GOODLETTSVILLE, TN-In the most significant retail expansion of the year, Dollar General Corp. is planning to open 625 new stores in fiscal 2011. The 70-year-old company will also create 6,000 new jobs.
Many of the stores and jobs will be spread among Dollar General’s existing 35-state operating area. However, Dollar General is also expanding into three new states: Connecticut, Nevada and New Hampshire. Dollar General operates more than 9,200 stores across the country.
“Bringing our store model of convenience and value to more people in more states is an exciting opportunity for us,” says Rick Dreiling, Dollar General’s Chair and CEO. “We believe the new communities and states we are entering will benefit from the new jobs, shopping choices and dedication to community found at Dollar General.“
Dollar General’s expansion includes new suburban, rural and metropolitan markets. The anticipated 6,000 new jobs follows two years of positive job growth for the company. Between 2009 to 2011, Dollar General will have created more than 15,000 new jobs. In addition to 625 new stores, the company plans to remodel or relocate 550 stores.
Anthony Blanco, co-managing partner at Plaza Advisors, tells GlobeSt.com that Dollar General’s expansion comes at an opportune time. That’s because there is still ample space available on the market. As he sees it, landlords may be more reasonable in structuring long-term leases with Dollar General given the tenant's financial performance, particularly over the past 24 months.
“The challenge for them is entering grocery-anchored centers without violating what are sometimes very restrictive exclusive clauses in grocery store leases,” Blanco says. “We have found Dollar General to be very good operators and considered to be good credit in the capital markets.”
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