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Dollar Tree and Family Dollar will close 1,000 stores over years

family dollar dollar tree stores closing

The markdown retailers announced on Wednesday that nearly a thousand Dollar Trees and Family Dollar locations would close following a lackluster 2023. Hence, the number of these stores is being reduced nationwide.

According to the company’s news release, data from the prior year’s performance report showed declining sales and foot traffic.

“We plan to close about 600 Family Dollar locations in the first half of fiscal 2024. In addition, about 370 Family Dollar and 30 Dollar Tree locations will close over the next several years at the end of their current lease terms, according to the press statement.

Here’s what we know about the coming closures.

What is the number of Dollar Trees in Texas?

Texas is home to 709 Dollar Trees nationwide. According to the data website ScrapeHero, the corporation currently manages around 8,202 outlets. This implies Texas alone is responsible for over 10% of all Dollar Trees in the company’s portfolio.

Many of these Dollar Trees may be found in major Texas cities, as is customary for the corporation. These three Texas cities each rank in the top ten for the number of Dollar Trees:

  • San Antonio has 54 places (2nd on the list)
  • Houston has 51 places (3rd on the list)
  • El Paso has 31 locations, ranking eighth on the list.

Dollar Tree has not stated whether or not these closures will have a greater impact on a certain city, state, or region.

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What is the reason for Dollar Tree closing so many locations?

Dollar Tree announced a “comprehensive store portfolio optimization review” in a press release that reflected on the company’s faltering finances.

In an effort to maximize profits and adapt to the demands of the markets it monitored throughout the review period, the organization deduced from that analysis that it was necessary to close hundreds of underperforming stores.

Additionally, a $7.85 loss per share over the previous year was highlighted in the release, along with the possibility of price increases in 2024.

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