Family Dollar 2010 Annual Report Download - page 22

Download and view the complete annual report

Please find page 22 of the 2010 Family Dollar annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 76

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76

Our stores are located in urban, suburban, small town and rural markets, and they are typically freestanding
or located in shopping centers. At the end of fiscal 2010, approximately 22% of our stores were located in large
urban markets (markets with populations above 200,000), and approximately 20% of our stores were located in
small urban markets or suburban areas (markets with populations greater than 25,000 but less than
200,000). During fiscal 2010, approximately 33% of our new store locations were opened in large urban markets,
and 18% of our new locations were opened in small urban or suburban markets.
All of our stores are leased except for 509 stores that we own. Most of our leases have an initial term of five
or ten years and provide for fixed rentals, and most of our leases require additional payments based upon a
percentage of sales, property taxes, insurance premiums, or common area maintenance charges.
Of our 6,308 leased stores at October 1, 2010, all but 526 leases grant us options to renew for additional
terms, in most cases for a number of successive five-year periods. The following table sets forth certain data
concerning the expiration dates of all leases with renewal options as of October 1, 2010:
Fiscal Years
Approximate Number
of Leases Expiring
Assuming No Exercise
of Renewal Options
Approximate Number
of Leases Expiring
Assuming Full
Exercise of Renewal
Options
2011 .......................................... 970 51
2012-2014 ...................................... 3,175 256
2015-2017 ...................................... 1,721 368
2018-2020 ...................................... 414 523
2021 and thereafter ............................... 28 5,110
We own our corporate headquarters and a distribution center located on a 108-acre tract of land in
Matthews, North Carolina, just outside of Charlotte, in two buildings containing approximately 1.24 million
square feet. We use approximately 930,000 square feet for the distribution center, which includes receiving,
warehousing, shipping and storage facilities, and we use approximately 310,000 square feet for the corporate
headquarters.
We also own eight additional full-service distribution centers, described in the table below:
Facility Size
Distribution Center Land Building Date Operational
West Memphis, AR ........................... 75acres 850,000 sq. ft. April 1994
Front Royal, VA ............................. 108acres 907,000 sq. ft. January 1998
Duncan, OK ................................. 85acres 907,000 sq. ft. July 1999
Morehead, KY ............................... 94acres 907,000 sq. ft. June 2000
Maquoketa, IA ............................... 74acres 907,000 sq. ft. March 2002
Odessa, TX ................................. 89acres 907,000 sq. ft. July 2003
Marianna, FL ................................ 76acres 907,000 sq. ft. January 2005
Rome, NY .................................. 87acres 907,000 sq. ft. April 2006
ITEM 3. LEGAL PROCEEDINGS
Information for this item is included in Note 10 to the Consolidated Financial Statements included in this
Report, and incorporated herein by reference.
ITEM 4. REMOVED AND RESERVED
18