The CEO of Dollar General has revealed why his company is doing so well: the US economy keeps on creating more poor people.
Todd Vasos made the remarks in an interview with the Wall Street Journal, which noted that the company has over 14,000 stores across the country.
Vasos explained that Dollar General focuses on customers earning less than $40,000 annually.
“The economy is continuing to create more of our core customer,” Vasos said, according to Vox.Vasos.
In 2016, Dollar General experienced its 27th year of sales growth in stores open for at least a year.
Vasos provided an indication of who the retailer’s core customer is.
“Doesn’t look at her pantry or her refrigerator and say, ‘You know, I’m going to be out of ketchup in the next few days. I’m going to order a few bottles’,” added Vasos. “The core customer uses the last bit of ketchup at the table the night prior, and either on her way to work or on her way home picks up one bottle.”
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