Abstract A fortune 500 company, Family Dollar strives to provide its customers, associates, and investors the best product possible. Through a comprehensive business strategy, they are able to provide a wealth of products at low cost, numerous employment opportunities, and constant growth. They previously had 5,900 stores in 44 states being served by 11 state-of-the-art distribution centers but with their current acquisition by Dollar Tree expect to grow to a combined 13,000 stores throughout the United States and Canada.
Their mission statement is clear, “For Our Customers A compelling place to shop… by providing convenience and low prices For Our Associates A compelling place to work… by providing exceptional opportunities and rewards for achievement For Our Investors A compelling pace to invest… by providing outstanding returns. ” (Fortune 500 Mission Statements, 2015) Family Dollar Doesn’t Fully Meet its Mission Statement A company’s mission statement is designed to define its purpose by describing who the company is and what it does.
Family Dollar has taken great strides to not only skyrocket it to a Fortune 500 company but also achieve their mission. From the way they treat their consumers and employees to their promises of returns for investors, Family Dollar has become, “the second largest chain,” according to Forbes Investing (Brad Thomas, 2012). Analyzing their “About Us” website, one can see that their mission statement is at the heart of what they do. For Our Customers a compelling Place to Shop… Currently, Family Dollar offers a myriad of products; from name brand food and beverages to apparel, all at low pricing.
Everything they do is geared towards providing quality products to their consumers for a low price. Family Dollar even holds their distributors to a high standard, ensuring a lower overhead translating to money saved for the consumer. They provide their suppliers, distributors, and shippers with customized instructions to help ensure the lowest price while maintaining its bottom line. The company operates under a rather small footprint with stores approximately 7,000 square feet, allowing them to open up chains in not only urban neighborhoods, but rural areas as well.
They strive to keep prices low by selectively choosing their supply partners and even being a part of the Retail Value Chain Federation. Family Dollar currently operates 5,900 stores in 44 states (Family Dollar) and with their current acquisition by Dollar Tree, expect to operate more than 13,00 stores in 48 states and 5 Canadian provinces. For Our Associates… Providing Exceptional Opportunities and Rewards for Achievement… If you take a look at the Family Dollar website, you will notice their strategic use of the word career rather than employment.
Family Dollar strives to obtain long lasting employees for a vast array of positions, from district to store level. They offer a career development track that allows an employee to plan out their career goals and work towards them at their own pace. Their benefits packages for employees include a 401K plan, Health and Welfare benefits, and even an employee assistance program where employees can seek help in personal matters. Future employees can choose a career working directly in the stores, distribution centers, management, and store support centers.
Each area of employment offers a varying range of positions and responsibilities; you can view and apply for these positions all online. For Our Investors… Providing Outstanding Returns On January 22, 2015, Family Dollar approved the acquisition offer from Dollar Tree, a previous competitor. Since the acquisition, Dollar Tree and Family Dollar had $4. 8 billion in net sells during their recent quarter, an increase of 2. 1% according to Chief Executive Officer of Dollar Tree, Bob Sasser (Business Wire, 2015).
According to their release, their net sales increased 136% and gross profit increased by $674. 7 million. Dollar General takes great pride in keeping their shareholders up to date on company matters through their Investor Relations website. Here an investor can keep track of financial information, stock information and company news. Conclusion Though a good place to work and a great place to purchase, investors may be on shaky ground with the new acquisition by Dollar Tree.
Family Dollar continues to strive to provide a healthy work environment, and with the acquisition, new products in a greater market, but who can tell what the future will hold for this company? Though the two companies were competitors, their newly formed alliance will help both stores deliver a broader array of items for a low cost. Only time will tell if the acquisition will help or hurt Family Dollar meet the expectations of its own mission statement.