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DOLLAR GENERAL

COMPANY REPORT

Prepared for:
Business 202I
Cluster Faculty

Submitted by:
Team 3
Michelle Belna
Trudi Fisher
Kevin Maxwell
Tommy Pauley
Lori Titkemeier

April 14, 2004


Dollar General 2

Table of Contents

Appendices Table of Contents

APPENDIX A – PORTER’S FIVE FORCES………………………...………………..I


APPENDIX B – PORTER’S GENERIC STRATEGIES….………………………….V
APPENDIX C – STAKEHOLDER’S ANALYSIS…………………………….……VII
APPENDIX D – INTERNATIONAL BUSINESS…………………………………….X
APPENDIX E – SWOT ANALYSIS…………………………………………………XII
APPENDIX F – MIS…………………………………………………………………..XV
APPENDIX G – PRODUCT COMPARISON CHART…………………………...XIX
APPENDIX H – INDUSTRY ANALYSIS CHART……………………………….XXI
APPENDIX I – MISSION STATEMENTS………………………………………XXIV
APPENDIX J – STORE LOCATION MAPS…………………………………….XXVI
APPENDIX K – 2004 VALUE LINE REPORT………………………………….XXIX
APPENDIX L – BUSINESS LAW CONSIDERATIONS……………………….XXXI
Dollar General 3

Executive Summary

The purpose of this report is to determine whether Dollar General (DG) has the right
strategy to maintain a sustainable competitive advantage within its industry. Also, the
report will discuss how small firms, such as DG, are able to compete with larger firms,
such as Wal-Mart. In this report, recommendations are also given to guide DG in
obtaining a sustainable competitive advantage in the discount retail industry.

Analyzing the Industry

The first step to understanding a company is to examine its industry. There are four main
areas to consider when analyzing an industry. These include:

• competitors
• customers
• merchandise
• location

The way that these four factors interrelate determine how well a business will do in the
particular industry.

Understanding Dollar General’s Business Strategy

Every business needs a strategy to direct it towards achieving a competitive advantage


within its industry. DG’s current business strategy is growth. Some growth initiatives
include:

• store growth
• product expansion
• technological advancements

Clearly, by continuing to focus on these growth initiatives, DG can continue to further


increase its profits and success in the industry. DG’s growth strategy gives it a
competitive advantage over its rivals, who are not expanding at the same rate.

Exploring Competitive Advantage

DG has a current competitive advantage within its industry. DG maintains this advantage
through a unique cost-efficient approach. This low-cost structure is apparent through low
inventories, low advertising costs, and location of stores in rural areas. Though profitable
in the short-run, its current advantage is not sustainable. It is not sustainable due to:

• rivals’ similar competitive strategies


• low barriers of entry into the market
• the absence of a differentiation strategy
Dollar General 4

When examining competitive advantage, it is also important to consider the market and
take into account the existing competition against larger firms.

Comparing Small and Large Firms

Small firms often find it difficult to compete with larger firms. Though there are some
disadvantages DG will never be able to overcome due to its size, small firms have
advantages over their larger counterparts.

Disadvantages Advantages
• low purchasing power • convenience
• smaller pool of resources to • absence of long lines
allocate • customer service
• less extensive market reach

In order for a small firm, such as DG, to compete with larger firms, there are many
options available.

Looking to the Future

There are several ways that DG can improve profitability and success. Several of which
include:

• repositioning itself in the market


• expanding internationally
• enhancing customer service
• promoting its 50th Anniversary

By taking these recommendations into consideration, DG will be lead towards obtaining


a sustainable competitive advantage.

Conclusion

DG’s overall business strategy is growth, but the company currently does not have a
sustainable competitive advantage in the discount retail industry. In order for DG to
obtain an advantage and compete with larger firms, it must continue to make
technological advances, differentiate itself within the market, and consider the
recommendations listed above.
Dollar General 5

Introduction

For almost 50 years, Dollar General (DG) has been a top competitor in the discount retail
industry. The company has grown considerably since it was first established by J. L.
Turner in 1955. This Fortune 500® company opened its first store in Springfield,
Kentucky and is now headquartered in Goodlettsville, Tennessee.i

The purpose of this report is to determine whether DG has the right strategy to maintain a
sustainable competitive advantage within its industry. Also, the report will discuss how
small firms, such as DG, are able to compete with larger firms, such as Wal-Mart.

