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Dollar Tree fans, get excited.
In May, the company announced that it has acquired 170 99 Cents Only store leases in Arizona, California, Nevada and Texas. The deal comes after 99 Cents Only, also known as the 99 Store, filed for Chapter 11 bankruptcy.
“As we continue to execute on our accelerated growth strategy for the Dollar Tree brand, this was an attractive opportunity to secure leases in priority markets where we see strong profitable growth potential,” said Michael Creedon, Jr., Dollar Tree’s Chief Operating Officer in a press release.
As CNN notes, the two stores are different in what they sell. Dollar Tree, which has locations nation-wide, also sells home goods, beauty supplies, season decorations and cleaning products. One glaring difference that can make a big impact on communities, especially those with food deserts, is that 99 Cents Only was known for selling groceries, including fresh produce. While the Dollar Tree also sells groceries, it’s limited to mostly canned and frozen items.
However, the company did recently announce that it has plans to expand its frozen and refrigerated items at thousands of locations. Similar to 99 Cents Only, despite the name, there are items that surpass the dollar mark.
It will be interesting to see how the new acquisition plays out for the company. Dollar Tree Inc. also owns Family Dollar, and it was recently announced that 600 Family Dollar locations will close this year. Another thing, which CNN noted, is that 99 Cents Only stores tend to be twice the size as traditional Dollar Tree locations.
We’ll just have to wait and see as the Dollar Tree stores start popping up in the fall.
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