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Concept
Variety store
Summary
A variety store (also five and dime (historic), pound shop, or dollar store) is a retail store that sells general merchandise, such as apparel, auto parts, dry goods, toys, hardware, furniture, and a selection of groceries. It usually sells them at discounted prices, sometimes at one or several fixed price points, such as one dollar, or historically, five and ten cents. Variety stores, as a category, are different from general merchandise superstores, hypermarkets (such as those operated by Target and Walmart), warehouse clubs (such as Costco), grocery stores, or department stores.
Some items are offered at a considerable discount over other retailers, whereas others are at the same price point. There are two ways variety stores make a profit:
Buying and selling vast amounts of goods at heavily discounted prices provides a small profit margin multiplied by the volume of sales.
Pricing many items at prices that are higher than regular retailers. These goods are commonly bought by consumers who perceive them to be bargains based on the heavy discounts on other items in the store. In the case of fixed price-point retailers, this can be achieved by reducing the size of the package.
Variety stores with single price points buy products to fit those price points (while making a profit) that are:
generic brands or private labels, often specially manufactured using cheaper materials and processes than usual.
available through the grey market.
bought at a closeout sale, such as seasonal or promotional goods or bankruptcy stock.
sold in smaller unit sizes than elsewhere.
Not all variety stores are "single price-point" stores, even if their names imply it. For example, in the United States, Dollar General and Family Dollar sell items at more or less than a dollar. Some stores also sell goods priced at multiples of the named price and, conversely, multiple items for the price. The discrepancy with the nominal price is also compounded if sales tax is added at the point of sale.
Official source
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