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.’
Dollar Tree has shuttered two shops, while Dirt Cheap is thought to have closed at least 19 as stores struggle to cope with high inflation and crime rates.
The closures come after Target warned it was losing $500 million a year to shoplifters – further hammering profits.
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.