Dollar Tree Acquires 170 99 Cents Only Stores, Plans to Reopen Them as Dollar Tree Locations

Dollar Tree Acquires 170 99 Cents Only Stores, Plans to Reopen Them as Dollar Tree Locations

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Dollar Tree has procured the leases of 170 99 Cents As it were Stores and will revive these stores with its claim items as early as drop 2024, the company declared Wednesday.

The 170 leases obtained by the company span over Arizona, California, Nevada and Texas, agreeing to a news discharge. Dollar Tree moreover obtained the North American mental property of 99 Cents As it were Stores, as well as a few furniture, gear and installations interior the stores.

"As we proceed to execute on our quickened development procedure for the Dollar Tree brand, this was an appealing opportunity to secure leases in need markets where we see solid beneficial development potential,” said Michael Creedon, Jr., Dollar Tree’s Chief Working Officer, in the news release.

“The portfolio complements our existing impression and will give us get to to tall quality genuine domain resources in premium retail centers, empowering us to quickly develop the Dollar Tree brand over the western Joined together States, coming to indeed more clients and communities,” Creedon added.

According to the news discharge, Dollar Tree had worked over 16,000 stores over 48 states and five Canadian territories as of Feb. 3, 2024. These stores work beneath the brands of Dollar Tree, Family Dollar and Dollar Tree Canada.

99 Cents As it were Stores closed in April

After over four decades in commerce, 99 Cents As it were Stores declared final month it would near all 371 locations.

"This was an greatly troublesome choice and is not the result we anticipated or trusted to accomplish," between times CEO Mike Simoncic said in a news discharge. "Tragically, the final a few a long time have displayed critical and enduring challenges in the retail environment."

Simoncic said a few variables contributed to the critical state of the markdown store company, counting the "exceptional affect cleared out by the COVID-19 widespread." He moreover cited moving shopper requests, inflationary weights and rising shrinkage levels, which alludes to the misfortune of stock or cash from burglary, harm, or regulatory errors.

Dollar Tree declares cost increments in March

Dollar Tree said it would raise the cost cap in its stores to $7 in its fourth quarter profit call this past March.

"This year, over 3,000 stores, we anticipate to extend our multi-price grouping by over 300 things at cost focuses extending from $1.50 to $7," Dollar Tree CEO Rick Dreiling said in the call on Walk 13.

A $5 cap was set in June, agreeing to Yahoo Back. In 2021 the company raised the base cost of things to $1.25. The higher taken a toll things will incorporate nourishment, pet and individual care things, in spite of the fact that not all things will be at the $7 cost cap.

Dollar Tree cost increase:Dollar Tree to increment max cost in stores to $7, reports higher salary shoppers

"Over time, you will too see us completely coordinated multi-price stock more into our stores so our customers will discover $5 sacks of canine nourishment another to our conventional $1.25 pet treats and toys, and our $3 packs of sweet will be found in the sweet path," Dreiling said.

Dollar Tree administrators said on the call that the socioeconomics of their clients trended towards higher wage brackets.

"The fastest-growing statistic is north of $125,000 a year in salary," said. "It's not like the Northeast is solid and the West is powerless. That vessel is lifting lovely indeed all the way up."

Contributing: Anthony Robledo & James Powel, USA TODAY

Gabe Hauari is a national trending news correspondent at USA Nowadays. You can take after him on X @GabeHauari or e-mail him at Gdhauari@gannett.com.

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