncreaseUS$7.182 billion(2017)[1]

Number of employees

193,100 [1]
DivisionsDollar Tree Canada
SubsidiariesFamily Dollar
Websitedollartree.com
Map of Dollar Tree stores in USA, as of December 2020 [2]

Dollar Tree, formerly known as Only $1.00, is an American multi-price-point chain of discountvariety stores. Headquartered in Chesapeake, Virginia, it is a Fortune 500 company and operates 15,115 stores throughout the 48 contiguous U.S. states and Canada.[1] Its stores are supported by a nationwide logistics network of twenty four distribution centers. Additionally, the company operates stores under the name of Dollar Bills, as well as a multi-price-point variety chain under the Family Dollar banner.

Dollar Tree competes in the dollar store and low-end retail markets. Each Dollar Tree stocks a variety of products including national, regional, and private-label brands. Departments found in a Dollar Tree store include health and beauty, food and snacks, party, seasonal décor, housewares, glassware, dinnerware, household cleaning supplies, candy, toys, gifts, gift bags and wrap, stationery, craft supplies, teaching supplies, automotive, electronics, pet supplies, and books. Most Dollar Tree stores also sell frozen foods and dairy items such as milk, eggs, pizza, ice cream, frozen dinners, and pre-made baked goods. In August 2012, the company began accepting manufacturer's coupons at all of its store locations.

History[edit]

Early years[edit]

In 1953, K. R. Perry[3] opened a Ben Franklin variety store in Norfolk, Virginia, which later became known as K&K 5&10.

In 1970, K. R. Perry, Doug Perry, and Macon Brock started K&K Toys in Norfolk, Virginia. This mall concept grew to over 130 stores on the East Coast.[3]

In 1986, Doug Perry, Macon Brock, and Ray Compton started another chain store called Only $1.00 with five stores, one in Georgia, one in Tennessee, and three in Virginia. The expansion of dollar stores was continued alongside K&K Toys stores, mostly in enclosed malls.[3]

In 1991, the corporation made a decision to focus exclusively on the expansion of dollar stores after selling K&K stores to KB Toys, owned by Melville Corporation.[3]

1990s[edit]

In 1993, the name Only $1.00 was changed to Dollar Tree Stores to address what could be a multi-price-point strategy in the future, and part equity interest was sold to SKM partners, a private equity firm.[3]

Brock and the co-founders of Dollar Tree got the idea for the company from another retailer known as Everything's A Dollar, which went bankrupt in the 1990s.[4]

On March 6, 1995, Dollar Tree, Inc. went public on the NASDAQ exchange at $15 a share, with a market cap then calculated at $225 million.

In 1996, Dollar Tree acquired Dollar Bill$, Inc., a Chicago-based chain of 136 stores.

In 1997, the company opened its first distribution center and its new store support center, both located in Chesapeake, Virginia.

In 1998, Dollar Tree acquired 98-Cent Clearance Centers in California.

In 1999, Dollar Tree acquired Only $One stores based in New York state.[5] That same year, the company opened its second distribution center in Olive Branch, Mississippi.

2000s[edit]

This Dollar Tree store in Northwood, Ohio, is one of the few stores that continues to use the defunct Super Dollar Tree banner.

In 2000, Dollar Tree acquired Dollar Express, a Philadelphia-based company, and also built a new distribution center in Stockton, California. In 2001, the company opened two additional distribution centers, in Savannah, Georgia, and Briar Creek, Pennsylvania. In 2003, Dollar Tree acquired Salt Lake City, Utah-based Greenbacks, Inc., and opened a new distribution center in Marietta, Oklahoma.

In 2004, Dollar Tree opened its first store in North Dakota which marked its operation of stores in all 48 contiguous states. The company also opened new distribution centers in Joliet, Illinois, and Ridgefield, Washington.

In 2006, Dollar Tree celebrated its 20th year of retailing at a $1.00 price point, opened its 3,000th store, and acquired 138 DEAL$ stores, previously owned by SUPERVALU INC.

In 2007, Dollar Tree expanded its Briar Creek Distribution Center, crossed the $4 billion sales threshold, and had a market capitalization of $3.29 billion. In 2008, Dollar Tree earned a place in the Fortune 500. By the close of 2009, the company opened a store in Washington, D.C., and purchased a new distribution center in San Bernardino, California.

