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  "documentTitle": "Dollarama Inc. (DOL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-31 00:00:00",
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  "notes": "The table quantifies the revenue benefit Dollarama received from specific competitor store closures between 2015 and 2018.",
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      "text": "Competent competition from growing industry players – Dollar Tree Canada, Miniso, and Amazon, among others – could be the straw that breaks the camel's back for Dollarama’s profitability or growth (or both).",
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      "text": "Revenue Boost: 2%",
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      "text": "Large competitors have been shuttering Canadian stores continuously through the last four years due to company-specific issues, highlighted by the high-profile exits of Target and Big Lots from Canada. We believe that this has been a significant tailwind for Dollarama, but one that is largely behind the Company at this juncture.",
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      "text": "Dollarama has been able to maintain significant share, high margins, and high returns on capital in large part due to missteps among peers and the resulting lax competition. This is likely unsustainable in a more competitive environment, as Dollarama has few material competitive advantages: barriers to entry are low, and its discount retailing strategy is not unique. Competent competition from growing industry players – Dollar Tree Canada, Miniso, and Amazon, among others – could be the straw that breaks the camel's back for Dollarama's profitability or growth (or both).",
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      "text": "Note: All numbers are SPCM estimates. 1) Target Canada to close all stores by April 12. 2) Big Lots Getting Back Out of Canada.",
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      "kind": "table",
      "text": "Fiscal Year, Company Exiting Canada, Stores Closed, Revenue, DOL Revenue Capture (Estimated), Estimated Revenue Benefit, % Revenue Boost",
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      "kind": "title",
      "text": "Dollarama Has Benefited From A Benign Competitive Environment",
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