Axios Charlotte

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March 17, 2024

Welcome to Sunday, and Happy St. Patrick's Day!

☁️ Weather: 74 and mostly cloudy.

ğŸŽ‚ Happy birthday to our Axios Charlotte member Tracy Brea.

Today's newsletter is 505 words, a 2-minute read.

1 big thing: Dollar Tree is still trying to fix Family Dollar

Photo: Justin Sullivan/Getty Images

The marriage of Dollar Tree and Family Dollar dates back nearly a decade. But over the years, the two have never quite figured out how to make the union work.

Why it matters: Family Dollar is one of the most well-known corporations from Charlotte. What began as a small shop on Central Avenue in 1959 ballooned into a behemoth that Dollar Tree bought for nearly $9 billion in 2015.

Driving the news: Last week, Dollar Tree announced it will close nearly 1,000 Family Dollar locations in coming years.

  • The closures will leave a void for customers who relied on the low-cost retailer for groceries and other essentials, as Axios' Kelly Tyko and Nathan Bomey reported.

Flashback: Virginia-based Dollar Tree has worked for years to successfully absorb Family Dollar.

  • Dollar Tree has closed underperforming Family Dollar stores, opened new locations, and converted and renovated others, I've reported for the Observer over the years.
  • Dollar Tree has faced pressure from investors to sell Family Dollar.
  • In 2018, Dollar Tree closed the Family Dollar headquarters in Matthews, a move that affected about 900 jobs, marking the end of an era for the local employer.
  • In 2022, Dollar Tree shuttered a Family Dollar distribution facility in Arkansas that had become infested with rats and triggered a massive recall and steep losses.

Yes, but: Despite the challenges the discount retailers have faced, Dollar Tree execs still seem upbeat about Family Dollar.

  • "A well-run Family Dollar is a very, very powerful retail format," CEO Rick Dreiling told analysts during a recent earnings call.
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2. ⚡️ Biz lightning round

SBJ executive editor Abe Madkour (left) and Charlotte Sports Foundation executive director Danny Morrison. Photo: Courtesy of Sports Business Journal

🏆 Sports Business Journal last week recognized Charlotte's inaugural ranking on SBJ's 2023 Best Sports Business Cities list at an event at Quail Hollow Club, featuring a who's who in the local sports business world, from former NFL stars to C-suite execs. (SBJ)

  • Charlotte ranked No. 3 on the 2023 list. SBJ releases its 2024 list on Monday.

🛒 Target stores nationwide will move to "express self-checkout" starting today, with a limit of 10 items or fewer at the self-service registers. The goal is to speed up checkout lines. (Axios)

🫖 Gotcha Matcha has its soft opening today at 1300 South Blvd. (Instagram)

🏗️ Alabama-based Daniel Corp. closed March 12 on the acquisition of two Uptown parcels at 306 N. Graham St. and 420 W. Sixth St. There, the developer is planning a 241-unit apartment building with ground-floor retail. (CBJ)

3. 🏠 Buying a house could get cheaper

Illustration: Shoshana Gordon/Axios

The National Association of Realtors will pay $418 million in damages to settle allegations it conspired to boost agents' commissions, Axios' April Rubin reported Friday.

Why it matters: The move could further heat up the country's already cutthroat housing market.

Go deeper

ğŸŽ¥ The Oscars may have been a week ago, but I'm still thinking about how Past Lives was one of the best movies of 2023.

Amy Stern copy edited this newsletter.