Discount stores Dirt Cheap and Dollar Tree have axed a host of locations nationwide this year as they become the latest victim of the so-called ‘retail apocalypse.’
Dirt Cheap now has just 66 stores left, according to its website – down from 100 at its peak.
Most of the stores were shut down by May 6 and the worst affected state was Texas, which lost 13 locations this year.
Discount stores Dirt Cheap and Dollar Tree have axed a host of locations nationwide this year
At the time, a spokesman said in a statement: ‘These changes will allow us to reposition ourselves to grow profitably.
‘While we regret any impact these actions may have on our team members, we are offering individuals assistance as well as the ability to work in other locations to make the transition as smooth as possible.’
Separately Dollar Tree shut down its stores in Laramie, Wyoming, and Richmond, Virginia, in May and March respectively.
Dollar Tree famously upped its main price point to $1.25 in 2021 after 35 years of selling most of its products for just a dollar.
A message on its website reads: ‘In the midst of unprecedented inflation, Dollar Tree recently changed its primary price point to $1.25 in order to continue to offer our customers all the products they’ve come to know and love.’
The closures come amidst a widespread ‘retail apocalypse’ which has seen bricks-and-mortar stores struggle to keep up with rising inflation and online rivals.
Investment bank UBS projects that around 50,000 US stores will close their doors by 2027, according to Forbes.
The trend is being accelerated by a lag in consumer spending due to tightening household budgets.
Statistics from the US Bureau of Labor Statistics show the rate of annual inflation is now 4.9 percent – down from its peak of 9.1 percent in June 2022.
It marks the first time the US has seen a rise of less than five percent in two years – though it remains far above the Fed’s target rate of two percent.
Dollar Tree famously upped its main price point to $1.25 in 2021 after 35 years of selling most of its products for just a dollar
The closures come after Target warned it was losing $500 million a year to shoplifters – further hammering profits.
Several firms have also indicated that rising theft rates are also prompting closures.
Last week it was revealed Target is projected to lose $500million a year to shoplifters.
Coupled with a $700million inventory shrinkage from last year – due in part to supply chain chaos largely triggered by the pandemic – the retailer has lost $1.2billion in all.
Workers at the San Francisco store say it is robbed every ten minutes.
For the last three years, items like soap, toothpaste, mouthwash and others have been kept locked up behind glass cabinets.
Full list of Dirt Cheap stores to close this year
2625 S. Bypass 35, Alvin, Texas, 77511
1517 E. Abram St., Arlington, Texas, 76010
301 South Service Rd., Blytheville, Arkansas, 72315
5596 Milgen Rd, Columbus, Georgia, 31907
2434 South Interstate 35 East, Denton, Texas, 76205
1205 W. Ennis Ave., Ennis, Texas, 75119
705 Boll Weevil Cir, Enterprise, Alabama, 36330
3161 Broadway Blvd, Garland, Texas, 75043
1320 Corsicana Highway, Hillsboro, Texas, 76645
3333 Central Ave, Hot Springs, Arkansas, 71913
3725 Airport Blvd, Mobile, Alabama, 36608
4501 North Street, Nacogdoches, Texas, 75965
159 I-35 S Frontage Rd, New Braunfels, Texas, 78130
6246 Rufe Snow Dr., Fort Worth, Texas, 76148
5538 Walzem Rd., San Antonio, Texas, 78218
303 N. Northwest Loop 323, Tyler, Texas, 75702
1881 East Main Street, Ville Platte, Louisiana, 70586
300 N. Valley Mills Dr., Waco, Texas, 76710
1705 S. Cherry Ln., White Settlement, Texas, 76108