Dollar Tree - History

History

In 1953, K.R. Perry opened a Ben Franklin variety store in Norfolk, VA, which later became known as K&K 5&10. In 1986, Only $1.00 opened its first five stores and, in 1991, the company decided to focus exclusively on the growth of the dollar store concept after selling K&K stores to KB Toys, a Melville Corp. The company came to be known as Dollar Tree Stores, Inc. in 1993 and became a public company in 1995, trading its stock on NASDAQ. Today, the company's legal name is Dollar Tree, Inc.

In 1996, Dollar Tree acquired Dollar Bill$, Inc., a Chicago-based chain. In 1997, the company opened its first distribution center and its new store support center, both located in Chesapeake, Virginia. In 1999, Dollar Tree acquired 98-Cent Clearance Centers in California and Only $One stores based in New York state. This same year, the company opened its second Distribution Center in Olive Branch, Mississippi.

In 2000, Dollar Tree acquired Dollar Express, a Philadelphia-based company, and also built a new distribution center in Stockton, California. In 2001, the company opened two additional distribution centers in Savannah, Georgia, and Briar Creek, Pennsylvania. In 2003, Dollar Tree acquired Salt Lake City, Utah-based Greenbacks, Inc., and opened a new distribution center in Marietta, Oklahoma.

In 2004, Dollar Tree opened its first store in North Dakota which marked its operation of stores in all 48 contiguous states. The company also opened two new distribution centers in Joliet, Illinois, and Ridgefield, Washington. In 2006, Dollar Tree marked its 20th anniversary, opened its 3,000th store, and purchased DEAL$ stores (previously owned by Save-A-Lot).

In 2008, Dollar Tree earned a place in the Fortune 500. By the close of 2009, the company opened a store in Washington, D.C., and purchased a new distribution center in San Bernardino, Ca.

In November 2010, Dollar Tree announced it acquired 86 Canadian Dollar Giant Stores based in Vancouver, British Columbia. The stores are operated in British Columbia, Ontario, Alberta and Saskatchewan. These are the first retail locations outside of the United States operated by Dollar Tree.