Rhode Island
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.
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.
“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.
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.
(WJAR) — Thirty-two years ago was the commissioning of a Navy submarine named after the Ocean State.
Maria Stephanos was on board the USS Rhode Island on July 9, 1994.
Rhode Island was the Navy’s 15th Trident class ballistic submarine.
It was commissioned in Newport and was the first to be christened in its namesake state.
PROVIDENCE, R.I. (WJAR) — They come from all walks of life, including many professionals in the community, taking time out of their busy days to welcome students to school with enthusiasm and handshakes.
“We learn a lot of new handshakes, too,” Kobi Dennis said. “High-fives. Pounds with an explosion. We get a little bit of everything.”
It’s the Handshake Initiative, the brainchild of now Central Falls Police Chief Anthony Roberson.
Everybody can use some encouragement, and students in Rhode Island get that the minute they head toward the school building.
Initially, the students and parents didn’t know what to think.
“I was confused because I thought it was going to be a normal day,” said one student.
“Their parents were getting out of their cars trying to see what’s going on,” Reservoir Avenue School Principal Cynthia Torres said.
But now, they crave it.
“It makes me feel motivated,” another student said.
Dennis adds in an etiquette component.
“Teaching the kids how to shake hands, look one another in the eyes with a firm grip — girl or guy — firm grip and say ‘hello’ and introduce yourself, that’s part of the initiative as well,” Dennis said.
Providence school superintendent Dr. Javier Montañez said it sends a strong message.
“We hear you, we see you, and we’re here for you,” Montañez said.
Torres strategically uses them on standardized test days.
“They say, ‘I’m going to do really good today,’” she said.
“It makes me feel encouraged to do better in school,” a student said.
They’ve connected with thousands of students across Rhode Island.
“It’s about shaking hands and building relationships, but it’s also about letting young people know that there are professionals in the community cheering for them every single day,” Dennis said.
Do you know of a nonprofit organization or volunteers doing great work in your community? Fill out a short nomination form for “Community Treasures.”
A man was critically hurt in a stabbing in Providence on Tuesday, NBC affiliate WJAR-TV reports.
Police were first called to Smith Street around 7 p.m. for the reported stabbing. They found the victim on Chalkstone Avenue.
He was taken to the hospital where he remains in critical condition.
The case remains under investigation and no arrests were announced.
-
Los Angeles, Ca1 hour agoHeat advisory, beach hazards in effect as Southern California sizzles
-
Detroit, MI1 hour agoTeen on moped hit by car after cruising through stop sign in Detroit
-
San Francisco, CA2 hours agoFlight of fancy: San Francisco moves to build private luxury airport terminal
-
Dallas, TX2 hours agoDallas’ digital creator economy is booming. Burnout is too.
-
Miami, FL2 hours ago
I went to 2 famous Miami restaurants, a flashy steakhouse and a Cuban hot spot. Here’s how they compared.
-
Boston, MA2 hours agoPedestrian struck and killed in Roxbury – Boston News, Weather, Sports | WHDH 7News
-
Denver, CO2 hours agoSanta Fe Drive in Denver closed this weekend for pedestrian bridge construction
-
Seattle, WA2 hours agoPolice video shows West Seattle Bridge copper wire theft suspect’s arrest
