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  "documentTitle": "Dollarama Inc. (DOL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-31 00:00:00",
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  "notes": "Includes a mix of bar charts, comparative tables, and callouts to support the thesis of market saturation.",
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      "kind": "callout",
      "text": "Higher Canada store count vis-à-vis comparable U.S. store count compared to Walmart",
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      "kind": "callout",
      "text": "DOL's target would imply a saturation level higher than the largest U.S. dollar stores (Dollar Tree and Dollar General), which also sell many more consumables and grocery items.",
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      "text": "Square feet per capita by country",
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      "kind": "metric",
      "text": "stores per million people: 47.2",
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      "kind": "paragraph",
      "text": "Management's stated goal is to have 1,700 stores across Canada by 2027, up from 1,178 stores today. We do not believe that it can achieve this without risking significant cannibalization.",
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      "text": "Store Count by Region and Store Count per Million People",
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      "text": "Comparison of Stores, Population, and Stores/Capita for DOL, DG, DLTR",
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      "kind": "title",
      "text": "Dollarama Potentially Pushing The Limits Of The Canadian Market",
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