Nearly 1000 Family Dollar And Dollar Tree Stores To Close

A nationwide chain of stores is planning to close to 1000 stores over the next few years, with one-third of them closing in 2024.

Dollar Tree, Inc. posted the results of its fourth quarter of fiscal 2023. The company's Chairman and Chief Executive Officer, Rick Dreiling noted "We finished the year strong, with fourth-quarter results reflecting positive traffic trends, market share gains, and adjusted margin improvement across both segments.”

Under the Portfolio Optimization Review and Impairments section of the report, the company noted that they had initiated a comprehensive store portfolio optimization review.

As a result of the review, Dollar Tree, Inc. plans to close nearly 1000 stores between their Family Dollar and Dollar Tree store brands nationwide.

The plan is to close approximately 600 Family Dollar stores in the first half of fiscal 2024. In addition, close to 370 Family Dollar and 30 Dollar Tree stores will close in the next few years, depending on the individual store's current lease term.

The company owns about 8000 stores across the United States. Locally, in the Binghamton area, there are three Dollar Tree stores - in the Price Chopper Plaza, Binghamton, in the Aldi Plaza on Harry L Drive, in Johnson City, and in the Town Square Mall in Vestal.

In addition, there are five Family Dollar stores in the Binghamton area, including Main Street, Vestal Avenue, Court Street, Chenango Street, and Conklin Road, Conklin. The fiscal report makes no mention of which stores nationwide will be closed.

According to CNN, the Dollar Tree, Inc. rival, Dollar General, continues to thrive with about 18,000 stores in the United States, opening about 1,000 stores a year. Locally, there are approximately 20 Dollar General stores throughout Broome and Tioga New York counties.

As reported on WNBF, a Dollar General is currently being built in the former CVS Pharmacy at 68 Main Street on Binghamton's West Side.