Dollar general opens a new store aimed at wealthier buyers who appreciate a lot.
The new concept, called Popshelf, will include home decor, beauty items, cleaning supplies, party items, and more – with most items costing $ 5 or less, the company said in a press release Thursday. Each store will be approximately 9,000 square feet and its wares will feature some of Dollar General’s private labels.
Popshelf is aimed at wartime women who live in suburbs and have an annual household income between $ 50,000 and $ 125,000.
The first two Popshelf stores will open in Nashville, Tennessee in the coming weeks. Around 30 locations are to be built by the end of next year.
Emily Taylor, executive vice president and chief merchandising officer of Dollar General, said Popshelf’s merchandise is frequently exchanged to surprise customers who take trips to the store.
The Tennessee-based discounter has largely catered to customers on a tight budget. Many of its stores have opened in rural areas that are too small to attract larger retailers, such as WalmartHowever, locations were also opened in suburbs and cities.
Even before the recession hit, Dollar General’s number of stores and sales grew rapidly. It has more than 16,700 stores in 46 states. Selling in the same store increased by 18.8% in the last fiscal quarter ended July 31st.
The company’s shares hit a 52-week high of $ 219.40 on Thursday. The stock is up roughly 40% so far this year, bringing Dollar General’s market cap to over $ 54 billion.