Company Snapshot: Family Dollar Stores Inc.
Total Annual Sales:
Howard R. Levine- Chairman of the Board, CEO
Michael K. Bloom- President, COO
By the time it was founded in 1959, much of the country was experiencing the post-war era’s considerable financial growth. Global allies and even wartime adversaries too were recovering from the harsh conditions of the war and enjoying a peaceful prosperity.
Despite this newfound economic bliss, many young citizens were cautious. They had grown up during the Great Depression followed by the Second World War and had been raised to be cautiously thrifty. The baby boom was in full swing and young families suddenly had more mouths to feed and growing children to continually clothe. Thus the idea of a fresh, new neighborhood retailer offering an expanding array of the latest available household goods offered young families the economical comfort they needed, at a time when mothers tended to stay at home to raise their children, often leaving behind tantalizing supplemental paychecks.
Family Dollar actually grew considerably during the recent recession as did competing dollar store chains. Family Dollar used plummeting commercial real estate prices to acquire bargain neighborhood locations. It complimented this expansion by greatly growing its grocery offerings.
The company is currently well on its way to meeting its plan of opening 500 stores by the end of the current fiscal in late summer. This would be the second consecutive year in which the company has added at least 500 locations.
This year, Chain Store Guide celebrates its 80th anniversary. In honor of this occasion, we are hosting a monthly series of editorials called “Chain Store Guide Through The Ages”, starting with the 1930s. We will take a look at what was happening in that time and how it affected the industries we now serve. Our Company Snapshots will examine companies from that period and see where they are today.
*Image courtesy of: Wikimedia Commons