Discount retailer Dollar General plans to close 96 stores and convert six pOpshelf locations into its own stores by early 2025, the company announced. This move comes after a review of its store portfolio found that many shops are not generating enough revenue.
The closures come as Americans struggle to afford basics due to high inflation and economic uncertainty. CEO Todd Vasos stated that customers have had to make sacrifices on essentials. Despite this, Dollar General reported a 4.5% revenue increase in the fourth quarter of fiscal year 2024.
The company has not specified which stores will be affected but said the closures are due to store performance. This decision comes amid a broader retail shake-up, with experts predicting up to 15,000 physical storefronts could shut down nationwide by the end of the year.
Dollar General is not immune to the changing retail landscape, which has seen other chains launch massive store closures in recent months. The company had initially planned to open 575 new stores in 2025 but its financial outlook may be uncertain due to the latest news.
Source: https://www.dailymail.co.uk/yourmoney/consumer/article-14500647/dollar-general-chain-store-mass-closures-retail-apocalypse.html