- Dollar General announced more than 1,000 store openings in 2022, per company Coresight Research.
- More customers turned toward discount deals due to inflation jacking up the prices of goods.
Shoppers in the US craved discounts in 2022.
With inflation rising to a 40-year high toward the end of last year, consumers looked for relief on their wallets any way they could get it — such as cutting their discretionary spending or trading down for private label items at grocery stores like Walmart.
And discount stores have reaped the benefits: Dollar General's stock soared to an all-time high in November 2022, for example.
Dollar General CEO Jeff Owen said in a quarterly earnings release in October 2022 that the company had seen a boost in customer traffic and sales, "all of which we believe are a testament to the strength of the value and convenience proposition we offer our customers."
With so many people looking to save money, discount stores led the pack for retailers in opening new locations next year. As of late December 2022, there were 5,103 major US store openings announced last year, far outweighing the 2,603 announced store closures, according to data provided by research and advisory company Coresight Research. Discount retailers accounted for thousands of those openings.
From Dollar General to Five Below, here are the 10 companies that announced the most US store openings from the start of 2022 through December 30, according to Coresight Research.