In order to achieve this goal, this report will take an in-depth look at DG’s overall
business strategy in comparison with its leading competitors. The first step to
understanding a company is to examine its industry.

Analyzing the Industry

To understand an industry, aspects such as who the competition is, who the target
customers are, what products the industry provides, and where the industry is located
must be considered.

Competitors

There are several different types of stores within the discount retail industry, and for
comparison’s sake, the industry is further broken into many segments. DG is in the
market segment known as the dollar store category. It currently leads this segment in
market value, above competitors such as Family Dollar, Dollar Tree, and Fred’s.ii See
Appendix H for specific competitor information and Appendix G for product price
comparisons. As a result, competitors such as Wal-Mart are in the same industry but not
the same peer group.iii Comparisons will be made throughout this report to Wal-Mart and
other big firms because they tend draw some of the same customers.

Customers

Retail merchandise stores attract many different types of people. For example, Wal-Mart
targets all income level households, whereas dollar stores such as DG serve “need-to”
shoppers.iv More specifically, the target customers of DG are normally in towns with less
than 20,000 people and have the following characteristicsv:

• most customers are in the low-, middle-, and fixed-income brackets


• 81 percent of customers are female
• 44 percent of customers are over the age of 55vi
• 48 percent of its customers earn less than $30,000 a year
• 26 percent of customers have incomes lower than $20,000
• most customers live within five miles of the store
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DG serves a narrow market range and offers low prices. The company can be classified
as having a focused cost leadership strategy according to Porter’s Generic Strategies
Model (see Appendix B).

Merchandise

Stores within the discount retail industry offer a wide variety of products at low prices.
Discount stores offer brand names but place an emphasis on brands unique to their own
stores for a lesser price. Trends toward perishable items are becoming more apparent in
the market as well. This is demonstrated by the growth of “super-stores” in the
industry.vii In a more broad sense concerning merchandise, Standard and Poor’s says,
“Retailers – whether discounter or department store – that provide an attractive array of
quality goods at reasonably low prices are likely to see the strongest sales and earnings
improvements.”viii Finally, location is vital to the success of every business.

Location

A business can only be successful if it is placed in a region where it is likely to strive. In


the retail industry, stores are positioned accordingly. Larger firms, such as Wal-Mart, are
present in all 50 states and have grown internationally as well.ix Smaller firms, such as
Family Dollar and DG have not expanded into all 50 states, nor have they ventured into
foreign markets. In fact, they are only present in 43x and 29 states respectively.xi Each
store has found success in different economic regions as well. For instance, Target is
considered an “upscale discounter.”xii Location, in combination with competitors,
customers, and merchandise, all affect a company’s business strategy.

Understanding Dollar General’s Business Strategy

Every business needs a strategy to direct it towards achieving a competitive advantage


within its industry. The business strategy must always remain consistent with the
company’s individual mission. In DG’s case, its mission of “Serving Others” must be
kept in mind as it carries out its business strategy: growth.xiii DG continually focuses on
growth initiatives such as store growth, product expansion, and technological
advancements.

Store Growth

DG’s current business strategy is growth. In 2004, DG plans to open 675 new stores as
well as new distribution center. Twenty additional Dollar General Markets (“super-
centers”) will be opened in 2004 after the success of two pilot stores in 2003.xiv Although
these super-centers are still being tested for profitability, results are promising thus far.
Stores including coolers have average purchase amounts of $13.00 compared to the
average of $8.50 in stores without coolers.xv (For further statistics and company
information, see Appendix K.) However, relying solely on building new stores does not
always contribute to company growth financially.
Dollar General 7

