Report: Dollar stores set for major upgrades amid inflation
- The Financial Times reports America’s dollar stores are in for an upgrade
- While inflation shows signs of cooling, grocery prices remain high
- Some Americans are turning to “buy now, pay later” apps to make ends meet
An Ohio Dollar General store is closed Jan. 27, 2023. (WCMH/Eric Halperin)
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(NewsNation) — A Financial Times report says dollar stores across the U.S. are gearing up for a new look as inflation rises and Americans remain concerned about a possible economic recession.
According to the Times, both Dollar General and Dollar Tree “will increase the number of refitted stores” by 11.4% and 25.6%.
Although inflation has shown signs of slowing, grocery prices have remained high. Recent numbers show retail sales have dropped as consumers cut back, and analysis indicates that even when people are spending more money, they’re getting less for it.
The Times reports Dollar General and Dollar Tree are investing in more refrigeration to accommodate the influx of Americans looking to trim their grocery bill.
A recent NewsNation report shows more cash-strapped Americans are turning to “buy now, pay later” services. Apple is the latest player in the game, as it announced it will be starting to launch an Apple Pay Later option for purchases up to $1,000.
Inflation has edged lower since hitting four-decade highs last year. But March’s 5% year-over-year inflation rate remained well above the Federal Reserve’s 2% target.
NewsNation writer Stephanie Whiteside and The Associated Press contributed to this report.
