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Dollar General & Dollar Tree: Powering Ahead in Q2 2024

Find out how Dollar General and Dollar Tree are faring with the first half of the year behind us.

By 
Ezra Carmel
August 13, 2024
Dollar General & Dollar Tree: Powering Ahead in Q2 2024
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Key Takeaways
  • Dollar General and Dollar Tree’s ongoing expansions are playing a key part in the chains’ sustained foot traffic gains. In Q2 2024, Dollar General saw a 13.1% year-over-year (YoY) foot traffic increase while Dollar Tree’s visits rose 8.4% YoY. 
  • As convenient suppliers of discounted discretionary items and essential goods, Dollar General and Dollar Tree are seeing a steady increase in visitors who frequent the chains multiple times a month.

Discount & dollar stores had a strong Q2 2024, as consumers continued to prioritize value amid persistent high prices. We dove into the data for category leaders Dollar General and Dollar Tree to take a closer look at the drivers of these chains’ most recent success.  

Dollar General and Dollar Tree Continue to Grow

Dollar General – the nation’s largest dollar store player – opened nearly 200 stores last quarter, surpassing 20,000 U.S. locations. And Dollar Tree, the second-biggest dollar store chain by real estate footprint, stands at over 8,300 locations, including more than 100 new additions in the first months of 2024. 

These chains’ significant fleet expansions continue to fuel foot traffic growth. Both Dollar General and Dollar Tree saw consistently positive YoY visit growth during the first seven months of 2024. Only in April 2024 did Dollar Tree’s YoY foot traffic appear to falter, likely as a result of decreased YoY demand for its traditional holiday merch due to an Easter calendar shift.

On a quarterly basis, YoY visits to Dollar General and Dollar Tree in Q2 2024 rose 13.1% and 8.4%, respectively. Over the same period, the two chains also experienced YoY increases in the average number of visits to each of their locations (10.3% for Dollar General and 3.7% for Dollar Tree), indicating that visits to individual stores remained robust as the brands grew. 

And both brands plan on continuing to expand in the near future. Dollar General expects to open a total of 730 new stores in 2024, while Dollar Tree announced the takeover of 170 99 Cents Only Stores to complement the banner’s other openings. These strategic initiatives should continue to drive foot traffic gains for both brands in the coming months.

More Visitors, More Often

What’s behind Dollar General and Dollar Tree’s visit success? A look at changes in visitor interaction with the two chains suggests that for both dollar leaders, rising customer loyalty has played an important role.

Since July 2022, the share of visitors frequenting the two brands on a regular basis has been on an upward trajectory. In July 2024, 35.5% of Dollar General visitors frequented the chain at least three times during the month – up from 34.1% in July 2022. This increase in visitor frequency may be due in part to Dollar General’s inroads into the grocery space – giving consumers even more of a reason to visit the chain for daily essentials on a regular basis. 

And though Dollar Tree’s somewhat more modest fleet drives a slightly smaller share of repeat visitors, it too has seen an increase in frequent visitors while investing in diversified offerings at various price-points – including consumables. In July 2024, 16.6% of Dollar Tree’s visitors also visited the chain at least three times, up from 13.9% in July 2022. 

For both chains, visitor frequency is driven in part by seasonality, with loyalty upticks in December and May, likely driven by holiday season and Mother’s Day shoppers. Still, Dollar Tree, which remains a more traditional dollar store than Dollar General, experiences more dramatic seasonal visit peaks than its prime competitor – and its loyalty also follows a more pronounced seasonal pattern.

How Far Can A Dollar Take Us?

With the biggest players in the discount & dollar category seemingly going strong, will the second half of 2024 bring even more success to this retail space? 

Visit Placer.ai to find out.

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