Product Expansion

DG currently carries a variety of products, including; health and beauty aids, packaged
food products, home cleaning supplies, housewares, stationery, seasonal goods, basic
clothing, and domestics. These are grouped into four broad categories: highly
consumable, hardware and seasonal, basic clothing, and home products. Of these
divisions, the highest gross profit rate is in the hardware and seasonal category, and the
lowest gross profit rate is found in the highly consumables area. These two categories
had sales percentages of 16.8 percent and 61.2 percent respectively, based on 2003
figures.xvi

Though highly consumables proved to be the least profitable of all products, DG


recognizes the consumer demand for one-stop-shopping. Therefore, in combination with
opening the new super-centers, DG also plans to expand its merchandise mix to include
products such as perishable and grocery items.xvii By placing more everyday groceries on
their shelves, DG hopes to establish a strong base of regular customers who would
otherwise meet their perishable item needs elsewhere. To achieve product expansion,
DG must have an efficient supply chain.

Technological Advancements

DG depends on a number of IT systems that aid in efficient functioning of its business.


Without the use of software vendors and technology, the company would be unable to
operate effectively and operations of day-to-day business would suffer. xviii According to
company CIO Bruce Ash, “DG sees technology as a key enabler of business strategy.” xix

DG continues to improve its IT division by investing over $150 million to improve


systems throughout the company in the last 5 years.xx These investments allow for DG to
better manage inventory and merchandise shrink. DG’s main objective is to get products
on the shelves more quickly to meet customer needs. Because of DG’s continued
investments to make its supply chain more efficient, it can continue to offer everyday low
prices to customers.xxi To further see how technology fits into the DG’s business
strategy, see Appendix F.

Clearly, by continuing to focus on these growth initiatives, DG can continue to further


increase its profits and success in the industry. While expanding, DG must keep in mind
that growth is often monitored by anti-trust laws (as is discussed in Appendix L). DG’s
growth strategy gives it a competitive advantage over its rivals, who are not expanding at
the same rate.

Exploring Competitive Advantage

DG has a current competitive advantage within its industry that is maintains through a
unique cost-efficient approach. This low-cost structure is apparent through low
inventories, low advertising costs, and location of stores in rural areas.xxii Though
profitable in the short-run, DG’s current advantage is not sustainable.
Dollar General 8

Low-Cost Structure

Several attributes are essential in allowing DG to outperform its competitors. The first of
these components is DG’s ability to maintain low levels of inventory at the store. This
allows DG to minimize storage costs and to better manage store inventory. Another way
in which DG reduces expenses is by limiting advertising costs. According to Dale Limes,
V.P. of Lee Wayne Corporation, the average company spends 3 percent of gross annual
sales and advertising.xxiii In 2003, DG spent $5.4 million on advertising expenses which
worked out to be less than 1 percent of gross sales. The last contributing factor in the
low-cost structure is the location of DG stores in rural areas. By situating stores in rural
areas, DG can take advantage of the lower lease rates and the lower costs of living in
general.xxiv

Sustainability

There are several factors that prohibit DG from maintaining a sustainable competitive
advantage within the industry. Some of these include: rivals’ similar competitive
strategies, low barriers of entry into the market, and the absence of a differentiation
strategy.

Rivals’ Similar Competitive Strategies. Companies in DG’s peer group are closely
aligning themselves with competitive strategies similar to those of DG. For example, in
light of DG’s profitable success with low advertising expenses, Family Dollar has
drastically reduced advertising expenses in the past seven years. Family Dollar went
from 14 circulars in 1997 to just 1 in 2003.xxv

Low Barriers of Entry. Because of the nature of a dollar store, which has few costs, it
is fairly easy to start a new store. According to Dan Margles of Allied Systems Industries
(ASI):

Our DollarStores are a relatively low investment compared to owning most


franchises … Our average customer this year is purchasing a complete turnkey
store with high-end inventory and fixtures in the 3,000 to 4,000 square foot range
for a total cost of only $149,000 to $199,000. As always, there are no franchise
fees or ongoing royalties to pay… Many operators are looking to open a second
store within 12 to 18 months. xxvi

