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Dollar Tree to close 1,000 stores. Will this affect any in Rhode Island?

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Dollar Tree to close 1,000 stores. Will this affect any in Rhode Island?


Dollar Tree announced Wednesday that it will close nearly 1,000 of its Family Dollar stores after the stores experienced a significant underperformance in 2023, according to a news release from the company.

Dollar Tree plans to close about 600 Family Dollar stores in the first half of this year and 370 Family Dollar and 30 Dollar Tree stores over the next several years.

What this means for Rhode Island stores remains unclear, as Dollar Tree has not yet announced which stores will close.

Counting three large chains — Dollar General, Dollar Tree and Family Dollar — plus the smaller One Dollar Zone, which has stores in six states from Pennsylvania to Massachusetts, including one in Rhode Island, the Ocean State has 100 dollar stores, according to store location information on the chains’ websites.

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That 100 includes three pairs of Dollar Tree and Family Dollar stores that share an address.

During the fourth quarter of 2023, Dollar Tree underwent a review of its stores performance to identify locations to close, relocate or re-banner, the company said.

“As a result of this review, we plan on closing approximately 600 Family Dollar stores in the first half of fiscal 2024. Additionally, approximately 370 Family Dollar and 30 Dollar Tree stores will close over the next several years at the end of each store’s current lease term,” the company said in the press release.

How did dollar stores start growing so fast?

The recent rapid growth of dollar stores was, to a certain extent, the result of market forces in place before the pandemic that were amplified by the fundamental shift in the economy brought about by COVID-19.

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“They’re the fastest growing store format coming out of the pandemic,” Rae Coloura, a marketing professor at Providence College, told The Providence Journal in 2023.

“Stores like Dollar General, Family Dollar, Dollar Tree, they all had these pretty aggressive growth strategies, whereas Targets and Walmarts weren’t growing anymore – they might been reformatting and renovating stores, but they hadn’t really announced any major growth,” said Coloura.

What’s going to happen

Shares of Dollar Tree tumbled more than 14% Wednesday.

For the three months ended Feb. 3, Dollar Tree lost $1.71 billion, or $7.85 per share. A year earlier the Chesapeake, Virginia, company earned $452.2 million, or $2.04 per share.

Dollar Tree, a Fortune 200 Company, operated 16,774 stores across 48 states and five Canadian provinces as of Feb. 3. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada.

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Dollar Tree has not revealed when the store closures are set to begin or what states will be affected by this decision.

With reports from USATODAY and The Associated Press.



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Rhode Island

Rhode Island drew record number of visitors in 2023 • Rhode Island Current

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Rhode Island drew record number of visitors in 2023 • Rhode Island Current


The silver lining of inflation: Rhode Island’s tourism economy benefited from $5.6 billion in visitor spending in 2023, according to new research by a state commissioned consultant.

A presentation by international firm Tourism Economics for Rhode Island Commerce Corporation showed visitor spending grew more than twice as fast as the increase in the number of visitors in 2023. The 28.4 million people who traveled to the Ocean State in 2023 is 2.2% higher than the prior year, but their total spending on travel, food, lodging and entertainment grew 4.6% year-over-year.

That’s driven by demand growth as well as price hikes for commodities and services, according to the research.

More than one-quarter of the direct spending, 26%, stemmed from food and beverage sales. Lodging, including hotels, second houses and short-term rentals, was the second-highest expense, contributing $1.2 billion. 

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Air transportation saw the biggest annual increase, up 10.2%, to $328 million in 2023. Rhode Island Airport Corporation, the quasi-public entity that manages the state’s airports, gets a share of revenue from passengers on flights, as well as fees for the airlines to land, use hangar space, and other related services.

In March 2023, Breeze Airways opened a permanent base at Rhode Island T.F. Green International Airport, with plans to invest $160 million and hire up to 250 employees over the next five years. Commerce awarded the Utah-based airline $2.9 million in tax credits tied to the job creation plans.

Commerce has also experimented with various destination marketing ploys, from giant, traveling stuffed quahogs to the $2.2 million “All That” ad campaign rolled out in February of this year. 

“The economic activity generated from the travel sector represents a critical component of the state’s current and future growth,” Anika Kimble-Huntley, Commerce’s chief marketing officer, said in a statement. “The Commerce team will continue to work with our great partners, statewide, to support the upward trajectory of tourism and record-breaking visitation.”

Visitor count and direct spending in 2023 broke prior state records, exceeding pre-pandemic numbers. However, the number of jobs tied to the state’s tourism economy remains slightly below its 2019 peak.

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The 38,329 jobs directly tied to the tourism economy in 2023 remains about 1,000 jobs, or 2.5%, below 2019 levels. Including jobs that indirectly benefited from tourism, 2023 activity helped to sustain 86,612 jobs, while generating $935 million in state and local tax revenues, according to the research.

“Tourism plays a vital role in Rhode Island’s economy by creating jobs, supporting our local businesses, and showcasing everything that makes our state a premier destination,” Commerce Secretary Liz Tanner said in a statement. “I applaud the dedicated efforts of the tourism team at Rhode Island Commerce and all others in the industry that helped reach this accomplishment.”

Including direct spending, jobs and tax revenue, the visitor economy totaled $8.3 billion in 2023, a 4.5% increase over the prior year.

The research reflects federal labor and jobs statistics, state and local tax revenues, short-term rental information and information from market research group Longwoods International. 

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Rhode Island’s Farrell, Brown’s Lilly collect hoops hardware. Here’s what they won

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Rhode Island’s Farrell, Brown’s Lilly collect hoops hardware. Here’s what they won


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Kino Lilly Jr. and Tyonne Farrell took home some hardware as college basketball season cruised past the halfway point of its opening month.

Lilly was named the Ivy League Player of the Week and Farrell repeated as the Atlantic 10 Rookie of the Week. The guard from Brown and forward from the University of Rhode Island received their respective honors on Monday afternoon.

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Lilly posted three 20-point games in as many nights for the Bears at their College Hill Classic, which was played at the Pizzitola Center. He hit for 26 points in an opening Friday win over New Hampshire and collected 20 in a closing Sunday victory over Sacred Heart. Lilly was 14-for-29 from 3-point range and posted 13 assists.

Lilly set a Brown program mark in the middle game against Holy Cross, surpassing JR Hobbie as the all-time leader in 3-pointers. Hobbie connected 257 times from beyond the arc in his 115 games, a career that ran from 2013-17. Lilly is currently at 264 makes from deep through 91 career games, starting with the Bears in 2021.

Farrell recorded a first career double-double in a blowout of Franklin Pierce, totaling 10 points and 10 rebounds in the 105-73 triumph. Farrell added six assists and two steals in just 22 minutes, as the Rams pulled away in the second half. He was a plus-22 in the box score.

Farrell is the first URI freshman to win consecutive conference rookie honors since E.C. Matthews grabbed four straight in 2013-14. That string was broken by teammate Hassan Martin — both cornerstones were among the first recruiting class brought in by former coach Dan Hurley. Farrell looks to have the makings of an impact talent for the Rams, starting each of his first three career games.

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Brown will be back in action on Saturday at Canisius. URI returns sooner, hosting Lafayette in a 7 p.m. tip on Wednesday. The two teams will renew their rivalry series on Dec. 10 on the East Side.

bkoch@providencejournal.com

On X: @BillKoch25



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Rhode Island gas prices tick down 3 cents over past week

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Rhode Island gas prices tick down 3 cents over past week


PROVIDENCE — Motorists in the northeast have enjoyed watching prices continue to inch lower at the pump as gloomier demand forecasts grip global petroleum markets.



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