Low overhead, a self-service approach, and value merchandise for under $3 were the principles on which Leon Levine opened the first Family Dollar Store in Charlotte, NC in 1959.
- Headquarters: Matthews, NC
- Founding year: 1959
- Number of locations as of January 2011: 6,689
- Q2 FY 2011 net income: $123.2 million compared to $112.2 million for Q2 2010
Low overhead, a self-service approach, and value merchandise for under $3 were the principles on which Leon Levine opened the first Family Dollar Store in Charlotte, NC in 1959. The platform has served the company well in the years since; it currently has more than 6,800 stores from Maine to Arizona.
Joshua Braverman, public relations manager, said value and convenience is what consumers look for, especially in today’s economy, and that has helped Family Dollar remain strong. “We listen to our customers and give them want they’re looking for. Our model is to put our stores in the neighborhoods where our customers live. Providing products our customers need and use every day is part of being a value and convenience retailer.”
Key to Family Dollar’s strategy is providing name brands people trust at low prices, but the company also looks to its private label program to bring brand name quality at even lower prices. “As people look to stretch their budgets further, we offer merchandise customers can trust,” said Braverman.
Family Dollar’s price-point focus has evolved since its early days (it now stocks inventory that costs $10 or less), but its continued focus on providing great value and convenience has helped it continue to be successful
“Over the last several years, we have accelerated capability-building investments and increased our efforts to improve the in-store shopping experience. These investments have provided a solid foundation for the successful launch of our strategic plan to re-accelerate revenue growth, expand operating margins, and optimize our capital structure,” said Howard Levine, chairman and CEO. “Our performance year-to-date illustrates that we are effectively leveraging these enhanced capabilities and executing well against our business plan.”