Despite receiving $13.5 million in city grant money to keep grocery stores open in underserved neighborhoods, a popular discount chain is preparing to close another six stores.
The decision highlights a growing paradox across the industry: Even though inflation is driving more shoppers to discount aisles, foot traffic alone isn’t enough to keep discount chains thriving.
Former Family Dollar CEO Rick Dreiling explained this during an earnings call, according to InsiderMonkey. He noted that while store traffic was up, total spending dropped because low-income customers faced rising inflation and reduced federal benefits…