Our roots go back more than 60 years. To appreciate how it all came to pass, you have to rewind more than a half century to K. R. Perry and a Ben Franklin variety store in Wards Corner, Norfolk, Virginia, and to Macon Brock’s, Doug Perry’s (son of K.R. Perry), and Ray Compton’s adventure into $1.00 retailing. A highly successful concept was created using this single price point to build a national chain of stores. Here’s a quick look at the high points of this amazing beginning.
K. R. Perry opened a Ben Franklin variety store in downtown Norfolk, Virginia, which he later renamed K&K 5&10.
Macon Brock, Doug Perry, and K.R. Perry started K&K Toys in Norfolk, Virginia. This mall concept toy store grew to over 130 stores on the East coast. The K&K 5&10 store continued to exist and served as the foundation for what would become Dollar Tree.
Macon Brock, Doug Perry, and Ray Compton started Only $1.00 with 5 stores, one in Georgia, one in Tennessee, and three in Virginia. The expansion of dollar stores was continued alongside K&K Toys stores, mostly in enclosed malls.
K&K Toys was sold to KB Toys;, a Melville Corp., and all assets were applied to the expansion of the dollar stores.
The name of the company (Only $1.00) was changed to Dollar Tree Stores to address what could be a multi-price-point strategy in the future. Part equity interest was sold to SKM partners, a private equity firm.
Dollar Tree went public on the NASDAQ exchange in March at $15 a share. Market cap was calculated at $225 million.
Dollar Tree acquired Dollar Bill$, Inc., a Chicago-based chain of 136 stores.
Dollar Tree broke ground on its first Distribution Center and its new Store Support Center, both located in Chesapeake, Virginia.
On December 10, the Company acquired 98-Cent Clearance Centers located in California.
A second distribution center was opened in Olive Branch, Mississippi. Bob Sasser was hired as Chief Operating Officer. Dollar Tree acquired Only $One Stores located in New York.
Dollar Tree acquired Dollar Express, a Philadelphia-based company, and also opened a new Distribution Center in Stockton, California.
Bob Sasser was promoted to President and Chief Operating Officer. Dollar Tree opened two additional Distribution Centers, one in Savannah, Georgia, and one in Briar Creek, Pennsylvania.
Dollar Tree acquired Greenbacks, Inc., in Salt Lake City, Utah, and opened a new Distribution Center in Marietta, Oklahoma.
Bob Sasser was promoted to President and Chief Executive Officer. Macon Brock continues as Chairman of the Board. Dollar Tree opened its first store in North Dakota, which marked its operation of stores in all 48 contiguous states. The Company also opened two new Distribution Centers in Joliet, Illinois, and Ridgefield, Washington.
Dollar Tree celebrated its 20th year of retailing at a $1.00 price point and opened its 3,000th store. The Company also acquired 138 Deal$ stores from SUPERVALU INC.
Dollar Tree expanded the Briar Creek Distribution Center. The Company also crossed the $4 billion sales threshold. Market cap of the Company reached $3.29 billion.
2008 was another milestone year for Dollar Tree as the Company earned a place in the Fortune 500, the only company to do that “A Dollar at a Time.” The Company also had the number-one performing stock in the entire Fortune 500 for that year.
By the close of the 2009 fiscal year, Dollar Tree had moved up more than 100 spots on the Fortune 500 list. The Company also opened a store in Washington, D.C., and purchased a new Distribution Center in San Bernardino, California.
Dollar Tree opened its 4,000th store and acquired 86 Canadian Dollar Giant Stores based in Vancouver, British Columbia. The stores are operated in British Columbia, Ontario, Alberta, and Saskatchewan. These are the first retail locations outside of the United States operated by Dollar Tree.
Dollar Tree continued its record of strong, consistent growth achieving sales of $6.63 billion, opening 278 new stores, and completing a 400,000 square-foot expansion of its Distribution Center in Savannah, Georgia.
Dollar Tree’s steady growth continued as the Company opened 345 new stores and exceeded $7 billion in sales. Market cap was $9.13 billion at year-end.
In July, Gary Philbin was promoted to President and Chief Operating Officer. Bob Sasser continues as Cheif Executive Officer.
Dollar Tree celebrated the opening of its 5000th store.