February 25, 1997

Jill Lawrence
Virginia Economic Development Partnership
(804) 371-0049
Jill Lawrence
(804) 371-0049
Dollar Tree Expands and Breaks Ground in Chesapeake
-- Governor Allen Lauds $28 Million Investment Victory --

Chesapeake - Governor George Allen today announced that Dollar Tree Stores Inc. will expand its corporate headquarters and distribution center and relocate to Chesapeake, Virginia, investing $28 million and creating 125 new jobs over the next five years and to retain 275 existing jobs in South Hampton Roads.

"We in Virginia fought and won a heated battle with Pennsylvania, New York and North Carolina to keep Dollar Tree from being uprooted," said Governor Allen. "Dollar Tree has grown and branched out since its founding in Virginia's fertile soil 11 years ago. It is this very success that's resulted in Dollar Tree's need to expand."

Dollar Tree Stores Inc. is a retail chain of $1.00 price point variety stores that currently operates more than 70 stores in Virginia alone. The new Chesapeake facility will cover 50 acres and serve as the corporate headquarters representing over 700 Dollar Tree stores across the United States. A distribution center on site will also service the chain. The company plans to open 145 new stores this year.

"We are very pleased with the final site selection in Virginia which allows our headquarters and distribution center to be located adjacent to one another," said Macon Brock, president and chief executive officer of Dollar Tree Stores. "The site is also strategically positioned near both the interstate highway system and the Virginia Port Authority's multi-site facilities," said J. Douglas Perry, chairman of Dollar Tree Stores.

Governor Allen approved a $200,000 Governor's Opportunity Fund grant for the City of Chesapeake to assist the project. The Virginia Economic Development Partnership and the City of Chesapeake assisted the company with its decision. Virginia successfully competed with New York, Pennsylvania and North Carolina for the expansion.

"This $28 million investment by Dollar Tree will allow Hampton Roads to retain one of the fastest growing retailers in the country," said Chesapeake City Mayor William Ward. "Chesapeake is proud to be able to meet the requirements for Dollar Tree's corporate headquarters and distribution center."

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