CNN headline: Rising prices are pushing shoppers to dollar stores
By Nathaniel Meyersohn, CNN Business
Updated 2:13 PM ET, Wed June 8, 2022
Consumer spending is still strong, say top retailers including Walmart (WMT) and Target (TGT), but many customers are changing their purchasing habits. More consumers are balking at buying bigger-ticket items like electronics and furniture and switching their spending to necessities, such as food and household staples.
This spending shift benefits dollar stores, which mainly sell food and everyday items in smaller sized packages.
Since the Great Recession, three dollar chains have grown faster than nearly any other retailers, adding thousands of new stores, often in underserved areas. They’ve also widened their product selection to lure customers away from pharmacies, convenience stores and supermarkets.
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