In 2009, Dollar Tree redesigned its website with a new e-commerce platform. DollarTree.com sells Dollar Tree merchandise in larger quantities to individuals, small businesses, and organizations. The company also advertises in-store events, specials, seasonal promotions, and featured products through the site and users can locate a retail store, research information about Dollar Tree, and view product recalls. Dollar Tree also recently added customer ratings and reviews and customer stories to the site.

2010s[edit]

In 2010, the corporation opened its 4,000th chain store and acquired 86 Canadian Dollar Giant stores which are based in Vancouver, British Columbia. The stores are operated in British Columbia, Alberta, Saskatchewan and Ontario. These are the first retail locations outside of the United States operated by Dollar Tree.

In 2011, Dollar Tree achieved total sales of $6.63 billion, opened 278 new stores, and completed a 400,000 square-foot expansion of its distribution center in Savannah, Georgia.

In 2012, Dollar Tree opened another 345 new stores and exceeded $7 billion in sales, with an end-of-the-year market cap at $9.13 billion.

On July 28, 2014, Dollar Tree announced that it was offering $9.2 billion for the purchase of competitor chain store Family Dollar. On August 18, 2014, Dollar General lodged a competing bid of $9.7 billion for Family Dollar.[6] The bid was rejected on August 20, 2014, by the Family Dollar board, which said it would proceed with the deal with Dollar Tree.[7]

In January 2015, Dollar Tree announced plans to divest 300 stores in order to appease US regulators scrutinizing its proposed takeover of Family Dollar stores.[8]

In June 2015, the firm agreed to sell 330 stores to private equity company Sycamore Partners as part of the approval process for its $8.5 billion takeover of Family Dollar.[9]

The company was ranked 134 on the 2018 Fortune 500 list of the United States corporations by revenue.[10]

In March 2019, as part of its reposition plan, Dollar Tree announced that it will close up to 390 Family Dollar stores along with renovating 1,000 other locations.[11]

2020s[edit]

On March 3, 2021, it was announced that Dollar Tree had quietly introduced a combination Family Dollar/Dollar Tree store concept with the first one opening in late 2019. Dollar Tree has opened and operated nearly 50 locations by the end of 2020, primarily in small towns with populations of just a few thousand people.[12]

On September 28, 2021, CEO Michael Wytinski, citing increased shipping and labor costs squeezing profit margins, announced that some prices will be rising above $1, possibly to as much as $1.50.[13]

Business strategy[edit]

Dollar Tree is classified as an extreme discount store.[14] It claims to be able to achieve this because their buyers "work extremely hard to find the best bargains out there", and it has "great control over the tremendous buying power at the dollar price-point".[15] Its prices are primarily designed to attract financially disadvantaged customers, but it has also become popular within immigrant communities.[14]

Family Dollar bidding[edit]

On July 28, 2014, Dollar Tree announced that a deal had been reached and approved by both parties to purchase Family Dollar for $8.5 billion plus acquisition of the $1 billion in debt currently held by Family Dollar.[16][17][18] The deal came in the month following activist investor and major shareholder[19]Carl Icahn's demand that Family Dollar be promptly put up for sale.[20] After their reported deal had been struck, Dollar General entered the bidding, surpassing Dollar Tree's offer, with a $9.7 billion bid on August 18, 2014.[21] On August 20, 2014, Family Dollar rejected the Dollar General bid, saying it was not a matter of price, but concerns over antitrust issues that had convinced the company and its advisers that the deal could not be concluded on the terms proposed. The Family Dollar board had been analyzing potential antitrust issues that could arise from doing a deal with Dollar General, since the start of the year a statement from CEO Howard Levine outlined.[7]

Canada[edit]

