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☆ Inflation pushed the wealthy to shop at dollar stores. Now even those places are seeing people get tighter with their money.
  + stars: | 2023-09-27 | by ( Cork Gaines | ) www.businessinsider.com   time to read: +4 min
During the pandemic, more people with higher incomes started shopping at dollar stores. They keep shopping in dollar stores, but they spend more time in the aisles with the most important products. In mid-2022, both Dollar General and Dollar Tree reported increased sales and noticed a rise in high-income customers. But now, in addition to lower sales, Dollar General is dealing with an overflow of inventory. Alex Bitter/InsiderOther businesses benefited from inflationThis recent surge in wealthier customers is not limited to just dollar stores.
Persons: —, Jeff Owen, Owen, Justin Sullivan, Mike Witynski, Witynski, General's, Todd Vasos, Alex Bitter, Chipotle Organizations: Shoppers, Service, Dollar, Wall Street, Wall Street Journal, CNN, Walmart
☆ Dollar General CFO Garratt to retire
  + stars: | 2023-01-30 | by ( ) www.reuters.com   time to read: 1 min
Jan 30 (Reuters) - Discount store chain Dollar General Corp (DG.N) said on Monday its chief financial officer, John Garratt, would retire from his position effective June 2. The company will "evaluate options" for its next CFO and is not currently conducting an external search, it said in a statement. Garratt was named CFO in December 2015, a year after he joined the Tennessee-based company. "While I look forward to spending more time with family, this was a difficult personal decision," Garratt said. Last week, rival Dollar Tree Inc (DLTR.O) said Executive Chairman Richard Dreiling will replace Chief Executive Officer Mike Witynski, nearly a year after its settlement with an activist investor.
☆ Dollar Tree says Executive Chairman Dreiling will replace CEO Witynski
  + stars: | 2023-01-24 | by ( ) www.reuters.com   time to read: 1 min
Jan 24 (Reuters) - Dollar Tree Inc (DLTR.O) said on Tuesday Executive Chairman Richard Dreiling will replace Chief Executive Officer Mike Witynski, effective Jan. 29. Dreiling, 69, has previously served as the chairman and CEO of Dollar General (DG.N) and will expand his role at Dollar Tree. Witynski, who was appointed as CEO in July 2020, had been with the discount retailer in various leadership positions since 2010. Shares of Dollar Tree rose about 2% in premarket trading. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.
☆ Family Dollar is a mess. It hopes lowering prices will help
  + stars: | 2022-12-01 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +3 min
New York CNN Business —Family Dollar has lost ground in the dollar store race for years. “Family Dollar, from a pricing perspective, is in the best position in more than a decade.”The strategy appears to be working so far: Last quarter, foot traffic to Family Dollar stores increased for the first time in three years. Dollar Tree bought Family Dollar in 2014 for almost $9 billion, but these problems started before the acquisition, according to analysts. Some Wall Street investors have pressed Dollar Tree to sell Family Dollar. And new “H2” Family Dollar stores showcasing special Dollar Tree $1.25 merchandise sections and more freezers and refrigerators than traditional Family Dollar stores.
☆ Surprise: Dollar Tree’s $1.25 price strategy is actually working
  + stars: | 2022-11-23 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +3 min
Other companies have also raised prices, so Dollar Tree has been shielded from major customer blowback. Sales at Dollar Tree stores increased 8.6% last quarter compared to a year ago, the company, which also owns Family Dollar, said Tuesday. “Our transition to the $1.25 price point has enabled our merchants to greatly enhance value,” Dollar Tree CEO Michael Witynski said on a call with analysts Tuesday. Dollar Tree has since brought back some of these items at $1.25 and expanded its offerings of meat, pizza, breakfasts and other consumable items. Dollar Tree is also adding more $3 and $5 items to stores, building on a previous strategy.
☆ Dollar General’s newest shoppers: People making $100,000 a year
  + stars: | 2022-09-08 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +2 min
New York CNN Business —Middle-income and wealthier shoppers, pinched by inflation, are shopping more at Dollar General for essentials and discretionary items. Dollar General (DG) CEO Todd Vasos this week said the retail giant has been attracting customers earning $100,000 a year in recent weeks. Inflation has pushed up prices for groceries and gas, and now these shoppers are turning to Dollar General (DG) and others to try to save money. Some of these customers first shopped at Dollar General earlier in the pandemic and have now returned, he added. Dollar General has been a lifeline for lower-income shoppers, particularly in rural areas with few other retail options.
☆ Dollar Tree's stock tumbles as rival Dollar General's bet on food and groceries pays off
  + stars: | 2022-08-25 | by ( Robert Hum | ) www.cnbc.com   time to read: +4 min
Look at what's happening between Dollar General and Dollar Tree if you want proof. The reason for Dollar Tree's weaker outlook is price cuts it's taking at Family Dollar stores that will eat into margins. Dollar General said it's seeing plenty of customers visiting its stores to buy food and groceries. But the problem for Dollar Tree is that it has less exposure to the grocery business than Dollar General. Family Dollar's customers tend to have lower incomes than both Dollar Tree and Dollar General, and clearly these shoppers are feeling the strain of months of higher prices.
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