According to Franchise Direct’s website, “Allied Systems Industries (ASI) is the nation's
largest developer of independently-owned Dollar Stores.”xxvii

Other barriers to entry include patents, cost advantages, advertising and marketing, and
research and development expenditures.xxviii There is a lack of these barriers in the dollar
store segment of the discount retail industry, making the industry susceptible to new
entrants. The threat of new entrants is part of Porter’s Five Forces Model. See Appendix
A for more details about this model.
Dollar General 9

Absence of a Differentiation Strategy. In order for a company to remain successful, it


must establish a differentiation strategy or market identifier to separate itself from
competitors. DG is not unique when compared to other dollar stores because all products
offered at DG are readily available elsewhere at comparable prices. Furthermore, each
company faces the challenge of creating its own niche, with which DG has not yet been
successful.

Comparing Small and Large Firms

Along with struggling to find a niche within the market, DG also struggles to compete
with larger firms. Though DG has some methods that appear to be advantageous to the
company, there are some disadvantages it will never be able to overcome due to its size.

Advantages of the Small Firm

DG’s overall culture focuses on convenience. Its stores are located in smaller areas so
customers don’t have to travel far to reach the store. DG stores are smaller in size,
making it easier for customers to find what they are looking for instead of having to
search for what they want.xxix There is also the benefit of not having to wait in long lines.
They offer a variety of products at low prices so most of the shopping can be done in one
simple stop.xxx In the 2004 10-k report, DG stated:

The Company believes that its target customers prefer the convenience of a small,
neighborhood store. As the discount store industry continues to move toward
larger, “super-center” type stores, which are often built outside of towns, the
Company believes that DG’s convenient discount store format will continue to
attract customers and provide the Company with a competitive advantage.xxxi

In addition to the convenience factor, smaller firms generally have exceptional customer
service to ensure the return of customers. Smaller firms have the opportunity to be more
personable with their customers due to the nature of their shopping environment.
However, through “secret shopper” observations, a team of researchers found DG to be
lacking in this category. Wal-Mart, on the other hand, goes against the norm of large
firms and provides superior service to customers. This creates a more personal shopping
experience that is common to most small firms.

Disadvantages of the Small Firm

The main disadvantage of a small firm when competing with a larger firm is its lack of
purchasing power. Firms such as DG are unable to drive down prices from suppliers as
Wal-Mart does. In an NPR interview with Charles Fishman of Fast Company Magazine,
he says:

The best news is Wal-Mart’s going to buy your product, and the worst news is
Wal-Mart’s going to buy your product. Because you instantly need to supply
Dollar General 10

enormous quantities … which often lead companies into a position where they
can’t pay attention to their existing customers. And over time, Wal-Mart insists
that the prices you charge it go down.xxxii

Along with purchasing power, larger firms have a bigger pool of resources to allocate in
order to expand and invest more freely.xxxiii Larger firms, such as Wal-Mart, have also
extensively penetrated the U.S. market, allowing customers to be loyal shoppers no
matter where they are in the country.xxxiv See Appendix J for distribution of stores.

Looking to the Future

DG has many opportunities for advancement within the discount retail industry. Though
it does not have a sustainable competitive advantage, there are several ways it will be
able to keep ahead of the competition in years to come. Some of these include
repositioning itself in the market, expanding internationally, enhancing customer service,
and promoting its 50th Anniversary.

Repositioning

DG’s current marketing strategy involves the sale of an existing product in an existing
market, also known as market penetration. The company is focusing on growing within
the U.S. market in order to increase sales. In the future, the best marketing strategy to
implement is market development. This includes offering an existing product in a new
market. International growth will benefit DG in the long run and help them compete with
larger firms.

International Expansion

Dollar General should focus on an international market that is similar to the one in the
United States. One option for international expansion is to open stores in Canada.
Statistics show that discount stores are on the rise in Canada, and Canadians are
becoming more price-aware in their shopping. Wal-Marts in Canada have experienced a
22 percent increase in customers in the past eight years, and 82 percent of Canadians say
that they have shopped at a dollar store in the past year.xxxv This data proves that there is
an interest for discount retail, and DG has a great opportunity to benefit from this interest
if it takes the initiative to expand internationally. For more international opportunities,
see Appendix D.

