Over the past few years, you might have noticed new dollars stores popping up in your town or your neighborhood. In fact, dollar stores have swept across rural America at a staggering rate, notes a report by the Minneapolis Star-Tribune.
About 6,000 dollar stores have opened since 2010. That brings the total number of dollars stores nationwide up to 30,000. In the last six years, consumer spending in dollar stores has skyrocketed from $30 billion to $45 billion.
Many rural residents are happy with the convenience of the stores’ big inventories and low prices. But the stores often threaten local businesses who can’t compete. The owner of a grocery store in rural Tracy, Minnesota, said sales are down 10 percent. The new dollar store in town has forced him to cut hours and scrap a plan to replace the store’s freezer and refrigerator cases. He added a reminder that his grocery store, unlike the dollar store, offers fresh meat, produce, bakery items and a deli. On top of all that, it keeps the profits local.