Dollar Tree is an American chain of extreme discount stores formerly known as Only $1.00. Even though the name has changed, the concept remains the same and Dollar Tree only sells products for $1 or less. Dollar Tree provides numerous items in various categories such as food and drinks, health, cosmetics, housewares, cleaning, storage and office supplies. As of February 2020, the company operates 15,288 stores in the United States and Canada.
In 1953, K. R. Perry made his first steps in the discount retailing when he opened a Ben Franklin store in Norfolk, Virginia. He later renamed it K&K 5&10. 17 years later, Perry partnered with Doug (his son) and Macon Brock to start K&K Toys and grew the business into a chain of 130 locations on the East Coast. In 1986, Doug, Macon and their new associate Ray Compton started another chain of stores they called Only $1.00, with only 5 locations at the time. Both chains expanded and in 1991, they decided to sell the K&K stores and focus on expanding the dollar stores. In 1993, the company and all Only $1.00 stores and were renamed Dollar Tree. In 2006, Dollar Tree opened its 3,000th store and celebrated the opening of the 5,000th location in 2014.
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