In a strategic move to expand its footprint, Dollar Tree has announced its acquisition of the rights to reopen dozens of closed 99 Cents Only stores across Arizona, California, Nevada, and Texas.

The bargain retailer confirmed on Wednesday that it had completed two transactions in May, securing the store leases for 170 99 Cents Only locations across the four states. This acquisition aligns with Dollar Tree's accelerated growth strategy for its brand.

Michael Creedon, Jr., Dollar Tree's chief operating officer, expressed excitement about the opportunity, stating, "This was an attractive opportunity to secure leases in priority markets where we see strong, profitable growth potential. The portfolio complements our existing footprint and will provide us access to high-quality real estate assets in premium retail centers, enabling us to rapidly grow the Dollar Tree brand across the western United States, reaching even more customers and communities."

The reopening of these stores is expected to take place as early as this fall, with Dollar Tree hoping to welcome back 99 Cents Only customers. The specific locations in California that will be reopened are yet to be specified, but the Golden State had numerous 99 Cents Only stores in cities such as Sacramento, San Jose, Los Angeles, Bakersfield, and San Diego.

The decision to reopen these stores comes after 99 Cents Only Stores announced in April that it would be closing all its locations due to financial difficulties stemming from the pandemic, changing consumer demand, and rising inflation.

Dollar Tree currently operates nearly 17,000 stores spread across 48 states and five Canadian provinces, making it a prominent player in the retail industry. By reopening these 99 Cents Only stores, Dollar Tree aims to further strengthen its presence in the western United States and cater to the needs of a wider customer base.

As Dollar Tree works towards its goal of providing affordable options to its customers, this acquisition marks a significant step in its expansion strategy. With the reopening of these stores, Dollar Tree hopes to not only revive the communities impacted by the closures but also continue delivering its promise of value to shoppers across the nation.