Dollar Tree stores in Canada sell items for C$1.25 or less.[22] On October 11, 2010, Dollar Tree announced its acquisition of Dollar Giant, originally incorporated in 2001 in Vancouver, Canada, for $52 million.[23][24] At the time of the acquisition, Dollar Giant had about 85 retail outlets in the provinces of British Columbia, Alberta, Saskatchewan and Ontario.[25] Approximately 30 of its retail locations are in British Columbia, making it the second largest dollar store chain in that province. It was Canada's fourth largest operator of dollar stores. Dollar Tree has since rebranded all of its Dollar Giant stores to Dollar Tree; these were the first retail locations outside of the United States operated by Dollar Tree. The company now operates 227 stores across Canada, concentrated in Western Canada and Ontario. Dollar Tree Canada's merchandising team is located in Mississauga, Ontario, while its corporate office remains in Burnaby in Greater Vancouver.[26]

Recalls[edit]

The Consumer Product Safety Commission lists several recalls for products sold at Dollar Tree stores. The recalled products include salsa jars with broken glass inside them, hot-melt mini glue guns (recalled in January 2008) which could short circuit and cause burns,[27] and candle sets (recalled in February 2004) which could produce excessive flame.[28]

References[edit]

  1. ^ abcdefgh"Dollar Tree, Inc. 2017 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. March 2018.
  2. ^"Dollar Tree Locations". Retrieved December 25, 2020.
  3. ^ abcde"Dollar Tree, Inc.: History". Dollartree.com. Retrieved April 15, 2014.
  4. ^Hagerty, James R. (December 22, 2017). "Macon Brock, Dollar Tree Founder, Searched the World for Bargains". The Wall Street Journal. Retrieved October 8, 2019.
  5. ^MENT, JONATHAN. "Dollar Tree to open Ulster Avenue branch soon". Daily Freeman. Retrieved May 13, 2020.
  6. ^"Race to buy Family Dollar heats up with Dollar General hiking bid to $8.95 bn". Business Sun. August 18, 2014. Archived from the original on August 21, 2014. Retrieved August 19, 2014.
  7. ^ ab"Family Dollar rejects $9.7 bn acquisition bid by Dollar General". Charlotte News.Net. August 21, 2014. Retrieved August 22, 2014.
  8. ^"Dollar Tree expects to shed less than 300 stores to buy Family Dollar" (Press release). Reuters. January 12, 2015. Archived from the original on January 24, 2015. Retrieved July 1, 2017.
  9. ^"Dollar Tree to sell 330 Family Dollar stores to Sycamore Partners, Reuters, 29 May 2015". Archived from the original on March 3, 2016. Retrieved August 17, 2019.
  10. ^"Dollar Tree". Fortune. Retrieved November 18, 2018.
  11. ^Bursztynsky, Jessica (March 6, 2019). "Dollar Tree to close up to 390 Family Dollar stores this year". www.cnbc.com. Retrieved March 11, 2019.
  12. ^Pierceall, Kimberly. "Dollar Tree launches new store concept, announces $25.5 billion in sales last year". The Virginia Pilot. Retrieved March 4, 2021.
  13. ^https://www.wsj.com/articles/dollar-tree-to-sell-more-items-above-1-as-costs-rise-11632918816
  14. ^ abHitt, Jack (August 18, 2011). "The Dollar-Store Economy". The New York Times. Retrieved November 26, 2016.
  15. ^"Dollar Tree, Inc.: Frequently Asked Questions". Dollar Tree. Archived from the original on March 24, 2009. Retrieved May 17, 2015.
  16. ^"Dollar Tree to buy Family Dollar to stave off competition". Reuters. Archived from the original on July 28, 2014. Retrieved May 17, 2015.
  17. ^"Charlotte region loses corporate headquarters in Family Dollar buyout". charlotteobserver. Archived from the original on March 5, 2016. Retrieved August 17, 2019.
  18. ^Paul Ziobro and Shelly Banjo (July 28, 2014). "Battle for Poor Shoppers Fuels Dollar-Store Deal". WSJ. Retrieved May 17, 2015.
  19. ^"fdosch13d060614.htm". sec.gov. Retrieved May 17, 2015.
  20. ^"fdosch13damd10619ex1.htm". sec.gov. Retrieved May 17, 2015.
  21. ^Davidson, Paul; Shell, Adam. "Dollar General offers $9.7B for Family Dollar". The USA Today. Retrieved August 18, 2014.
  22. ^"Home". Dollar Tree Canada. Retrieved January 9, 2020.
  23. ^"Dollar Tree Announces Definitive Agreement to Acquire Canadian Dollar Giant Stores" (Press release). Business Wire. October 11, 2010. Retrieved October 3, 2012.
  24. ^"Dollar Tree to buy Dollar Giant stores for $52M". Bloomberg Businessweek. Bloomberg L.P. October 11, 2010. Archived from the original on March 12, 2016. Retrieved October 3, 2012.
  25. ^"Dollar Giant is now Dollar Tree Canada! - Dollar Tree Canada". dollartreecanada.com. Archived from the original on June 16, 2015. Retrieved May 17, 2015.
  26. ^"Contact Us". Retrieved January 9, 2020.
  27. ^Hot glue gun recallArchived September 17, 2008, at the Wayback Machine, cpsc.gov
  28. ^Candle set recallArchived September 20, 2008, at the Wayback Machine, cpsc.gov

