Family Dollar opens 7,000th store in Memphis

Matthews-based Family Dollar has reached another milestone: The retailer is gearing up for a grand opening celebration Thursday for its 7,000th store.

Family Dollar, founded in 1959 in Charlotte by Leon Levine, is opening the new store in Memphis. CEO Howard Levine, the founder's son, is traveling to Memphis to mark the event.

The retailer has fared well in the downturn, as more low- and middle-income consumers sought to save money. Family Dollar and its peers have also done well thanks to their networks of thousands of stores in many more locations than mega-discounter Wal-Mart.

Over the past year, Family Dollar has been expanding the amount of food it carries, renovating hundreds of stores and increasing its private label assortment of goods to help boost profit margins.

The retailer also fended off a buyout attempt by a New York financier and addressed shareholder questions about lagging its main rival, Dollar General, in store growth and productivity. Family Dollar is accelerating its new store openings after ratcheting them back a few years ago.

At the opening Thursday, Family Dollar will present a local food bank with a $7,000 check to mark the occasion and host a celebration with prizes and product samples,