Dollar Tree and its subsidiary, Family Dollar, will close 1,000 stores following a net loss of $1.71 billion over three months, the discount retailer said Wednesday.
The company plans to close about 600 Family Dollar stores in the first half of this year and allow about 370 Family Dollar stores and 30 Dollar Tree stores to close over the next few years at the end of their lease terms.
Read More
Financial executives across the retail industry have been forced to adjust strategies to account for customer expectations as inflation puts pressure on outlets, The Wall Street Journal reported Friday.
Major retailers, including Macy’s and Target, who used discounts to clear excess inventory after overestimating demand for their products following a wave of pandemic-era retail spending, are being forced to develop strategies, such as reducing the size of bundles or subtly cutting down on discounts, to entice customers while protecting profit margins, the WSJ reported. Dollar stores have gained popularity as consumers struggle with inflation and — in tandem with the more aggressive discounting campaign by retailers — customers’ heightened demand for value has left some retailers concerned that customers might start to expect discounts that damage profits.
Read More