Connect with us

Business News

Family Dollar closing 370 stores, dropping prices: sign of the times?

(Business News) After announcing plans to triple their number of stores, Q2 revenue reports have Family Dollar reversing course and shuttering nearly 400 locations.

Published

on

family-dollar

Family Dollar reversing course

After announcing expansion plans, Family Dollar has reversed course after a disappointing second quarter, with revenues falling 6.0 percent in that period.

During the economic recession, discount stores were expanding their footprint as sales skyrocketed, but Family Dollar has announced they will close 370 stores, representing roughly 5.0 percent of their footprint. The company has not yet announced a list of which locations will be shuttered. Is this a sign of the times as money is slowly trickling back into the economy, and what does this spell for other discount chains?

bar
Family Dollar has also stated that they will be reducing staff and lowering prices on over 1,000 items, according to business writer, Maggie McGrath.

“Clearly, these results did not meet our expectations,” chief executive Howard Levine said during a conference call with analysts. “The last few quarters have been challenging.”

Addressing the discount store bubble

In 2013, the company had unveiled plans to more than triple the number of retail spaces, putting their store total at 23,000 stores, and while a cut of 370 stores leaves thousands of Family Dollar stores with open doors, this move is a serious reaction by the c-suite.

Many analysts opined in past years that the dollar store bubble would burst when the economy improved, and here we are as the tea leaves prove to be true. With deeper discounts hitting the shelves of Family Dollar to help them compete against their many competitors, and with a reduction in expansion plans, Family Dollar represents the first domino that will fall.

The writing is on the wall for the sector, and Dollar General could be next to contract. According to a March 19 filing with the U.S. Securities and Exchange Commission, Dollar General CEO Richard Dreiling sold the majority of his shares in the company in the open market for nearly $19 million.

Marti Trewe reports on business and technology news, chasing his passion for helping entrepreneurs and small businesses to stay well informed in the fast paced 140-character world. Marti rarely sleeps and thrives on reader news tips, especially about startups and big moves in leadership.

Continue Reading
Advertisement
2 Comments

2 Comments

  1. Medaton

    May 9, 2014 at 2:13 am

    Hate to see the store in our little town close. The sign was up today… CLOSING…

  2. Pingback: Aldi & Lidl stores coming to America, everyone will freak out with happiness - The American Genius

Leave a Reply

Your email address will not be published. Required fields are marked *

Business News

Finally the American workforce is now mostly women!

(BUSINESS NEWS) Women officially make up more than half the workforce, but that doesn’t mean total equality. So what does this tipping of the scale mean?

Published

on

women workforce

Equality for women has finally been achieved: according to the Bureau of Labor Statistics, women now make up more than half of the workforce! That’s it, that’s the article.

Kidding. Just because women are currently in the majority doesn’t mean all their problems are solved.

First, it’s worth noting that although women currently make up more than half of employees on payroll, that number is slight (50.04% to be exact). Not to mention, women are very likely to fall back in the minority once construction – a male dominated profession – picks back up in the spring.

Still, the number of women in the workforce has been growing over the last decade. While jobs in manufacturing – another male dominated field – are dwindling, jobs in education and healthcare are growing. When it comes to K-12 teaching, for example, women are more likely to fill teaching roles. Women also dominate in nursing.

Not to mention, women are earning more degrees than men!

That said, despite this progress, women as a whole are still getting paid less than men. Part of the reason lies in the types of careers that women end up in. Those female-dominated fields we mentioned earlier? They don’t typically pay well. Plus, there’s that pesky glass ceiling that still exists in some fields. Remember, there are more CEOs named John than female CEOs.

It’s also worth noting that the information collected by the Bureau of Labor Statistics only covered people on a payroll. That means the growing number of freelancers aren’t being accounted for in the report. Freelancing has become a great way for individuals, often women, to stay home and care for their family while also earning money. It would be interesting to know how freelancers shift the balance, both in employment and income.

Finally, there’s the invisible labor that women often contribute to society. According to the UN, women account for 75% of all unpaid labor – which includes things like childcare, meal prep and cleaning. This is vital labor that is not accounted for by studies like that of the Bureau of Labor Statistics and sheds light into another reason why women might still have lower pay than men, on average.

So, yes, the fact that women make up over half the workforce is something to be celebrated! That said, we’ve still got work to do on the equality front.

Continue Reading

Business News

Interview escape plan 101: Because you definitely need one

(BUSINESS NEWS) A job interview should be a place to ask about qualifications but it seems more people are asked about their personal life. How do you escape this problem?

Published

on

interview from hell

“So, why did you move from Utah to Austin?” the interviewer asked over the phone.

The question felt a little out of place in the job interview, but I gave my standard answer about wanting a fresh scene. I’d just graduated college and was looking to break into the Austin market. But the interviewer wasn’t done.

“But why Austin?” he insisted, “There can’t be that many Mormons here.”

