Last Updated on August 10, 2024 by The HD Post Staff
APPLE VALLEY – A second Dollar Tree location is opening in the Jess Ranch shopping center in Apple Valley.
Signage on the permanently closed 99 Cents Only Stores in the center says “Dollar Tree Coming Soon.”
As the 99 Cents Only Stores close their doors, Dollar Tree is stepping in to continue offering an affordable shopping option for budget-conscious consumers.
Dollar Tree acquires 99 Cents Only Stores
The announcement comes months after 99 Cents Only Stores said they are winding down their business operations and would permanently close all of their 371 store locations after more than 40 years in operation.
In May, Dollar Tree acquired designation rights for 170 leases of 99 Cents Only Stores across Arizona, California, Nevada, and Texas.
A designation right allows Dollar Tree to have control over key aspects of the 170 leases.
As part of the transactions, Dollar Tree also acquired the North American Intellectual Property of 99 Cents Only Stores and select on-site furniture, fixtures, and equipment.
Dollar Tree will offer items at price points ranging from $1.25 to $7
In their First Quarter Fiscal 2024 results, Dollar Tree reported $300.1 million net income.
Dollar Tree chairman and chief executive officer Rick Dreiling said that the results are towards the high end of their outlook range.
“At Dollar Tree we remain focused on rapidly rolling out our next generation of multi-price stores and at Family Dollar we are taking the steps necessary to position the business for long-term success,” said Dreiling.
The company converted 926 Dollar Tree stores to multi-price format where stores now offer items at price points ranging from $1.25 to $7.
In addition, Dollar Tree closed approximately 550 Family Dollar stores as part of the portfolio optimization and expects to close an additional 150 stores by the end of fiscal 2024.
RELATED: Dollar Tree acquires rights to 170 leases for 99 Cents Only Stores
