Exclusive: Q&A with Dollar General CEO
Dollar General isn’t letting any grass grow under its feet.
Founded in 1939, the discounter has one of the most active real estate programs across retail, with plans to open approximately 575 new stores in the United States and up to 15 new stores in Mexico in its current fiscal year. The company also plans to fully remodel approximately 2,000 locations, as well as remodel about 2,250 stores through Project Elevate, a more incremental remodel initiative aimed at mature stores that are not yet old enough to be part of the full remodel pipeline.
At the helm of Dollar General is Todd Vasos, who returned to lead the company in October 2023. He previously served as CEO of Dollar General from 2015 to 2022 during which time the company grew its store base by about 7,000 stores, boosted annual sales revenue by more than 80% and more than doubled its market capitalization to around $58 billion.
Chain Store Age spoke with Vasos about Dollar General and how the 85-year-old company balances its past with its present.
Tell us a little bit about how Dollar General has evolved over the years?
Our business began as a father-and-son wholesale business called J.L. Turner and Son in 1939. In 1955, J.L. Turner and his son, Cal Turner, Sr., pioneered the “dollar store” concept when they opened the first Dollar General in Springfield, Ky. Today, Dollar General has more than 20,000 stores nationwide, and our black and yellow signs are popular symbols of value and convenience across the country.
For more than 85 years, we’ve proudly served customers in communities big and small, across rural, suburban and metropolitan locations. While much has changed since our humble beginnings in 1939, Dollar General has never lost focus of supporting our employees and serving our customers and communities across the country as their neighborhood general store.
For our employees, we continue to create new jobs and opportunities for personal and professional development and, ultimately, career advancement with a purpose-driven company. Our employees are at the heart of our company, and we are incredibly proud of the positive impact so many of our employees have on their local communities by living our mission of Serving Others.
Providing meaningful value to our customers continues to be a top priority, as we understand millions of Americans rely on us to help stretch their budget. We have a multifaceted approach to deliver that value including everyday low prices on national and private brands, as well as offering approximately 2,000 items at or below $1 every day and much more.
We are constantly looking for ways to better serve our customers with the items they want and need. As 47 million people in the U.S. are food insecure, one of our top priorities is to ensure the communities we call home have access to fresh, affordable and convenient food options.
In addition to fresh produce offerings at approximately 6,500 stores, all DG stores offer the components of a nutritious meal including proteins, grains, dairy, frozen and canned vegetables, canned fruits and more.
How would you describe DG’s culture?
At DG, our mission of serving others is — and has been — the cornerstone of our culture and provides a strong foundation for future success.
How does DG keep up with the increasing pace of business and consumer behaviors?
With approximately 75% of Americans living within five miles of a DG, we are uniquely positioned to serve customers across the country by providing convenient access to affordable essentials. No one knows our core customers better than we do, and we work continuously to ensure we meet their evolving needs.
Driving our customer-centric model are consumer insights that help us refine our merchandising assortment and increase access to the everyday items our customers need and want, from health and beauty products to food options.
What role does digital technology play in the business?
We also utilize digital technology to extend its reach and engagement with consumers while helping them save even more on their everyday essentials. Shoppers can view weekly ads, surface and clip digital coupons, earn DG Cash Back, create shopping lists and calculate their basket all within the DG app and website.
Looking ahead, what are you most excited about when it comes to DG’s future?
We continue to be enthusiastic about our future. We understand millions of Americans rely on us to help stretch their budgets and provide nearby access to the items they need most in their homes. We are committed to making a positive impact on the lives of our employees, customers and communities through our career advancement opportunities, everyday low prices and giving back to our hometowns.
