The sluggish economy continues to fuel demand for dollar stores, according to mall managers and dollar store executives.
Vancouver-based Dollar Tree Canada president Joseph Calvano told Business in Vancouver October 23 that his company intends to grow to 1,000 stores across Canada.
Calvano founded Dollar Giant in 2001 and built the venture to 86 stores by October 2010, when he sold the company to Dollar Tree (Nasdaq:DLTR) for $62 million.
"Now we're up to 132 stores across Canada in less than two years," Calvano said. "We have a very aggressive expansion plan."
Quebec-based dollar store competitor Dollarama (TSX:DOL) is also expanding rapidly.
Morguard Investments Ltd. retail asset manager Bob Nicholson told Business in Vancouver that, although his company has a Dollar Tree in its Sevenoakes Shopping Centre, future dollar stores in Morguard properties are set to be Dollarama.
New Dollarama stores in Morguard properties include:
- the newly open store at Coquitlam Centre;
- the under-construction store that is set to be open within the month at Cottonwood Mall; and
- one in Burquitlam Plaza that is set to be open in spring 2013.
