Dollar Tree was known as one dollar company, and it is a chain of several discount stores in the United States where items are sold at one dollar. The headquarters of this company is located in Chesapeake in Virginia. It has more than 15,115 stores in Canada and the US. It belongs to Fortune 500 companies, and its stores have the support of its distribution centers.
Under Family Dollar, this company also operates a multi-price variety chain. This company competes in low-end markets and the dollar stores. The products of the company include regional, national, and even private brands.
There are almost all departments available in the stores of Dollar tree, including beauty, health, household, toys, gifts, automotive, books, electronics, pet supplies, craft & stationery, and housewares. This company also sells dairy items and frozen foods. In the year 2012, it started accepting coupons in the stores.
Evolution
In 1953, K.R. Perry started a variety store in Virginia, and its name turned to K&K after some time. This concept of mall grew to more than 130 stores in the East Coast. In the year 1986, he started another chain store known as $1. The expansion of K&K toys and dollar stores continued side y side. In the year 1991, the company decided to focus on dollar store expansion and sold K&K stores.
In the year 1993, the name of the company, $1.00, changed to DOLLAR TREE. The company got the idea for this company from another company which went bankrupt during the 1990s. In 1996, this company purchased DOLLAR BILL$, Inc., which has a chain of 136 stores. In the year 1997, the company opened its first distribution center and also its support center in Chesapeake in Virginia.
In the year 1998, the company purchased 98-Cent centers located in California. In 1999, the company established its 2nd distribution center in Mississippi, particularly in Olive Branch. In the year 2000, the company purchased DOLLAR EXPRESS, which was based in Philadelphia. The company also bought another distribution center located in Stockton in California.
Inception
The sales of the company started going higher, and in 2001, it established two more distribution centers in Pennsylvania and Savannah. In the year 2003, the company purchase GREENBACKS, Inc. and started its distribution center in Oklahoma. In the year 2004, the company established its store in North Dakota for the first time. It also established a distribution center in Washington and Illinois.
In the year 2006, the company celebrated the 20th retailing year and established the 3000th store. In 2007, the company expanded in the Briar Distribution center and crossed over $4 billion in sales. In the year 2008, the company got its place in FORTUNE 500. At the end of 2009, they started another store in Washington, DC.
In the year 2009, the company decided to re-design its website to attract customers at the e-commerce site. The website also sells products to customers in large quantities. The organizations and small businesses can also get benefit from the bulk deliveries of the products.
In the year 2010, this company established the 4000th stores and purchased the DOLLAR GIANT store in Canada. In the year 2011, the company has reached $6.64 billion in sales, with 278 newer stores. In 2012, the company established more 345 stores and increased its sales by $7 billion. On 28th July in the year 2014, the company announced about offering $9.2 billion to purchase FAMILY DOLLAR.
Another company also wanted to purchase that company, but the deal went into the Dollar Tree. In 2015, the company decided to sell around 300 stores to Sycamore partners and got $8.5 billion takeovers. In the year 2018, this company ranked on 134th rank in the list of Fortune 500. It is a list made by US corporations by revenue, and therefore, the position of Dollar Tree is worth noticing.
In 2019, the company announced that it would close 390 stores and look forward to renovating a thousand stores. This company will keep growing in the coming years because of efficient employees. The plan of Dollar Tree is designed in such a way that it can easily attract lots of customers every day. With the passing years, the company will formulate new ideas to stay in touch with loyal customers and attract new customers.
Net Worth of Dollar Tree in 2024
As of April 2024, the net worth of Dollar Tree is around $25 billion because it is one of the successful and largest price point retail stores in North America. This is a customer-oriented company providing products at only one dollar price. The company’s net income is around $1.71 billion, and total assets are $16.33 billion. The company will keep earning more and more in the future years.
The company hasn’t won any awards, particularly, but it has achieved a lot. The people who are interested in buying cheap items of good quality look for Dollar tree stores. The proof of achievement of Dollar tree is its several stores and increasing wealth. More than 193,000 employees work in all the chain stores of the company. The subsidiaries of the company are the Family dollar. The company will keep growing in the future years due to good planning and efforts towards customer satisfaction.
Dollar Tree is known as one of the best discount stores, and it has achieved this position by working hard. The company has lots of control over the buying power of the customers. They design products and prices according to customer satisfaction. They want to attract people who suffer from financial problems. This has made it easy for the company to get ahead from its competitors. On 28th July 2014, the company announced a deal that got approval from FAMILY DOLLAR at $8.5 billion. This company will keep growing in the future because of hard-working employees and genius decision-makers.