Dollar Tree will be joining Kmart and Genuardi's Family Markets as the as co-anchor at 3200 Ridge Pike when the store opens in August. The asking rate at the center is $15 per sf, she tells GlobeSt.com.
Drew, who has represented Dollar Tree for the past 13 years in this area, is also representing Dollar Tree's recently acquired brand Deal$, which is a $5-and-under concept. At least some of the five additional stores expected to open in Philadelphia and the surrounding 50-mile area will be Deal$ stores, she says. All told, the retailer expects to open 50 stores in the Greater Philadelphia metro area and surrounding markets over the next five years, at a rate of 10 to 20 stores per year.
These stores will be much like the Eagleville Plaza lease--averaging between 10,000 sf and 12,000 sf, she says. "The size of the stores is steadily expanding. When I first starting working with them they would be typically 3,000 sf." These stores also tend to locate in malls where asking rates are in the low to mid teens, like Eagleville.
Dollar Trees is registering respectable growth, which is fueling its expansion strategy. It reported sales of $4.2 billion for fiscal 2007 in February. Fiscal year 2006 sales were $3.97 billion.
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