Capturing more of shoppers’ wallets: That’s the goal of Michael Bloom, president and chief operating officer of the fast-growing Family Dollar chain, which spans more than 7,400 doors. To do so, the former CVS executive put beauty front and center, increasing health and beauty care assortments by about 25 percent over the last two years to more than 2,200 items. Believing that the chain’s assortment wasn’t broad enough to spur frequent shopping trips, Bloom successfully wooed big-name brands like Maybelline New York, N.Y.C. and L’Oréal Paris into the mix, which also features Cover Girl, Nailene and L.A. Colors. And he tapped experts in merchandising to come to Family Dollar from the likes of Procter & Gamble and Target. “Value retail is a rapidly developing channel and our customer base is widening,” said Bloom. Industry consultant Allan Mottus thinks Bloom has the right idea: “Consumers are trading down from discount stores to dollar stores. They aren’t averse to buying beauty there, too.” Value-added never sounded so good.
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