Customer Service

Customer service should be an important part of a store’s culture. DG would be wise to


follow the lead of Wal-Mart by pursuing a more customer-centered atmosphere. For
example, Wal-Mart has a “Ten Foot Rule.” Sam Walton, founder of Wal-Mart stores,
said, “… I want you to promise that whenever you come within 10 feet of a customer,
you will look him in the eye, greet him and ask him if you can help him.”xxxvi DG is
currently attempting to improve customer satisfaction through manager training that is
Dollar General 11

designed to place more emphasis on customer service.xxxvii A firm’s mission statement


often focuses on customer service. Please see Appendix I for a list of company mission
statements.

50th Anniversary

The year 2005 marks the 50th Anniversary for DG, and this milestone event will be a
perfect marketing opportunity for DG to separate itself from its competitors. DG should
spend a substantial amount of time and effort planning and advertising its 50th
Anniversary. DG must make customers aware of the fact that it is a company that has
practiced good business ethics while surviving in the industry for 50 years.

Since DG has been in the industry for 50 years, it has created a good relationship with its
suppliers. Despite low purchasing power, DG can use the 50th Anniversary as leverage to
get suppliers to put it on an equal playing field with Wal-Mart for one year. If DG can
stress the importance of their 50th Anniversary, it is possible that suppliers might lower
their prices for DG for a limited time to match the prices that they offer larger
accounts.xxxviii There is a point in time when suppliers may deem it acceptable to treat
their “B” accounts (DG) like their “A” accounts (Wal-Mart).

Although DG has had success without much promotional advertising, it can also use its
50th Anniversary as an opportunity to engage in co-op advertising. Co-op advertising is
when a wholesaler and a retailer establish a partnership to advertise a particular product.
For example, if DG placed a 50th Anniversary ad in local newspapers that contained a
picture of a Proctor & Gamble product, P&G would contribute money to DG to cover the
advertising costs. In some cases, the wholesaler will pay for the majority, if not the
entirety, of an ad that promotes its product. Co-op advertising is a win-win situation for
both the wholesaler and the retailer as both parties receive recognition in the process.

DG would be foolish if it did not capitalize on marketing its 50th Anniversary. This 50th
Anniversary event would be a good opportunity to attract new customers as well.
Customers will want to associate themselves with a company that has 50 years of history
and is still going strong. Although the anniversary event would only affect short-term
profits, it would help DG establish a niche of long-time customer commitment that would
direct them towards obtaining a sustainable competitive advantage.

Conclusion

DG’s overall business strategy is growth, but the company currently does not have a
sustainable competitive advantage in the discount retail industry. In order for DG to
obtain an advantage and compete with larger firms, it must continue to make
technological advances, differentiate itself within the market, and consider the
recommendations listed above.

i
Dollar General Company Information, “History,” <http://www.dollargeneral.com/
Dollar General 12

aboutus/history.aspx> (7 April 2004).


