Family Dollar Stores-an Ongoing Success Story
Last Updated on August 13, 2018
Sixty years ago, in 1958, a 21-year-old entrepreneur had an idea to operate a self-service retail store. His name was Leon Levine, the son of a family retail store owner. Leon knew the business inside and out, and he knew he could offer his customers high quality merchandise for under $2.
In 1959, Leon Levine opened the first Family Dollar store in Charlotte, North Carolina. He had his own simple philosophy about how the Family Dollar Store would operate: “the customers are the boss, and you need to keep them happy.”
Today, there are 8,229 Family Dollar Stores in the United States. Each one has the same floor plan that gives customers easy access to the products,while allowing managers to focus on providing good customer service.
Great Selection, Great Quality
As one of the nation’s fastest growing retailers, Family Dollar offers a huge assortment of merchandise for the whole family, including household products, food, health and beauty products, gift items, toys, craft supplies, apparel and home decor. And, let’s not forget the vast assortment of seasonal items for Christmas, Halloween, Valentine’s Day and Easter. While many items cost $1, most are priced at $10 or less, making shopping easy on the family budget.
In 1970, Family Dollar was ready to go public, offering common stock at $14.50/share (adjusted for stock splits each share is now equivalent to 162 shares). In 1979, common stock began trading on the New York Stock Exchange.
By 1992 annual sales had exceeded $1 billion, and the following year Family Dollar opened its 2000th store.
The Family Dollar continued to grow in leaps and bounds. In decade 2000-2009, the company announced its sales at more than $3 billion; joined the ranks of the Fortune 500; finished first among the S&P 500 and celebrated its 50th anniversary.
With a continuing commitment to provide its customers with high quality merchandise at low prices, the company opened its 11th distribution center in 2013.
Dollar Tree/Family Dollar Merger
In 2014, Family Dollars announced its agreement to merge with Dollar Tree and, the following year it became a wholly owned subsidiary of Dollar Tree.
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