Dollar Tree announced plans to shutter 970 Family Dollar stores and 30 Dollar Tree stores nationwide as it looks to overhaul its business. The move comes as the company aims to expand its food aisles and merchandise in the $3 to $5 range. The decision follows missed sales and profit targets and increased competition from rivals like Dollar General and Temu. Inflation-weary shoppers' focus on necessities also influenced the move. The company will close 600 Family Dollar locations in the first half of fiscal 2024.
Dollar Tree plans to shutter nearly 1,000 Family Dollar stores as the discount retailer moves to revamp its business by expanding its food aisles and array of merchandise in the $3 to $5 range. The move announced Wednesday comes after the chain missed quarterly sales and profit targets amid heightened competition from such rivals as Dollar General and Temu for discretionary dollars.
It also reflects inflation-weary shoppers’ continued focus on necessities; though consumer prices have cooled significantly since their mid-2022 peak, Americans are still shelling out more for groceries, gasoline and other essentials. The company will close 600 Family Dollar locations in the first half of fiscal 2024. An additional 370 Family Dollar and 30 Dollar Tree stores will not renew their leases
Dollar Tree Family Dollar Store Closures Business Overhaul Competition Inflation Necessities
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