ii
Standard & Poor's, “GICS Sub-Industry Peers General Merchandise Stores,” <http://
mi.compustat.com/cgi-mi-doc/docserver.cgi?keytype=GVKEY&keyval=004016doc
type=PG&docformat =html&gv=0&date= 20040409&ie=.html> (4 April 2004).
iii
Ibid
iv
Doris Hajewski, “Dollar Stores are Priceless,” JS Online, January 5, 2002, <http://www.
jsonline.com /bym/ news/jan02/10347.asp> (5 April 2004).
v
Dollar General Corporation, Form 10-k, January 30, 2004, <http://mi.compustat.com/
cgi-mi-doc/docserver.cgi?keytype=ID&keyval=2834662&doctype=ED%3A10%2DK&
doc format=txt&gv=0&date=20040316&action=STREAM&ie=.txt (5 April 2004).
vi
“Dollar General President Seeks to Improve Merchandise Flow,” The Wall Street
Transcript, April 10, 2000, <http://www.twst.com/notes/articles/jat606.html> (7 April
2004).
vii
Dollar General Corporation, Form 10-k.
viii
Jason Asaeda, “Standard and Poor’s Industry Anaylsis: General Retail,” November 27,
2003, <http://mi.compustat.com/cgi-mi-oc/docserver.cgi?keytype=INDSUR&keyval=
REG&doctype=IS&docformat=pdf&date=200311&ie=.pdf> (9 April 2004).
ix
Wal-Mart Stores, Inc., Form 10-k, January 31, 2004, <http://mi.compustat.com/cgi-mi-
doc/docserver.cgi?keytype=ID&keyval=2891376&doctype=ED
%3A10%2DK&docformat=txt&gv=0&date=20040409&action=STREAM&ie=.txt> (7
April 2004).
x
Family Dollar Stores, Inc., Form 10-k, August 30, 2003, <http://mi.compustat.com/ cgi-
mi-doc/docserver.cgi?keytype=ID&keyval=2614414&doctype=ED%3A10%2DK &doc
format=txt&gv=0&date=20031126&action=STREAM&ie=.txt> (7 April 2004).
xi
Dollar General Corporation, Form 10-k.
xii
Asaeda, Standard and Poor’s Industry Anaylsis.
xiii
Dollar General Corporation, Form 10-k.
xiv
Dollar General Corporation, Form 10-k.
xv
Jerome Kaplan, “Dollar General,” Value Line Report, (2004).
xvi
Dollar General Corporation, Form 10-k.
xvii
Dollar General Corporation, Form 10-k.
xviii
Dollar General Corporation, Form 10-k.
xix
Retail Info Systems News, “A Category of Leadership,” <http://www.evant.net/news/
7028-RIS-2.pdf> (31 March 2004).
xx
Ibid
xxi
Dollar General Corporation, Form 10-k.
xxii
Dollar General Corporation, Form 10-k.
xxiii
Personal Interview with Dale Limes, V.P. of Lee Wayne Corporation. (8 April 2004).
xxiv
Dollar General Corporation, Form 10-k.
xxv
Family Dollar Stores, Inc., Form 10-k.
xxvi
Franchise Direct, “Dollar Stores - More Bang For Your Buck,” <http://www.franchise
direct.com/news/dollarstores2.htm> (11 April 2004).
xxvii
Ibid
xxviii
“Barriers to Entry,” <http://www.faytechcc.edu/~burnsc/eco251/barriers.htm> (12
April 2004).
Dollar General 13

xxix
Paul Smith, “Anything For a Buck: Fauquier Shoppers Love the Wonderful, Wacky
World of Dollar Stores,” <http://www.citizenet.com/news/articles/061203/ biz-
tech1.shtml> (March 27, 2004).
xxx
Ibid
xxxi
Dollar General Corporation, Form 10-k.
xxxii
Charles Fishman, interview by Scott Simon, Weekend Edition Saturday, NPR,
December 27, 2003.
xxxiii
“Barriers to Entry,” <http://www.tutor2u.net/economics/content/topics/monopoly/
barriers_to_entry.htm> (12 April 2004).
xxxiv
Store Wars, “Nationwide Distribution of Wal-Mart Stores,” <http://www.pbs.org/itvs/
storewars/us_stores.html> (12 April 2004).
xxxv
“Discount Retail on the Rise,” Millward Brown Goldfarb, <http://www.goldfarb
consultants.com/CTZ/ctzsampleOct03.pdf> (7 April 2004).
xxxvi
Wal-Mart Company Information, “Ten Foot Rule,” The Wal-Mart Culture <http://
www.walmartstores.com> (10 April 2004).
xxxvii
Dollar General Corporation, Annual Filing, January 30, 2003, <http://phx.corporate-
ir.net/phoenix.zhtml?c=112150&p=irol-AnnualReports> (5 April 2004).
xxxviii
Personal Interview with Dale Limes.
Dollar General 14

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Dollar General 15

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