Discount Chains Thrive Amid Retail Meltdown

While supermarkets and department stores suffered from the pandemic, retailers offering discounts, including Five Under, Home Goods, TJ Maxx and Dollar General, are preparing to open more stores in the coming months.

According to Business Insider, TJX, the parent company of TJ Maxx and Marshalls, will open 81 stores for all of its brands by 2021. 1,500 stores in the coming years.

Discount chains thrive amid retail meltdown

Dollar stores have also thrived during the pandemic. Dollar Tree created 79 new stores and remodeled 106 stores, according to the report, and plans to add up to 600 new stores by 2021. Compared to the same period last year, turnover increased by 7.2%.

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Dollar General, targeting the rural market, will add 1,000 stores by 2020, and plans to open 1,051 more by 2021. Sales of the brand increased 17% in the third quarter compared to the same period last year.

Wuxia plans to add 180 new stores in the US this year. During the holiday period, net sales increased by 21.1%.

Despite this, the 2021 retail carnage is still coming: a recent report predicts that as many as 10,000 stores will close this year. Larger retailers, especially those with shopping centers, are also affected: Macy’s Corporation, for example, plans to close 45 stores this year.

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