Just when you thought it went away for good, a retail store known for its low prices is poised to make a return.
Discount Retail Stores Struggle
If you thought more people were flocking to discount retail stores as just about everything in life has seemingly started to cost more, you couldn’t be more wrong.
This year in particular has been fairly rough for discount chains. Industry website The Street covers retail news along with the performance of some of the biggest named stores that are in just about every city. A new report shows that stores like Dollar General and Dollar Tree “cannot compete as their margins are squeezed.”
Even with inflation slowing, the discounts chains are still having their fair share of struggles.
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Big Lots was one of the latest names to close down locations. Family Dollar, which is owned by Dollar Tree, also is in the process of closing stores. Nearly 1,000 locations have been tagged as underperforming, setting up for their eventual closing.
One discount store that all but disappeared, however, is ready to make a comeback.
Opening Locations Following Bankruptcy
Not every chain has been lucky enough to hang on by simply closing a few locations. From fast food to retail stores, long-time chains have declared bankruptcy this year.
One of the earliest to seek bankruptcy among retail stores in 2024 was the 99 Cents Only store. The chain announced in April that it would be closing all of its 371 locations.
99 Cents Only Stores To Liquidate All 371 Locations After 4 Decades In Business
The 99 Cents Only stores filled a vital role in some communities.
“99 Cents Only started with that gimmick, but in recent years it has used a variety of price points,” The Street said in its report. “In many markets, it offered fresh food in communities where that was hard to come by.”
Now, the brand is ready to make a comeback.
99 Cents Only Stores To Liquidate All 371 Locations After 4 Decades In Business
Dollar Tree, which had previously acquired leases to some 99 Cents Only stores, has started re-opening those locations The Street says the stores will be known as Dollar Tree locations, but they will help serve the purpose previously filled by 99 Cents Only.
This week alone, 20 of the locations were reopened. Dollar Tree has plans to open more than 50 additional stores before the end of the year.
Big Brands Closing Locations in 2024
Here is a look at some of our favorite big brands that will be closing locations in an effort to stop losing money at stores that are underperforming.
Gallery Credit: Billy Jenkins
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Gallery Credit: Madison Troyer