For those residing in rural regions, you’ve likely encountered the iconic yellow sign, and no, it’s not associated with McDonald’s. Dollar General has established itself as a vital and successful retail option in the rural parts of the United States for numerous years. This company has a rich history, and who currently owns Dollar General Stores may come as a surprise. This text will delve into the origins of Dollar General and its current ownership. With that said, let’s jump right in!
Foundational Years (1939-1964)
Initially known as J.L. Turner and Son, Dollar General was established in Scottsville, Kentucky by James Luther Turner alongside his son Cal Turner.
J.L. Turner
James Luther Turner was a significant person in the early establishment and progress of Dollar General, a well-known retail brand recognized for its discount shops. Turner was instrumental in transforming Dollar General into the retail powerhouse it is in the present day.
Born in 1925 in Scottsville, Kentucky, USA, James Luther Turner, often referred to as “J.L. Turner,” had a background steeped in retail and had acquired valuable experience through various business ventures before embarking on his own retail journey.
Establishment of Dollar General
In 1955, J.L. Turner, together with his son Cal Turner Sr., opened the first Dollar General store in Springfield, Kentucky. The store’s idea was straightforward yet groundbreaking for that era: to offer a diverse selection of products at fixed, affordable prices. The company’s motto, “Every Day Low Prices,” showcased its dedication to delivering value to its customers.
Innovating the Dollar Store Concept
J.L. Turner’s forward-thinking retail strategy was vital in shaping the notion of the contemporary dollar store. His ambition was to develop a business that addressed the needs of cost-conscious shoppers by offering necessary items at a one-dollar price. This approach appealed greatly to consumers, and soon, Dollar General stores enjoyed widespread popularity.
Accelerated Growth
During J.L. Turner’s guidance, Dollar General saw swift growth and advancement. The company’s effective business strategy prioritizing a wide range of products at competitive prices enabled it to launch numerous stores throughout the southeastern United States.
Formation of Dollar General Corporation
In 1968, Dollar General was officially established as Dollar General Corporation, a key milestone in the company’s journey. This transition laid the groundwork for future growth and operational refinement.
Cal Turner Sr.
He was essential for the company’s expansion and prosperity, following the path laid down by his father, J.L. Turner, who co-founded Dollar General.
Background and Family Heritage
Cal Turner Sr. was born in 1925 into the Turner family, well-acquainted with the retail sector. With his father, J.L. Turner, being the co-founder of Dollar General, Cal would eventually uphold the family’s retail legacy.
Stepping into Leadership
Cal Turner Sr. took over the reins of Dollar General following J.L. Turner’s death. He inherited a business that was already well-regarded for its commitment to providing budget-friendly products to consumers.
Growth and Expansion
Under Cal Turner Sr.’s direction, Dollar General saw tremendous growth. He further developed the foundation constructed by his father, reinforcing the company’s pledge to deliver everyday low prices across a wide array of essential items.
Cal Turner Sr. led Dollar General to evolve into a substantial retail entity, with a multitude of stores spread throughout the southeastern United States. The company’s outlets became essential in various communities because of their affordability and convenience.
Going Public and Progress
In 1968, during Cal Turner Sr.‘s term as CEO, Dollar General Corporation initiated its public offering. This pivotal move allowed the company to accumulate funds for further growth and structural development.
Family Participation
The Turner family remained actively engaged in the management of Dollar General while Cal Turner Sr. held leadership. His son, Cal Turner Jr., also played a crucial role within the business. The family’s belief in the enterprise and its principles helped uphold Dollar General’s standing for value and affordability tailored to its customers.
Ongoing Achievement
Dollar General flourished under Cal Turner Sr.’s guidance, and the retail presence of the company spread across the United States. The stores offered a diverse selection of products, ranging from household essentials and clothing to food and personal care items, all at competitive pricing.
Store Development (1968-2002)
After the company became public, Cal Turner transformed into a multi-millionaire through his successful retail chain. A decade later, his son, Cal Turner Jr., joined the organization, ascending to the presidency. He fulfilled that role until 2002. During his tenure, Dollar General expanded its presence by launching thousands of stores across the U.S. and achieved billions in revenue.
As the new century began in 2000, Dollar General relocated its headquarters to Goodlettsville, Tennessee. Upon Cal Jr.’s retirement in 2002, David Perdue, who would later become a senator from Georgia, succeeded him.
Current Operations (2003-Present)
In 2003, Dollar General commenced outsourcing to an office based in Hong Kong. David Perdue departed the following summer in 2007. Shortly thereafter, all Dollar General stock was acquired by private equity investors for $22 a share.
This consortium of investors included:
- Kohlberg Kravis Roberts
- GS Capital Partners
- Citigroup Private Equity
- and others
Dollar General was subsequently purchased for $6.9 billion. Throughout the 2010s, the retailer focused on generating new employment opportunities. In fact, they celebrated the opening of their 16,000th store in Panama City, Florida, in September 2019. In March of the previous year, Dollar General launched its first retail location in Idaho.
Who Currently Owns Dollar General Stores?
