Variety discount stores, of the single-currency kind, began to spring up in popularity during the early 1990s (although the discount industry itself first began shortly after World War II with the retail, E.J. Korvette, as being considered the first discount store in 1948) and since then, they have skyrocketed. Today, there are some 35,000 variety stores across the country, and counting.
Present-day discount stores include such big-box merchandisers as Target, Big Lots, Wal-Mart, and Costco and while discount stores vary from variety stores in that they are a type of department store, only variety stores sell goods at a fixed price-point. However, due to increased traffic of variety stores, such as those formerly mentioned, discounters are dealing with increased competition. So much so that Walmart, the world’s largest retailer, is considering acquiring smaller stores to attract customers who prefer quicker trips, according to a Bloomberg report.
… And hedge fund companies have noticed big time. (more…)