Update Jan 17, 2024: From Actions 1.9.24 document, #26 – Councilwoman Denise Cave informed Council she had spoken with the developer about the Family Dollar/Dollar Tree and, through no fault of the Town’s, they have pulled out for 2024.
She added this affected about 150 tentative stores nationwide, so it was not just the Town of Shenandoah. Councilwoman Cave also stated they would possibly look at this site again for 2025.
Shenandoah Newz found two Articles on internet that goes into detail and details Dollar Tree CEO actions.
November 29, 2023 By Linda Moss, CoStar News
Discounter Dollar Tree, known for expanding its brick-and-mortar property for years, is now evaluating its Family Dollar chain to identify and close underperforming stores in a strategy other retailers have pursued in tough economic times.
The Chesapeake, Virginia-based company said in a fiscal third-quarter earnings call Wednesday it has initiated a comprehensive review of its Family Dollar store fleet. The corporate parent has 16,622 stores total, with 8,272 namesake locations and 8,350 Family Dollar stores. The study to optimize Family Dollar's physical footprint will take months to complete, Dollar Tree Chairman and CEO Rick Dreiling told Wall Street analysts.
"This will involve, among other things, identifying stores as candidates for closure, re-bannering [as Dollar Trees], or relocation, with the goal of assuring that each asset under the Family Dollar banner is delivering its full value for our shareholders on a sustainable basis," Dreiling said.
Read full article at: https://www.costar.com/article/1092385819/discount-retailer-dollar-tree-eyes-closing-underperforming-family-dollar-stores
2nd Article
Best Life Dec 1, 2023 by By KALI COLEMAN
Family Dollar's results were especially worrisome for parent company Dollar Tree, Inc. The retailer ended the quarter with a 2 percent increase in same-store net sales, failing to meet the company's expectations of a 4.07 percent increase, per Reuters. In comparison, the Dollar Tree brand saw a 5.4 percent growth in same-store sales for the same quarter.
"Family Dollar fell short of our quarter three comp expectations," Dreiling confirmed during the call.
As a result, the company has "initiated a comprehensive review" of its Family Dollar business, according to the CEO.
Read full article at: https://bestlifeonline.com/family-dollar-mass-closures-news/
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Shenandoah Newz article posted on June 14,2023
It was announced at the June 13, 2023 Shenandoah Town Council Meeting that a Family Dollar and Dollar Tree Combo Store would be going into the old pharmacy lot in Shenandoah.
The old pharmacy building and greenhouse would be torn down. This property is located at 420 South Third Street, next to the Shenandoah Community Library. Email from Shenandoah Town Manage Juanita Roudabush stated “No exact start date yet. They are working through the permitting process. They don’t plan to close on the property until at least August. Hopefully be late fall/early winter or possibly 2024.”
Shenandoah Newz will post more details about this project as we learn about them in the upcoming months.
From their website we read “We are writing a bold new chapter for our business- and for towns all across America. We’ve brought Family Dollar and Dollar Tree together under one roof, starting in small, rural towns across the country that had limited retail options. Our customers love the concept and we are expanding past just small towns. We ended fiscal 2022 with an approximately 810 Combo stores opened and plan to add hundreds more in the coming years.”
Family Dollar had a store in Shenandoah for many years and closed its doors on January 31, 2019. It was located next the former Shenandoah Grocery Store. Country Cuts occupies this space now, located left of Taste: The Southern Market. Both are located in the Autodealz Complex at 607 South Third Street in Shenandoah Va 22849.
