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Published: Thursday, May. 20, 2010

Biz Buzz: Dollar Tree to open in SLO Promenade

It will open in the site formerly occupied by the Gottschalks Furniture store

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Dollar Tree, a store selling household and other items for a dollar or less, is expanding into the SLO Promenade shopping center in San Luis Obispo.

The store is going into a 9,000-square-foot space formerly occupied by the Gottschalks Furniture store, according to Malissa Arceneaux Wilkinson, CenterVest Capital’s vice president of operations.

CenterVest owns the SLO Promenade, along with the Annex at Atascadero off Highway 101, and other shopping centers in California.

Gottschalks filed for bankruptcy last year, and the furniture store closed along with the department store in the Promenade off Madonna Road a little less than a year ago.

The new store, expected to open in June, will be the second Dollar Tree in San Luis Obispo; the other is in the Marigold Shopping Center on Broad Street.

It will be the sixth Dollar Tree in San Luis Obispo County, with other locations in Arroyo Grande, Morro Bay, Atascadero and Paso Robles.

Chesapeake, Va.-based Dollar Tree opened 240 new stores, closed 25 stores and expanded or relocated 75 stores in its last fiscal year, according to its financial reports. The company was founded in 1993.

“They will be a good traffic driver to the center,” Argeneaux Wilkinson said. “They have a strong market presence here and have done very well with the Marigold store. We don’t think the Marigold’s business will be (negatively) affected at all with the new store opening.”

Only two 1,200-square-foot spaces, vacated by an Aqua Massage store and Beneficial Financial Services, remain unoccupied.

— Melanie Cleveland

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