A Lesson Learned: How Macys and Dollar General Used the Economic Slump to Grow

List: Posted: 10/05/11

The terrible economy has cost many people their jobs and forced countless businesses to close their doors.  However, it hasn't been all doom and gloom.  Both Macy's and Dollar General have actually managed to expand during this rough economy.  How have they not only stayed in business, but grown?

 

For Dollar General, business is definitely good.  The company is set to open more than 600 new stores soon, and expects to bring in 6,000 new jobs, as well.  However, the key to the company's success seems to be their type of business.  They operate in small markets.  In addition, those markets are usually depressed, so the deals that the business brings to the area are more than welcome.

 

Macy's is a bit different.  This department store business is growing and posting record sales, but you won't find many new stores opening.  In fact, their growth and new jobs stem almost directly from the Internet.

 

However, virtual sales are not necessarily a cure-all for what ails the economy.  Since most are not taxed, they don't help their states of residence.  In addition, they don't offer new jobs the way that building new stores does – there are no construction jobs, no suppliers to pay and no staff to hire.  While Macy's will have to hire some staff, they hire far fewer people for internet sales than if the company were building new stores around the nation.

 

However, growth with both of these business entities is a sign that the economy is beginning to turn around.  Only the future can tell just how quickly that will be.

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