Dollar General has been targeting food deserts, low-income areas not served by supermarkets or nearby grocers, as its next great growth opportunity
FILE - In this Wednesday, Sept. 25, 2013, file photo, customers exit a Dollar General store in San Antonio. Dollar General plans to add nearly 2,000 stores in the next two years, bringing the total to more than 14,000, the company announced Thursday, March 24, 2016. The move shows how the chain's appeal is still strong with shoppers who remain frugal since the Great Recession.
They have strong ambitions to win over more low-end consumers by adding a broader mix of food to its stores. Average DG shoppers come from a household that earns $40,000 or less per year. In 2017, the U.S. Census Bureau released data showing the median income for an African American household was $39,490, putting them right in the Dollar General consumer sweet spot.
CEO Todd Vasos previously stated"Our remodel store delivers a 4% to 5% comp lift on average and a [Dollar General Traditional Plus] remodel delivers on average a 10% to 15% comp lift, and when produce is included in a DGTP, it delivers a comp lift on average at the high end of that range."Typically Dollar General stores cost just $250K to open, meaning it’s easier for them to set up shop in rural areas.
In an effort to make sure sales continue to rise the company plans to beef up its health and beauty sections. If we look at the power of the black dollar across these consumables, black people spend nearlyspace. When it comes to the broader market in personal appearance products, such as grooming aids and skin care preparations, black shoppers spent $127 million and $465 million respectively, according to Nielsen.
The retail sector has been hit hard with most companies facing declining stock prices and shuttering stores. Competitors such as Family dollar will close 400 stores this year.I am the CEO of CultureBanx covering the intersection of business, technology and innovation for minorities. I was raised in investment banking while working at UBS inte...
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