Scott Benedict’s Post

Big news in the retail world! Although sad to see retail businesses go, Dollar Tree Stores and Ollie's Bargain Outlet, Inc. are set to acquire 99 Cents Only Stores expanding their footprint in the discount retail market. This strategic move promises to enhance their offerings and provide even greater value to customers. Exciting times ahead for these brands as they continue to grow and innovate! #RetailNews #BusinessGrowth #DiscountRetail

Article details: Dollar stores have been struggling to deal with a shift in consumer spending to lower-margin essentials from higher-margin discretionary products like home decor, electronics and toys. They also face stiff competition from rivals such as Walmart and Chinese e-commerce platform Temu. The Chesapeake, Virginia-based Dollar Tree said it will close 600 of its Family Dollar stores during the first half of the 2024 fiscal year. It plans to close roughly 370 more Family Dollar locations as their leases expire. And it plans to close 30 Dollar Tree stores over the next few years. Dollar Tree said late last year that it would evaluate whether Family Dollar stores should be closed as the company looks to maximize growth. The discount retailer said early Wednesday that it plans to close almost 1,000 of its locations, after it lost $1.7 billion in its fourth quarter. Dollar Tree stock fell sharply on the news, with shares down about 8% in pre-market trading. Along with the big quarterly loss, the company said it took on a $863 million charge in connection with its store portfolio review. #earningsreport

📊 How do the country’s biggest retailers stack up against Dollar General? When most of us think of the biggest brick-and-mortar retailers in the country, we naturally think of Walmart, Target, maybe Costco Wholesale and The Home, among others. As a follow-up to my post about Dollar General's impressive 20,000-store milestone yesterday, here's an eye-opening snapshot of how they compare to the country's biggest retailers. 📌 In terms of retail sales, Walmart, of course, takes the top spot. The retailer delivered over $611 billion in worldwide retail sales in 2023 (Walmart). 📌 Net sales at Dollar General came in at $38.7 billion for DG's 2023 FY (Dollar General). In terms of store count, however, Dollar General is going where other retailers aren't and that's in the country's nooks and crannies to reach customers around the corner in their neighborhood. Here's how that plays out in numbers. 📍Five states are home to 5,800 Dollar General stores--Texas, Georgia, Florida, North Carolina, and Pennsylvania- that's more stores than Walmart has across the country. (via Retail Dive) Check out the great graphic by Retail Dive below which shows how the stores compare in store count. Read more here: https://bit.ly/4aOt31T #TSCG #CREtail #RetailStores #CRE #Retail

In a significant move within the retail industry, Family Dollar and Dollar Tree have announced plans to close 1,000 stores. This decision highlights the ongoing challenges Family Dollar faces, including mismanagement, subpar store conditions, and a hefty fine related to a rat infestation. These factors, combined with high inflation and decreased SNAP benefits, have significantly impacted their predominantly low-income customer base. The closures, aimed at boosting profitability, underscore a broader trend in the discount retail sector where competition is fierce. Despite the economic downturns that typically benefit discount retailers, Family Dollar has struggled to keep pace with competitors like Dollar General and Walmart. This struggle is partly due to difficulties in integrating Family Dollar into Dollar Tree's operations post-acquisition and in maintaining competitive pricing. This development is a reminder of the critical importance of operational efficiency and adaptability in the retail sector. It also highlights the impact of economic and social policies on consumer spending patterns. As professionals in the industry, we must stay attuned to these dynamics, understanding their potential to reshape market landscapes and consumer behaviors. https://lnkd.in/gwCvgfiH

Is the Dollar Store Channel Structurally Challenged? Shares of Dollar General last Thursday tumbled by about 30% after a second-quarter shortfall raised concerns that dollar stores in general are losing share to Walmart, Target, ALDI USA, Temu, and others built around value. Is Dollar General taking the right steps to revive sales and improve its competitive position? Read the article & panel discussion here: https://lnkd.in/eKvAv58r Melissa Minkow "Many retailers, who have broader breadth and depth are in fierce competition with the dollar store category now with their ability to deliver low prices. Dollar stores will have to secure resonant differentiators in order to stay competitive." Nikki Baird "You knew that dollar stores were taking a bite out of Walmart and Target when they started adding dollar sections to their own stores." Brandon Rael "With rapid scale and store expansions come greater complexity, increased operating costs, and more significant challenges driving outstanding execution at the store level."

