FT. LAUDERDALE, FL - South Florida€™s dollar store chains are steadily gaining market share from drugstore chains, the Sun Sentinel reports.
"The rapid evaporation of wealth has profoundly changed the way Americans shop and how they define value," said to Ann Natunewicz, national manager of U.S. Retail Research for Colliers International.
In South Florida, dollar stores have plans to expand and remodel existing stores, renovate food offerings and health and beauty selections, as well as offer pharmacies in some locations.
"Dollar stores are big business now," Natunewicz said. "Their product selection and price points compete favorably with the big box stores. The convenience they provide €" bringing better products at lower prices closer to the consumer €" helps dollar stores to better serve existing customers and attract new ones."
Tim Reid, spokesperson for Dollar Tree, said Florida is the company€™s second largest market behind California. Last year, it opened 30 new stores in the Sunshine State.
Deals, a discount variety store under the Dollar Tree brand, opened its first store with a pharmacy earlier this year, partnering with PharmaGo to run prescription services inside the store.
"It's a win-win on both sides of the equation," said chief operating office of PharmaGo, Bradley Schnur. "It's convenient for the customer to shop while they wait to fill prescriptions."
Family Dollar Stores has 459 stores in Florida with plans to open more than a dozen more in south Florida by the end of this year. Additionally, it recently renovated 1,000 stores nationwide and will renovate an equal number this year, according to Josh Braverman, spokesman for Family Dollar.
"We plan on adding roughly 1,000 new items to our food and health and beauty assortments," Braverman said. "We want to offer our customers more choice, but through the same name brands you'd find at any grocery or drug store."