Dollar General 2007 Annual Report Download - page 20
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18
interests. For example, the Investors could cause us to make acquisitions that increase the
amount of indebtedness that is secured or that is senior to our outstanding debt securities or to
sell assets, which may impair our ability to make payments under our outstanding debt securities.
Additionally, the Investors are in the business of making investments in companies and
may from time to time acquire and hold interests in businesses that compete directly or indirectly
with us. The Investors may also pursue acquisition opportunities that may be complementary to
our business and, as a result, those acquisition opportunities may not be available to us. So long
as the Investors, or other funds controlled by or associated with the Investors, continue to
indirectly own a significant amount of the outstanding shares of our common stock, even if such
amount is less than 50%, the Investors will continue to be able to strongly influence or
effectively control our decisions.
ITEM 2. PROPERTIES
As of February 29, 2008, we operated 8,222 retail stores located in 35 states as follows:
State Number of Stores State Number of Stores
Alabama 446 Nebraska 80
Arizona 51 New Jersey 22
Arkansas 224 New Mexico 42
Colorado 19 New York 223
Delaware 24 North Carolina 467
Florida 415 Ohio 465
Georgia 464 Oklahoma 271
Illinois 306 Pennsylvania 393
Indiana 302 South Carolina 316
Iowa 170 South Dakota 12
Kansas 144 Tennessee 403
Kentucky 300 Texas 969
Louisiana 326 Utah 9
Maryland 57 Vermont 3
Michigan 238 Virginia 243
Minnesota 16 West Virginia 149
Mississippi 256 Wisconsin 88
Missouri 309
Most of our stores are located in leased premises. Individual store leases vary as to their
terms, rental provisions and expiration dates. The majority of our leases are relatively low-cost,
short-term leases (usually with initial or primary terms of three to five years) often with multiple
renewal options. We also have stores subject to build-to-suit arrangements with landlords, which
typically carry a primary lease term of between 7 and 10 years with multiple renewal options. In
recent years, an increasing percentage of our new stores have been subject to build-to-suit
arrangements. In 2007, approximately 70% of our new stores were build-to-suit arrangements.