GOODLETTSVILLE, Tenn. -- 2014 could be the year of the dollar store as consumers continue to hold tight to their purse strings.
According to a report in Ohio's Journal News, the largest dollar store chains are planning to open more stores nationwide in 2014 than they have since the economic recession started.
Goodlettsville Tenn.-based Dollar General Corp. has its sights on 700 new stores in the coming year. The discount retailer also plans to remodel or relocate another 525 stores, said company spokesman Dan MacDonald. The planned growth builds on Dollar General's footprint which expanded by 650 new stores in the United States in 2013.
"Our business model is solid in good times and bad, and is probably more relevant to customers when times are bad," he told the news outlet.
Family Dollar Stores Inc. also has new store plans on its drawing board. According to company spokesman Josh Braverman, the Matthews, N.C.-based retailer plans to open 525 more stores and close 80 locations nationally in fiscal year 2014. The company's fiscal year started in September, according to the report.
That compares to 500 store openings for fiscal 2013. By comparison, 180 new Family Dollars opened between September 2008 and August 2009 in the U.S., according to Braverman.
Family Dollar operates more than 8,000 stores across 46 states. Dollar General operates more than 11,000 stores in 40 states.