Dollar General Plans 1K+ New Stores in 2023

Dollar General Corp. (Goodlettsville, Tenn.) says it plans to open roughly 1050 new stores in 2023 – about 50 less stores than it opened in the current year. The fast-growing discount retailer included that figure in its earnings release for the quarter ended Oct. 28.

“For fiscal year 2023, the company plans to execute approximately 3170 real estate projects in the United States, including approximately 1050 new store openings, 2000 remodels, and 120 store relocations,” the company says in its release. “In addition to the planned projects in the United States, the Company plans to open new stores in Mexico, with a goal of operating up to 35 stores there by the end of fiscal year 2023.”

During its most recent quarter, the retailer opened 268 new stores, remodeled 485 and relocated 45. Also during that period, it saw net sales jump 11.1 percent to $9.5 billion, same-store sales increase 6.8 percent, and operating profit rise 10.5 percent, to $735.5 million.

“We are thankful to our team for their continued dedication to serving others, particularly in a challenging economic and operating environment,” says Jeff Owen, Dollar General’s CEO. “We are pleased with our strong sales growth in the quarter, as well as a modest increase in customer traffic and continued share gains in both consumable and non-consumable product sales, all of which we believe are a testament to the strength of the value and convenience proposition we offer our customers.”

Founded in 1939, the chain has been on a growth tear in recent years, currently operating more than 18,000 stores in the U.S.