Dollar Stores Get Serious About Private Label Investments - https://lnkd.in/eRvEVAKv Stores Get Serious About Enhance Product Lines with Major Private Label Investments In recent years, dollar stores have turned their attention to expanding their confidential offerings, aiming to attract a broader customer base and increase profitability That strategy is this business comes at a time of changing consumer behavior and#Dollar Stores #marketing #Private Label Investments #Private-Label #private-label products #retailers

More #brickandmortar #retailer expansion news! "Ross Stores, Inc., which has set a long-term target of at least 2,900 ROSS DRESS FOR LESS and 700 DDS DISCOUNTS, will continue its #store growth in 2024. It expects to open about 90 new #locations, including 75 Ross stores and 15 DD’s stores. By comparison, Ross opened 71 Ross stores and 23 DD’s in 2023." #larrytheleasinglawyer #shoppingandtheretailindustry #retailleasing

Look what Pennsylvania grocer is growing👀 Regional grocer chain, Weis Markets is making some moves in light of increased profits…thanks to a helping holiday hand from Easter🐣 Weis Markets will begin construction of six new stores with each planned to open in 2025. The company will also invest in five new fuel centers! Jonathan H. Weis, chairman, president, and CEO of Weis Markets further noted: "Our first quarter 2024 results, which benefited from the Easter holiday shift, are in line with our expectations thanks to the continuing efforts of associates at every level of our company," said Weis. "We continue to navigate marketplace trends of product cost and third-party services inflation, declining government benefits, and the increasing mix of our pharmacy retail business, which has a lower margin than our grocery business. More good news for grocery and cheers to their diversified approach to running the business to keep it profitable! #grocery #storebrands #growthmindset

Many in the Midwest are familiar with the concept of the "Kwik n' Low" a phrase coined by a leading convenience store chain Kwik Trip, proporting the fact that you can fill and fuel up, getting your gas and produce in the same space. Others in the C store space are taking note of this trend and enlarging their store format. "The next 10 years will serve as a continuation of this foundation and transformation of the kind of stores Murphy USA does business in and how it interacts with its customers," said Murphy USA President and CEO Andrew Clyde. Murphy USA's new build stores bring higher volumes, merchandise sales and margins, but also higher operating costs due to the larger footprint. Challenge: Creating Shopping Experiences https://lnkd.in/gxbZZ-Tc   #Colateral - Plan, do, review, report and track #retailmerchandising #retailsuccess Alejandra Barron John Gardner

Here are some interesting stories from the world of retail for Wednesday, February 21: ⛔️ The Federal Trade Commission (FTC), along with a number of state attorneys general, is set to file a lawsuit to block Kroger's $24.6bn takeover of Albertsons Companies. 🌟 Walmart’s sales surged across its stores and online operations through the holiday shopping season, but the retailer is girding its business as inflation moderates and consumers remain selective about their spending. 📈 Walgreens Boots Alliance is getting the boot from the 30-stock Dow Jones Industrial Average and Amazon is taking its place. Amazon joins Apple and Microsoft to join the Dow 30. 🛠️ The Home Depot Depot, a bellwether of the housing market and US economy, said sales dropped over the winter and it’s an expecting a slow 2024. Sales at stores open for at least one year fell 3.5% last quarter. 🥐 Will food prices stop rising quickly? Many companies say yes. Food companies are talking about smaller price increases this year, good news for grocery shoppers and restaurant diners. 🛋 La-Z-Boy's stock slumped about 9% in after-hours trading Tuesday after the company posted quarterly results that fell short of analysts’ revenue and earnings estimates. Revenue dropped 13% to $500.4 million. 🤺 Macy's is facing a board challenge from Arkhouse Management after the investment firm nominated nine director candidates just weeks after the retailer rejected a go-private bid from Arkhouse and its partner Brigade Capital. 📺 Walmart will buy TV maker VIZIO for $2.3 billion to expand advertising The nation’s largest retailer said the deal will give its advertising division new ways to reach customers through in-home media. 👗 Target and legendary designer Diane von Furstenberg are teaming up on a collection of clothing and home furnishings slated to debut at the retailer's nearly 2,000 stores next month. 👚 Alongside other retailers updating their merchandise offerings, Dillard's Inc. has debuted The Coterie Shop, a new online and in-store concept featuring four luxury designers. 🍝 Marc Lore-led food startup Wonder said it is opening its 11th location, which is both its first in Pennsylvania and first inside a Walmart store or a big box retailer. 💄 Elizabeth Grady beauty school has shut down, as the salon chain struggles to operate. The company has been mired in lawsuits and state licensing issues that may threaten the survival of its business 🍽 In Los Angeles, developers are transforming clusters of old homes into micro restaurants to cater to the needs of surrounding neighborhoods. This adaptive reuse is part of a growing national trend. 🍺 More than 400 Teamsters are on strike at the Molson Coors Beverage Company brewery in Fort Worth, Texas, impacting production for North America’s second largest brewer. #retail #retailnews #economy