External links[edit]

Sours: https://en.wikipedia.org/wiki/Dollar_Tree

One Dollar Zone

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Kids & Nursery

About Us

One Dollar Zone! has remained an independent family-owned operator at the $1 price point, with stores across the Northeast including Connecticut, Massachusetts, New Jersey and Pennsylvania. With a unique store format and allegiance to the dollar store heritage, one dollar zone! stores carry nearly 10,000 items to address the everyday needs of our customers. By offering great, trusted and national brands to our shoppers, one dollar zone! looks to help individuals live better by maximizing the value of their dollar.

Areas Served

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Dollar Tree to sell some items for more than $1

CHESAPEAKE, Va. — Dollar Tree embedded in its very name what it stands for: Behind these doors, everything can be had for just $1.

The mantra to which the Chesapeake, Virginia, company has held true for decades will now be only mostly true.

After expanding nationwide from only a handful of stores in Georgia, Tennessee and Virginia, Dollar Tree is breaking the mold and will sell items in some locations that exceed the tantalizing $1 grab-n-go price.

The cost of clothes, cars, food and just about everything else has soared this year as the global economy emerges from a pandemic uppercut and Dollar Tree has not been untouched.

Last month the retail chain said that rising shipping costs would take a bite of $1.50 to $1.60 out of its per-share profits this year. That’s a huge hit for any business, perhaps more so for one founded decades ago steadfastly calling itself “Only $1.00 Inc.”

“For decades, our customers have enjoyed the ‘thrill-of-the-hunt’ for value at one dollar - and we remain committed to that core proposition - but many are telling us that they also want a broader product assortment when they come to shop,” said CEO Michael Witynski in a prepared statement.

Raising some prices will certainly give the national chain some flexibility and likely more variety on its shelves. But a dollar this year will not buy you what it did in 2020.

Annual inflation in the U.S. reached 4.2 percent in July, the highest in three decades. And this week in an appearance before Congress, Fed Chair Jerome Powell said that price increases have worsened amid snarled supply chains and rising labor costs.

That has hit businesses of every type, perhaps especially one that has held the line at $1 for decades.

Witynski said this week that Dollar Tree is a “test-and-learn” company, and they’ll be watching how customers react.

The company had already begun testing higher prices at several hundred of its nearly 8,000 locations in a section of the store called “Dollar Tree Plus” with items that can go for as much as $5. Items that can go for $1.25 to $1.50 will soon be found in the mix at some locations amid the typical assortment of $1 products.

Analysts with J.P. Morgan noted past conversations with Dollar Tree executives who cited a significant sales boost at stores offering a Plus section and if no one else is cheering the shift to the top side of $1 at Dollar Tree, Wall Street is.

As Dollar Tree breaks the $1 barrier, Witynski said the company would remain true to its promise of value.

“We will continue to be fiercely protective of that promise, regardless of the price point, whether it is $1.00, $1.25, $1.50,” Witynski said.

Sours: https://www.nbcnews.com/business/consumer/dollar-tree-sell-some-items-more-1-n1280390
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    Bob Shex is located in Saddle Brook, NJ, United States and is part of the Discount Department Stores Industry. Bob Shex has 2 total employees across all of its locations and generates $405,244 in sales (USD). There are 6 companies in the Bob Shex corporate family.Employees: 2

One Dollar Zone LinkedIn

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    One Dollar Zone 122 followers on LinkedIn. Thousands of items across dozens of categories all for less than $1! If you need it, we have it!Employees: 34

Dollar Zone Online Store

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Dollar Zone General in Northeast Philadelphia ...

