The influx of new dollar stores across the nation showed signs of slowing down Thursday as Family Dollar announced plans to close 370 stores.
But even with the store closings, Family Dollar expects to increase its overall number of locations in 2014 as the company sheds older, less profitable stores and builds more stand-alone stores in strategic locations.
Family Dollar, Dollar Tree and Dollar General grew by more than 2,700 stores from the 2011 fiscal year through 2013, according to annual reports from the companies, so more and more people are seeing a new discount offering in their neighborhoods. Plans are for the companies to add even more stores.
Family Dollar CEO Howard Levine said in an investors conference call Thursday the company will slow down its expansion plans after a difficult quarter. But slowing down still means 525 new store openings in the 2014 fiscal year and another 350-400 in 2015, he said.
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Family Dollar Continues to Grow Despite Some Store Closings was originally published on wzakcleveland.com