Dollar Tree has signed on to take the anchor tenant space at the Bloom Circle Shopping Center in Berlin NJ, which sits on Route 73 at Cross Keys Rd. Most will know the shopping Center as home to Ollie Gators Pub.
Dollar Tree will be moving into the larger end unit located closest to Cross Keys Road.
Interestingly, this new location is less than ½ a mile from a newer build free-standing Dollar Tree located straight up Walker Ave… across from the Home Depot. I have no details on the reasoning behind the close proximity of locations, or if there will be changes to the existing Dollar Tree.
News of this Bloom Circle Berlin signing comes from Vantage Commercial, who secured the deal to make Dollar Tree the anchor tenant in the shopping center… occupying an 8,000 square foot space.
“We are delighted to welcome Dollar Tree to the Bloom Circle Shopping Center,” said Ken Richardson, VP at Vantage Commercial. “This collaboration underscores the attractiveness of our retail spaces and the strength of the Berlin, NJ market. Dollar Tree’s continued growth and success make them an ideal anchor tenant, contributing to the overall vibrancy of our shopping center.”Ken Richardson, VP at Vantage Commercial
Another interesting aspect of this signing is the most recent tenant for this space was a Family Dollar store… which is actually owned by the Dollar Tree company!
Google Street Maps shows that the Family Dollar signage was hanging on the building for about 5 years, from 2013 to 2018, when it closed around 2018/19.
While many typically confuse the two brands as similar stores, Family Dollar markets itself as a general merchandise store at a variety of price points, whereas Dollar Tree (which is moving into the Berlin space) targets quality merchandise at much lower price points typically at $1.25. That being said, Dollar Tree has introduced the “Plus” category of higher priced items, as well as adding higher-priced freezer/refrigerated items to 100s of Dollar Tree stores.
Vantage also calls out that within the Shopping Center there is another 6,000 square foot space available (the end-unit on the opposite end from the upcoming Dollar Tree), and a fully fit-out pizza restaurant will soon become available (When My Angelo’s Pizza relocates to a new construction location. More on that very soon!).
Additionally, a former McDonald’s building/pad site is for sale. It is located in a prime location within the shopping center parking lot offering direct visibility from the highly traveled Route 73.
Dollar Tree is clearly on a multi-year growth plan in South Jersey (and America). Recently they opened a new location in Voorhees on White Horse Road, at the “Edge Fitness” shopping center.
Dollar Tree – Why So Many?
I’ll likely do a focus post on Dollar Trees, Dollar Generals, and what’s being developed in general in America today, but specific to Dollar Tree the answer is simply…
… Americans spend a lot of money at Dollar Tree.
I read almost all the comments at the 42Freeway Facebook page where every time I write about a Dollar Tree or a Dollar General, dozens of folks complain “why do we need this? Who shops there?”
Well the honest reality it seems is, basically everyone.
Three weeks ago Dollar Tree released their most recent quarterly sales numbers presenting a continued story of sales growth, same store sales growth, and significant new locations opening.
Both Dollar Tree and Family Dollar are seeing growth in same store sales and transaction count but clearly Dollar Tree is the darling of the company.
Same store sales at Dollar Tree grew 5.4% in the quarter and comparable transaction count increased 7%.
And in just that the three month span they opened 197 stores (across all of their brands).
The company has a fiscal 2023 net sales outlook range of $30.5 billion to $30.7 billion, with a year-to-date profit margin of 29.8% (before expenses).
Thirty. Billion. Dollars. That is a LOT of transactions at a Buck Twenty Five.
So the company appears to be doing well, and the reason for that is simply, American consumers are shopping at Dollar Tree… despite the comments at the 42Freeway Facebook page.
And with the solid sales numbers and growth, they can somewhat inexpensively open store, after store, after store, after store….
Links and Locations
Dollar Tree – Bloom Circle Shopping Center
2 Route 73
Berlin, NJ 08009