Dollar General (NYSE: DG) revealed it is launching a new store that targets more upscale customers looking for good deals.
The new stores, named Popshelf, will sell everything from home decor, beauty items, cleaning supplies, party goods and more. According to the company, most items will be priced at USD5 or less. Every location will be approximately 9,000 square feet and will be selling some of Dollar General’s exclusive labels.
“We are excited to introduce Popshelf from a position of strength, further highlighting our innovative spirit and building on our proven track record of store format innovation,” said Todd Vasos, Dollar General’s Chief Executive Officer. “We have leveraged robust consumer insights to create a unique store that we believe will resonate with new customers, while providing Dollar General with even more opportunities for growth in the years ahead.”
Primarily, Popshelf’s target audience are Women within suburban areas that have an annual household income between USD50,000 and USD125,000. The first two locations are set to open close to Nashville in the next few weeks. The company plans to open about 30 stores by the end of 2021.
According to Dollar General’s executive vice president and chief merchandising officer, Emily Taylor, products will often be interchanged for new ones in order to keep customers on their toes.
“Building on the success, learnings and insights from Dollar General’s non-consumables initiative (NCI), we are excited to unveil popshelf following our work to research, create and define the brand and merchandising offerings,” Taylor added. “At popshelf, customers will find a differentiated retail concept that seeks to bring joy to their shopping experiences, with surprising deals in targeted non-consumable product categories. We are excited to welcome customers into these stores.”
The company’s shares skyrocketed 40% this year, rising to a USD54 Billion market cap.