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Discount retailer Dollar General Corp. is planning to open another of its new urban-concept DGX stores in downtown Indianapolis, in the BMO Plaza building at the southeast corner of Pennsylvania and Ohio streets.
The store, at 135 N. Pennsylvania St., will take about 4,800 square feet on the first floor of the building, in a portion of the space formerly occupied by a CVS drug store. The CVS store closed Jan. 30.
This will be Indianapolis’ second DGX store. The first opened in August in the Penrose on Mass development at 530 Massachusetts Ave.
Goodlettsville, Tennessee-based Dollar General launched its DGX concept in 2017 with one store in Nashville, Tennessee. The chain now has 14 DGX stores and is on track to add a total of 20 this year.
DGX stores feature a selection of merchandise designed to appeal to downtown shoppers, including fresh produce, frozen and refrigerated food; an expanded selection of health and beauty items; pet supplies; paper products and cleaning supplies; and home decor items.
“We are excited for the opportunity to serve downtown communities and city-dwellers with the essentials they need in a convenient, easy-to-shop format through our DGX store,” Dollar General Senior Vice President of Real Estate and Development Dan Nieser said in a written statement.
The DGX concept represents the fast-growing retailer’s attempt to appeal to urban millennials, who traditionally have not been a core target market. About 75% of Dollar General’s existing stores are in small towns and rural areas. As of July 31, the company had 16,720 stores in 46 states and was on track to open a total of 1,000 new stores this year.
In contrast to some other retailers, Dollar General has been achieving powerhouse financial results through the pandemic.
During the first half of its 2020 fiscal year, Dollar General reported $1.44 billion in profit, or $5.69 per diluted share, up from $812 million, or $3.13 per share, during the same period in 2019.
Same-store sales during the first half of the year were up 20.2% compared with the same period a year earlier. Same-store sales, an important metric in the retail industry, measure sales at store locations that have been open for at least the past 13 months.
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Interesting choice of location given proximity to store that is already open. Location is also heavily dependent on office workers. Hope they make it but not looking promising.