Dollar General is known for its low prices and wide selection of items, making it a popular destination for shoppers looking to save money. In this article, we’ll take a look at some interesting Dollar General statistics including its history, its financials, and its customer base. We’ll also explore what makes the retailer so popular with shoppers and how it has managed to stay relevant in an increasingly competitive marketplace.
Dollar General is a chain of discount stores in the United States that was founded in 1939. As of 2021, the company operated over 18,000 stores in 48 states. The company reported the fiscal year 2022 net sales of $34.2 billion, with a net income of $2.4 billion. Dollar General has a strong presence in rural areas, with approximately two-thirds of its stores located in towns with populations of less than 20,000.
History of Dollar General | Where it All Started
Dollar General was founded in 1939 by J.L. Turner and Cal Turner. The Turners opened the first Dollar General store in Scottsville, Kentucky. The store was successful, and the Turners eventually opened additional locations.
Dollar General went public in 1968 and expanded rapidly in the 1970s and 1980s. By 1987, the company had over 3,600 stores nationwide. In 1995, Dollar General merged with Gymboree Corporation, which owned the Prentice-Hall publishing company. The merger helped to fuel the company’s growth, and by 1999, Dollar General operated 6,600 stores across 34 states.
Dollar General continued to expand in the 2000s and now operates over 18,000 stores in 48 states. The company reported revenue of $34.22 billion in 2022 and a net income of $2.4 billion.
The Financials and Statistics
Dollar General is a publicly-traded company with a market capitalization of over $30 billion. The company generated revenue of $27.8 billion in 2019 and a net income of $2.4 billion. Dollar General operates over 16,000 stores across 46 states. The company plans to open 975 new stores in 2025.
Dollar General’s store count has been growing steadily for many years now. The company opened 1,000 new stores in 2018 and 1,005 new stores in 2017. As of February 2022, there were approximately 18,216 Dollar General Stores in operation across the United States.
Dollar General’s store growth is driven by both new store openings and acquisitions. In 2015, the company acquired 314 former Walmart Express locations. Most recently, in 2019, Dollar General acquired 315 Family Dollar stores from rivals Dollar Tree and Family Dollar.
Dollar General has been able to remain a competitive player in the retail market by focusing on its core customer base. The company’s prices, selection, and convenience remain attractive to budget-conscious shoppers. As a result, Dollar General has been able to flourish in an increasingly competitive marketplace.
The typical Dollar General store is approximately 7,400 square feet with over 10,000 SKUs (stock-keeping units) per store. The retailer carries both national brands and its own private-label products. Approximately 80% of the items sold at Dollar General are priced at $5 or less.
Dollar General Sales by Product Categories
Dollar General’s sales are divided into 4 main categories: Consumables, Seasonal, Home Related Products, and Apparel. As of 2022, Consumables accounted for 78% of Dollar General’s annual sales, Seasonal accounted for 11%, Home Related Products accounted for 7%, and Apparel accounted for 4%.
Dollar General serves a predominantly low- to middle-income customer base. The retailer’s target demographic is shoppers who earn an annual income of less than $40,000. More than 60% of American households are considered part of this target demographic.
Dollar General appeals to value-conscious shoppers who are looking for discounts on everyday items. The typical Dollar General shopper is female (73%), has an annual household income of less than $50,000 (66%), and is between the ages of 35 and 54 (40%).
As said previously dollar General’s target market is low- to middle-income consumers who are looking for bargains on everyday items. The retailer’s prices are typically 20-30% lower than traditional supermarkets or department stores.
Some of the Top States with Most Dollar General Stores?
Though Dollar General Stores are located in every state across the US, some states have more stores than others. The top five states with the most Dollar General stores include:
- Texas – 2,313 stores
- Georgia – 1,558 stores
- Tennessee – 1,527 stores
- North Carolina – 1,511 stores
- Ohio – 1,332 stores
These five states alone account for nearly 12,000 of the company’s 15,942 total stores nationwide. That’s an impressive 76% of all Dollar General Locations in the United States! Not surprisingly, these states are also some of the most populous in the country. Texas, Georgia, North Carolina, and Ohio are all in the top 10 when it comes to the population while Tennessee comes in at number 17.
What Makes Dollar General so Popular?
So what is it that makes shoppers love Dollar General so much?
- One reason is the retailer’s focus on spending less and living better. This focus resonates with many American families who are struggling to make ends meet amid rising costs for groceries, healthcare, education, housing, and other essentials.
- Another reason for the retailer’s popularity is its convenient locations; almost 60% of Americans live within 5 miles of a Dollar General store.
- Finally, shoppers appreciate the wide range of merchandise available at Dollar General’s stores; shoppers can find everything from groceries and health & beauty products to home goods and apparel.
Dollar General is one of the most popular retailers in the United States thanks to its focus on providing low-priced goods to budget-conscious shoppers.
The company has been able to weather changes in the economy and shifts in consumer spending habits by staying focused on its core customer base and expanding its footprint through new store openings and acquisitions.
Going forward, it will be interesting to see if Dollar General can maintain its momentum as competition from both traditional retailers like Walmart and Amazon continues to intensify.
Frequently Asked Questions (FAQS)
How much revenue does Dollar General generate annually?
Dollar General generated approximately 34.22 billion dollars in revenue in 2022.
What is the market share of Dollar General in the discount retail industry?
Dollar General is the leading discount retailer in the United States, with a market share of approximately 22% in the discount retail industry.
What is the average employee count for Dollar general as of 2022?
The average employee count for Dollar General as of 2022 was 163,000. The company is expected to add approximately 5,000 employees in 2024.