Dollarama Inc (TSX:DOL) News and Share PriceRetail
Dollarama Inc, a Canadian retail giant, has a history of more than two decades, following its inception in 1992. The origin of the company dates back to 1910, when entrepreneur Salim Rossy started his first store, ‘S Rossy Inc’, on Craig Street, Montreal.
Decades later, Mr Salim’s grandson and Dollarama founder Larry Rossy introduced the concept of selling all products at C$ 1 or less in one of the stores located in Matane, Quebec. In the same year, first such store outside Quebec was launched in New Brunswick.
Since then, the enterprise has grown into a retail giant with over 500 stores across Canada and its headquarters in Montreal.
Dollarama deals in wide range of products, from general merchandise, consumer durables to electronics and healthcare. In 2004, private equity group Bian Capital is said to have partnered with Dollarama to support the latter in its growth.
Bian Capital eventually sold its remaining stake in the company. Dollarama then went public in 2009 and was listed in the Toronto Stock Exchange (TSX) under the symbol of ‘DOL’.
In 2012, Dollarama introduced two different price points, C$ 1 to C$ 3, to provide its customers with more products at compelling value.
In 2013, Dollarama partnered with Latin American value-retailer Dollarcity, eyeing for new markets and testing its successful business model. It acquired 50.1 per cent stake in Dollarcity in 2019 to align its long-term plans with the Canadian growth strategy.
Dollarama’s store chain is present in all six provinces of Canada.
According to the recent management’s discussions and analysis, the goals of the company include hiring, training and retaining quality employees at competitive compensation rates. It also reportedly plans to build and upgrade warehousing and distribution facilities and expand its number of stores strategically into new and old geographic markets to compete with the local competitors.
The company also aims at increasing its presence in Latin America, where one of the leading retail store chain, Dollarcity, is expected to have 600 stores by 2029.
The company launched its e-commerce site in 2019, with delivery of select few products across Canada. The website allows the users to locate the nearest store.
The retail-giant claims to offer a diverse working environment to its employees, and provides pension plans and training programs to improve the management skills and employee efficiency.
Dollarama, with the idea of “serving customers from coast to coast”, plans to expand its presence with over 1,700 stores across Canada by 2027.
5805 Royalmount Avenue, Montreal, QC H4P 0A1