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    Website. (215) 543-6888. 5700 Oxford Ave. Philadelphia, PA 19149. 3.4 miles. From Business: Dollar General is proud to be America's neighborhood general store. We strive to make shopping hassle-free and affordable with more than 15,000 convenient,…. 5. Dollar General.

Contact Us Dollar Tree

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    The Investor Relations website contains information about Dollar Tree's business for stockholders, potential investors, and financial analysts.

Dollar General Headquarters Information – Headquarters Info

    https://www.headquartersinfo.com/dollar-general-headquarters-information/
    The Dollar General headquarters is located in Tennessee. You can write to the corporate office, give them a call or connect on social media. There is no corporate email address, but social media takes place of the email contact. Address: When writing to Dollar General headquarters you can address your letter to: Dollar General Headquarters 100 Mission Ridge Goodlettsville, TN 37072

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Zone one dollar

One Dollar Zone

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Discount Stores, Dollar Stores
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Most Recent Comments

  • August 2021

    Had to ask an employee if everything was really a dollar. Different products then normal dollar store..Other then the store never being completely clean and organized its top 3 of all time favorite dollar stores.

  • December 2020

    Great service. Prices vary from $1 to $2.50 now. Always find something for everyone. Just make sure you read the expiration date on any food you get.

  • December 2019

    Great choices, they have everything you need; but blah customer service. The young lady who checked me out had an attitude as if she didn't want to be there.

More Comments(49)

From One Dollar Zone

Dollar store selling thousands of items as low as $1 price points!

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More items at Dollar Tree will cost more than $1 as retailer grows selection, combats inflation

Better bring more than a dollar the next time you go shopping at Dollar Tree.

The discount retailer plans to transform more of its locations into Dollar Tree Plus stores with products also priced at $3 and $5. And standard Dollar Tree stores will also begin testing price points above $1.

The Chesapeake, Virginia-headquartered company, which has more than 15,800 Dollar Tree, Family Dollar and Dollar Tree Canada stores across 48 states and five Canadian provinces, began testing some prices above $1 two years ago. 

Based "on positive customer reaction" to its Dollar Tree Plus stores – where products at higher price points have been tested – the company said Tuesday it plans to have 500 Dollar Tree Plus stores by the end of 2021 and another 1,500 next year. At least 5,000 Dollar Tree Plus stores are expected by the end of 2024.

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Products priced at $3 and $5 will be a wide variety of discretionary products including arts and crafts, sports, home decor, apparel, and holiday and seasonal items, the company says.

Discount retailer Dollar Tree plans to also start selling products priced at $3 and $5 at more of its stores.

“For decades, our customers have enjoyed the ‘thrill-of-the-hunt’ for value at one dollar – and we remain committed to that core proposition – but many are telling us that they also want a broader product assortment when they come to shop," Dollar Tree CEO and president Michael Witynski said in a statement. "We believe testing additional price points above $1 for Dollar Tree product will enable us over time to expand our assortments, introduce new products and meet more of our customers’ everyday needs.”

Shares of Dollar Tree rose 16% Wednesday to more than $100; the company's stock is down 6% for the year. 

The company's $1 price point for most products has been especially challenged with supply chain issues and "higher freight costs and other inflationary pressures," Witynski said during the company's second quarter earnings call last month. 

Dollar Tree, which acquired rival Family Dollar for $9.2 billion in 2015, will also be expanding its combo stores, which share Dollar Tree and Family Dollar branding.  Combo stores will expand from the current 105 to more than 500 by the end of 2022, and up to 3,000 over the next several years, the company said.

Currently, the company operates more than 7,900 Dollar Tree stores.

“Our brand promise is that customers get great value for what they spend at Dollar Tree," Witynski said. "We will continue to be fiercely protective of that promise, regardless of the price point, whether it is $1.00, $1.25, $1.50.”

Follow Mike Snider on Twitter: @MikeSnider.

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Sours: https://www.usatoday.com/story/money/shopping/2021/09/29/dollar-tree-prices-rising-family-dollar-stores/5914780001/

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