A Family Dollar store is slated to open this fall as an anchor tenant in Cold Spring Shopping Center in Baltimore, the chain announced.
Family Dollar Stores Inc. signed a lease for nearly 9,000 square feet in the center at Cold Spring Lane and Loch Raven Boulevard, owned by Schwaber Holdings.
The Matthews, N.C.-based chain is being acquired by Dollar Tree Inc. in an $8.5 billion merger announced last week that would create North America's biggest dollar store chain.
Family Dollar sells mostly lower-margin consumables such as food and household products priced between $1 to $5 and targets urban shoppers in lower-income neighborhoods. It has 26 stores in Baltimore City and about 16 others in the region. It has 8,100 stores nationwide.
Dollar Tree, which runs mostly suburban stores and sells a mix of consumables as well as items such as gifts, party goods and greeting cards for $1 or less, has about 55 stores in the Baltimore area. Most are scattered throughout Anne Arundel, Baltimore, Carroll, Cecil, Harford and Howard counties, with only about a half-dozen in Baltimore City.Brad Rogers, Family Dollar’s senior vice president of real estate, called the Cold Spring Shopping Center "a great location for us.
"Family Dollar is proud to offer everyday values and shopping convenience to new customers in Baltimore City,” Rogers said in the company's announcement.
Schwaber Holdings said it plans to renovate the 21,000-square-foot Cold Spring center with a new facade and storefronts, repairs to the parking lot, sidewalks and parts of the roof and upgrades to signage, lighting and landscaping.
Adding Family Dollar will help expand the shopping center's customer base, said Mark Renbaum, CEO of Pikesville-based Schwaber Holdings.
"Family Dollar is widely known for its excellent brand, loyal customer base and ability to deliver necessity retail items” Renbaum said in the company's announcement.