My stomach curled. This was a job interview – I’d expected to discuss my qualifications for the position and express my interest in the company. Instead, I began to answer more and more invasive questions about my personal life and religion. The whole ordeal left me very uncomfortable, but because I was young and desperate, I put up with it. In fact, I even went back for a second interview!

At the time, I thought I had to put up with that sort of treatment. Only recently have I realized that the interview was extremely unprofessional and it wasn’t something I should have felt obligated to endure.

And I’m not the only one with a bad interview story. Recently, Slate ran an article sharing others’ terrible experiences, which ranged from having their purse inspected to being trapped in a 45 minute presentation! No doubt, this is just the tip of the iceberg when it comes to mistreatment by potential employers.

So, why do we put up with it?

Well, sometimes people just don’t know better. Maybe, like I was, they’re young or inexperienced. In these cases, these sorts of situations seem like they could just be the norm. There’s also the obvious power dynamic: you might need a job, but the potential employers probably don’t need you.

While there might be times you have to grit your teeth and bear it, it’s also worth remembering that a bad interview scenario often means bad working conditions later on down the line. After all, if your employers don’t respect you during the interview stage, it’s likely the disrespect will continue when you’re hired.

Once you’ve identified an interview is bad news, though, how do you walk out? Politely. As tempting as it is to make a scene, you probably don’t want to go burning bridges. Instead, excuse yourself by thanking your interviewers, wishing them well and asserting that you have realized the business wouldn’t be a good fit.

Your time, as well as your comfort, are important! If your gut is telling you something is wrong, it probably is. It isn’t easy, but if a job interview is crossing the line, you’re well within your rights to leave. Better to cut your losses early.

Continue Reading

Business News

What’s DMT and why are techies and entrepreneurs secretly taking the drug?

(BUSINESS) The tech world and entrepreneur world are quietly taking a psychadellic in increasing numbers – they make a compelling case, but it’s not without risks.

Published

on

DMT

Move over tortured artists and festival-goers, psychedelics aren’t just for you anymore. An increasing number of professionals in Silicon Valley swear by “microdosing” psychedelic substances such as lysergic acid diethylamide(LSD) in efforts to heighten creativity and drive innovative efforts.

This probably isn’t a shock to anyone following trends in tech and startups, particularly the glorification of the 8-trillion hour workweek (#hustle). But business owners, entrepreneurs, and technologists are also turning to other hallucinogens to awaken higher levels of consciousness in hopes of influencing favorable business results.

Dimethyltryptamine (DMT) is growing in popularity as business leaders and creatives flock to Peru or mastermind retreats to ingest the drug. It exists in the human body as well as other animals and plants. In his book DMT: The Spirit Molecule, Dr. Rick Strassman says “this ‘spirit’ molecule provides our consciousness access to the most amazing and unexpected visions, thoughts and feelings. It throws open the door to worlds beyond our imagination.”

The substance is commonly synthesized in a lab and smoked, with short-lived effects (between five to 45 minutes, however, some say it lasts for hours).

Traditionally, however, it is extracted from various Amazonian plant species and snuffed or consumed as a tea (called ayahuasca or yage). The effects of DMT when consumed in this manner can last as long as ten hours. Entrepreneurs are attracted to the “ayahuasca experience” for its touted ability to provide clarity, vision and inventiveness.

Physical effects are said to include an increase in blood pressure and a raised heart rate. Users report gastrointestinal effects when taken orally, commonly referred to as the “purge.” The purging can include vomiting or diarrhea, which makes for interesting conversation at the next company whiteboarding session.

Users are subject to dizziness, difficulty regulating body temperature, and muscular incoordination. Users also risk seizures, respiratory failure, or falling into a coma.

DMT can interfere with medications or foods, a reason why many indigenous tribes that work with it also follow specific dietary guidelines prior to ingestion. Not paying attention to diet or prescription medication prior to consuming ayahuasca or DMT can lead to the opposite of the intended effect, potentially even causing trauma or death.

So why the hell are people putting themselves through this ordeal?

Many claim profound mental effects, often experiencing a transformative occurrence that provides clarity and healing. Auditory and visual hallucinations are common, with reports of geometric shapes and sharp, bold colors. Many report intense out-of-body experiences, an altered sense of time and space or ego dissolution (“ego death”).

Studies have indicated long-term effects in people who use DMT. Some report a reduction in symptoms of depression or anxiety.

Subjects in an observational study showed significant reductions in stress after participating in an ayahuasca ceremony, with effects lasting through the 4-week follow-up period.

Subjects also showed improvements in convergent thinking that were still evident at the 4-week follow up. People who consume DMT generally chronicle improvements in their overall satisfaction of life, and claim they are more mindful and aware after the experience.

It’s important to note that dying from ayahuasca is rarely reported, but that doesn’t rule out the risk. It’s also illegal in the states, explaining why groups flock to Peru to visit licensed ayahuasca retreats or why technologists buy DMT on the dark web to avoid detection.

For those considering a DMT journey (and we don’t recommend it based on the illegal nature and health risks), it’s critical to gain a full understanding of the potential risks prior to consumption.

For more reading:

This story was first published here in June, 2019.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!