Jeffrey Owen
Currently, Jeffrey Owen serves as the chief executive officer of the company. According to Dollar General’s official site:
“Mr. Owen has been our Chief Executive Officer and a board member since November 2022. He previously occupied the role of Chief Operating Officer from August 2019 to November 2022. He returned to Dollar General in June 2015 as the Executive Vice President of Store Operations, building on his over 21 years of prior service with the Company, which includes positions such as Senior Vice President of Store Operations (August 2011 to July 2014); Vice President, Division Manager (March 2007 to July 2011); Retail Division Manager (November 2006 to March 2007); along with various operational roles of increasing significance. Mr. Owen began his career at Dollar General in December 1992 and served as a director of Kirkland’s Inc. from March 2015 through September 2022.”
Kelly Dilts
Kelly Dilts is the Executive Vice President and Chief Operations Officer. As noted on Dollar General’s website:
“Ms. Dilts has held the position of Executive Vice President and Chief Financial Officer since May 1, 2023. She became a part of Dollar General in July 2019 as Senior Vice President for Finance, where she supervised financial planning and analysis; procurement; margin planning and analytics; decision science and analytics; and investor relations. Before joining the Company, Ms. Dilts was the Executive Vice President and Chief Financial Officer at Francesca’s Holdings Corporation, managing a national chain of boutiques from April 2016 until July 2019. Between February 1998 and April 2016, she occupied various progressively responsible roles in finance and investor relations with Tailored Brands, Inc., reaching the position of Senior Vice President for Finance and Investor Relations (June 2014 to April 2016); Senior Vice President and Chief Accounting Officer (July 2012 to June 2014); Vice President of Finance (April 2003 to July 2012); Associate Vice President of Finance (April 2002 to April 2003); Financial Planning and Analysis Manager (March 2000 to April 2002); and Assistant Controller (February 1998 to March 2000). She initiated her career at Deloitte & Touche in January 1990 and also served as the Controller for Olympia Enterprises from April 1993 to February 1998.”
Investors own 91.45 percent of Dollar General shares, with T. Rowe Price holding more than 7%.
Economic and Social Contributions
Dollar General plays a pivotal role in addressing financial inequalities in underprivileged communities. Its strategic locations in rural and smaller towns ensure that low-income families can access affordable essentials. Additionally, the company generates significant job opportunities in areas with limited employment prospects. Through its private label brands, Dollar General also offers high-quality products to value-driven consumers at competitive rates. As a result, Dollar General has transcended its identity as merely a retail store, symbolizing economic resilience and accessibility for millions of Americans.
Interesting Facts about Dollar General Stores
Mission Statement
Dollar General’s mission is to “Serve Others” by delivering high-quality, affordable products and offering a convenient shopping experience.
Focus on Rural Areas
Dollar General maintains a robust presence in rural and small-town America. Many stores are purposefully positioned in locations with limited access to reasonably priced goods and groceries, making them indispensable to those communities. However, they are thoughtfully located in both urban and rural settings, ensuring accessibility to a diverse array of customers.
Private Label Brands
Dollar General features a variety of private label brands, including DG Home (household products), DG Baby (infant items), DG Health (wellness products), and Clover Valley (groceries). These brands offer quality options at competitive prices.
Commitment to Literacy
The company is deeply dedicated to education and literacy. The Dollar General Literacy Foundation allocates funds to nonprofit organizations and educational institutions to back literacy programs and initiatives. Since its inception in 1993, the foundation has distributed millions of dollars in grants to enhance literacy and education.
DG Mobile
Dollar General has introduced DG Mobile, an application allowing customers to access digital coupons, find store locations, and create shopping lists. This app provides an added avenue for savings while keeping customers connected to the store.
Dollar General Market
Besides its conventional stores, Dollar General also operates Dollar General Market locations. These larger format stores provide a broader selection of fresh produce, meat, and dairy products, catering to diverse grocery needs.
Eco-Friendly Efforts
Dollar General has made strides towards environmental responsibility. They have implemented energy-efficient lighting and refrigeration systems in select stores and initiated recycling initiatives for plastic and cardboard materials.
Digital Coupons
The company offers digital coupons available via its website and mobile application. Customers can select these coupons digitally and use them at checkout for additional savings on their purchases.
Partnership with Nonprofits
Dollar General collaborates with various nonprofit organizations, including Feeding America, to address hunger within the communities it serves. The company has made considerable contributions to support food banks and combat food insecurity.
In-House Distribution Management
Dollar General manages its distribution centers, allowing for better control over its supply chain and reinforcing its commitment to providing low prices to customers.
Dollar General Literacy Zone
Some Dollar General locations feature a specific area known as the “Dollar General Literacy Zone.” These zones offer educational resources, books, and activities designed to foster literacy and learning for families and children.
Ownership of Dollar General Shares
Dollar General operates as a publicly traded enterprise on the New York Stock Exchange (NYSE) under the ticker symbol “DG.” Investors can buy and sell shares of the company.
Final Thoughts
Dollar General originated as a family-run business many years ago and has since become a cornerstone of rural life for numerous Americans.
This company has consistently evolved, now boasting over 17,000 locations across at least 46 states. For those managing family enterprises, who knows? You might be the creator of the next Dollar General!
