Pengana Capital have identified Dollar General as being a high-quality retailer with an attractive valuation, and invested in it for these main reasons.
- Dollar General has 14,000 stores America wide. By comparison, Walmart and Target operate 5,352 and 1,828 respectively.
- The majority of Dollar General’s customers live within three to five miles, or a ten-minute drive, to a Dollar General store. The close proximity and ease of parking discourages online shopping.
- The average Dollar General household spends approximately 10% of their household wallet in the stores. This relatively large figure indicates a high level of customer loyalty.
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