美国国家公共电台 NPR--Discount stores Dollar Tree and Dollar General thrive in this turbulent economy

Discount stores Dollar Tree and Dollar General thrive in this turbulent economy

Transcript¹

Dollar Tree and Dollar General reported quarterly earnings² that beat expectations. NPR's Steve Inskeep talks to Harvard business professor Willy Shih about shopping during high inflation.

STEVE INSKEEP, HOST:

Discount stores Dollar Tree and Dollar General are thriving. Both chains saw their stock price rise after they delivered optimistic earnings reports this week. So does this reveal anything about the broader economy? Willy Shih is here to find out. He is a professor at Harvard Business School. Good morning.

WILLY SHIH: Good morning, Steve.

INSKEEP: OK, so Dollar Tree and Dollar General are up. Walmart and Target are doing a little bit worse than expected. What's that say?

SHIH: Well, I think it says that a lot of people in this country are feeling the effects of inflation and they are looking for lower prices. And when you're looking for lower prices, that's one of the places you go, especially a place like Dollar Tree, where you now know that everything costs $1.25. So if I'm trying to save money, that's probably a good place to go.

INSKEEP: I guess we should just try to rank things here. Walmart, of course, advertises itself as a place for cheap goods. The dollar stores are like the next notch³ down in bargain hunting. Is that right?

SHIH: Well, some people would call it trading down. Actually, they're really a convenience store. The key thing is their price points are lower. Now, often that means you have smaller package sizes, as well. But if you're living paycheck to paycheck - and, you know, unfortunately, many people in this country are that way - you know, and you're feeling pressure in terms of how much it costs to fill up the car with gas, maybe I'm only going to buy what I need right now. Oftentimes, it'll be a smaller package.

INSKEEP: Let's figure out what's squeezing people because, of course, this is a period of time where unemployment is quite low. Wages are going up. But of course, there's inflation and a lot of people are out of the workforce⁴. What exactly is making the budget tight for people?

SHIH: Well, I think food and fuel are the two big ones. We're seeing big increases in prices of meat, poultry⁵, fresh fruits and vegetables and then, of course, at the gas pump. I was in a gas station the other day, and I saw somebody who could not afford to fill up the tank on his pickup⁶ truck. He could only fill it up partway. I heard him talking to a friend who was with him. And so, you know, with those types of big expenses, there's a lot of pressure on household budgets.

INSKEEP: Do you think there are people shopping at dollar stores who would not have thought of themselves a few years ago as the kind of person who would shop at a dollar store?

SHIH: Well, back in the 2008-2009 downturn, we saw a similar effect where when people are kind of stretched, feeling a little pressed, they'll trade down, if you will, and go to the dollar store. That's part of it. The other thing is we've seen a lot of growth in both of these chains, particularly Dollar General, where they've really become the convenience store in rural America, right? So in - near my house in New Hampshire, there are 4 Dollar Generals, for example, within a 10-mile radius⁷, right? So they're also a convenience store. And when people know, I can go there to pick up some milk, or maybe I need some dish detergent⁸ or some laundry detergent - and I know it's going to be a low price. So it's something that we've seen in previous downturns.

INSKEEP: I'm amazed by the statistic⁹ that's in front of me here. It says there are more Dollar Generals in the United States than McDonald's. So how profitable is that business, selling things at low prices?

SHIH: Well, obviously, it's pretty good. I think McDonald's has been growing, as well, lately. But, you know, to have that many dollar stores nearby, it really says something about their strategy, which is to fill in maybe lesser-served or underserved communities in rural America. So particularly in the case of Dollar General, you've seen that they are pervasive¹⁰ across the countryside. And it's been a very good business for them.

INSKEEP: You know, you alluded¹¹ to this a moment ago. The base price at a dollar store, at Dollar Tree, for example, is a $1.25, not a dollar. Here we are in a period of inflation. Are they going to have to become the 2 dollar store?

SHIH: Well, I hope not. You know, one of the things that when you had a $1 price point, it kind of limited what they could sell. Now, when they raised the price point to a $1.25, that had an immediate¹² boost to their bottom line because they were selling a lot of things that they formerly¹³ sold for a dollar. But when you go up in the price point, then it increases the number of things that you can sell. And that gives people more reason to come into the store.

INSKEEP: Willy Shih, thanks for your insights. I really appreciate it.

SHIH: Thanks for having me.

INSKEEP: He's a professor at Harvard Business School.

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

3 notch   

n.(V字形)槽口，缺口，等级

参考例句：

• The peanuts they grow are top-notch.他们种的花生是拔尖的。
• He cut a notch in the stick with a sharp knife.他用利刃在棒上刻了一个凹痕。

4 workforce   

n.劳动大军，劳动力

参考例句：

• A large part of the workforce is employed in agriculture.劳动人口中一大部分受雇于农业。
• A quarter of the local workforce is unemployed.本地劳动力中有四分之一失业。

5 poultry   

n.家禽，禽肉

参考例句：

• There is not much poultry in the shops. 商店里禽肉不太多。
• What do you feed the poultry on? 你们用什么饲料喂养家禽?

6 pickup   

n.拾起，获得

参考例句：

• I would love to trade this car for a pickup truck.我愿意用这辆汽车换一辆小型轻便卡车。||The luck guy is a choice pickup for the girls.那位幸运的男孩是女孩子们想勾搭上的人。

7 radius   

n.半径，半径范围；有效航程，范围，界限

参考例句：

• He has visited every shop within a radius of two miles.周围两英里以内的店铺他都去过。
• We are measuring the radius of the circle.我们正在测量圆的半径。

8 detergent   

n.洗涤剂；adj.有洗净力的

参考例句：

• He recommended a new detergent to me.他向我推荐一种新的洗涤剂。
• This detergent can remove stubborn stains.这种去污剂能去除难洗的污渍。

9 statistic   

n.统计量；adj.统计的，统计学的

参考例句：

• Official statistics show real wages declining by 24%.官方统计数字表明实际工资下降了24%。
• There are no reliable statistics for the number of deaths in the battle.关于阵亡人数没有可靠的统计数字。

10 pervasive   

adj.普遍的；遍布的，(到处)弥漫的；渗透性的

参考例句：

• It is the most pervasive compound on earth.它是地球上最普遍的化合物。
• The adverse health effects of car exhaust are pervasive and difficult to measure.汽车尾气对人类健康所构成的有害影响是普遍的，并且难以估算。

11 alluded   

提及，暗指( allude的过去式和过去分词 )

参考例句：

• In your remarks you alluded to a certain sinister design. 在你的谈话中，你提到了某个阴谋。
• She also alluded to her rival's past marital troubles. 她还影射了对手过去的婚姻问题。

12 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

13 formerly   

adv.从前，以前

参考例句：

• We now enjoy these comforts of which formerly we had only heard.我们现在享受到了过去只是听说过的那些舒适条件。
• This boat was formerly used on the rivers of China.这船从前航行在中国内河里。