Dollar Tree has announced a significant reduction in its store count, revealing plans to close approximately 600 Family Dollar locations in the first half of fiscal 2024.
This move is part of a broader strategy to optimize the retail giant’s portfolio and improve its overall financial health.
Why Family Dollar are closing stores?
The decision to close these stores was not made lightly. According to company executives, the closure of each store was determined by a variety of factors including location, competitive environment, facility quality, and proximity to competitors. The company acknowledged that past real estate strategies did not focus on maximizing value, leading to the current reassessment.
Executives also emphasized the importance of transferring sales from the closing stores to other operating locations as a key part of this strategy. The goal is to ensure that, while some stores close, their customer base remains within the Dollar Tree family of stores, thereby minimizing the impact on overall sales.
The closures have been attributed to several factors, including persistent inflation and reduced government benefits, which CEO Rick Dreiling noted are putting pressure on low-income consumers.
The situation was further exacerbated by a rodent infestation found in about 400 stores two years ago, leading to a fine from the US Food and Drug Administration (FDA). These challenges come despite Dollar Tree’s acquisition of Family Dollar in 2015 for $8.5 billion, a merger that has struggled to meet expectations amid competition from rivals like Dollar General.
Family Dollar store closing list 2024
Family Dollar aims to close 600 stores in the first half of 2024, with an additional 370 stores and 30 Dollar Tree stores to follow as their leases expire.
This rationalization effort is seen as a crucial step in unlocking value for the enterprise. Despite these closures, the company has not provided a comprehensive list of all affected locations. However, reports from various local media outlets have confirmed several specific closures:
Illinois
- 3116 N. Sterling Ave. in Peoria.
- 820 NE Jefferson St. in Peoria
Alabama
- Slocomb, Alabama: Family Dollar at 534 Lawrence St., closure date not set yet (WDHN).
Florida
- Tallahassee, Florida: Family Dollar on West Brevard Street is closing, other stores remain open (Tallahassee Democrat).
Kansas
- Wichita, Kansas: Family Dollar at 13th Street and Broadway is closing (KSN News).
Mississippi
- Canton: 1074 Peace St.
- Clinton: 222 Clinton Blvd.
- Collins: 816 Main St.
- Columbus: 202 Alabama St. and 60 Mike Parra Rd.
- The Kalb: 14916 Hwy. 16 W.
- Drew: 144 W. Park Ave.
- Durant: 369 E. Madison St.
- Eupora: 1960 Veterans Memorial Blvd.
- Flora: 101 Mansker Dr.
- Jackson: 3707 S. Siwell Rd. and 1201 University Blvd.
- Louisville: 401 S. Church Ave.
- Monticello: 713 E. Broad St.
- Natchez: 395 John R. Junkin Dr.
- Newton: 188 Northside Dr.
- Okolona: 511 W. Monroe Ave.
- Pearl: 621 S. Pearson Rd. and 3123 US Hwy. 80
- Philadelphia: 800 E. Main St.
- Quitman: 548 S. Archusa Ave.
- Raymond: 825 E. Main St. (Magnolia State Live).
Missouri
- Humansville, Missouri: Family Dollar closing, customers directed to nearby locations (KY3).
- Willow Springs, Missouri: Store closing, merchandise discounted up to 90% (Howell County News).
Nebraska
- Gering, Nebraska: Items selling for 50% off, store closing (KNEB).
New Jersey
- Middletown, New Jersey: Family Dollar at Eastpointe shopping center is closing (Asbury Park Press).
North Carolina
- Wilmington, North Carolina: Two locations on Greenfield Street and Carolina Beach Road are closing (WECT6).
Ohio
- East Liverpool, Ohio: Family Dollar at 15 Walnut St. is closing on April 17, items for 50% off (The Review).
- West Dayton, Ohio: Family Dollar at 440 N. James H. McGee Blvd. is closing (Dayton Daily News).
South Carolina
- Clearwater, South Carolina: Location at 4403 Jefferson Davis Highway offering items at 50% off before closing (WRDW.com).
Virginia
- Lynchburg, Virginia: Two stores on Campbell Avenue and Federal Street are closing (WSET).
West Virginia
- Elkins, West Virginia: Store offering 50% off, closing once merchandise is sold (the Inter-Mountain newspaper).
ALSO READ. Why are Family Dollar stores closing 2024? This is what we know
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