Dollarama Plans To Open Up To 70 New Stores In 2024 & Here's What We Know So Far
The store is eyeing locations that are "convenient" for customers.
A Dollarama store.
If the continuing rising cost of life in Canada has you turning to lower-budget retailers like Dollarama, 2024 might just be the year a location opens up near you.
According to a report from the company, the business had an "outstanding performance" in comparison to the previous fiscal year.
Neil Rossy, the president and CEO of Dollarama, said the increase in sales shows "the relevance of our value retail concept for consumers, the enduring strength of our unique business model and our disciplined execution."
In addition to the 65 stores the company opened in the 2023 fiscal year, which ended on January 29, 2023, Dollarama's guidance is to open 60 to 70 new stores for the following year.
If all 70 stores do open, that would result in 1,556 total locations in Canada.
"In the context of continued macro-economic uncertainty and inflationary pressures on consumers, our priority is to maintain our value promise to Canadians from all walks of life in Fiscal 2024," said Rossy.
According to the Toronto Star, in an interview Rossy gave with analysts, Dollarama is focused on opening locations in "malls, strip centres and standalone buildings."
"We’re interested in any location that we think will increase the convenience to our customer base and not cannibalize existing stores," he explained, noting that they're interested in retaining customers Dollarama has gained due to the increased cost of living.
Rossy also explained that strong sales were seen for "consumables." Grocery products such as pasta, granola bars and tinned tuna are sold at Dollarama and some products are cheaper than those sold at other retailers like Loblaws or Walmart.
As well, Dollarama notes that they offer a variety of products "with compelling value" in other categories such as household items, seasonal products and general merchandise.
"Our quality merchandise is sold at select fixed price points up to $5.00," they say.
This article's cover image was used for illustrative purposes only.