{
  "docId": "019dd923-622c-750b-8b98-898f7b790f90",
  "docSlug": "ecb6f6c63e11",
  "documentTitle": "Dollarama Inc. (DOL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-31 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 27,
  "pageCount": 53,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 15,
  "notes": "Uses a combination of a data table and news clippings to build a case for competitive pressure.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "kpi_table",
    "screenshot",
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-898f7b790f90/27",
  "deckHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-898f7b790f90#slide-27",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Dollarama has no promotional expense. Meanwhile, promotional expenses average 1-2% of revenue among U.S. peers. As established competitors continue to expand, and as new competitors enter the market (Amazon included), Dollarama’s no-cost marketing strategy may prove untenable.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9edd-fc25582c7372",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.49,
        "x": 0.48,
        "y": 0.3
      },
      "kind": "list",
      "text": "Miniso expansion, Amazon 'Under $10' category, and Dollar Tree's Canadian growth strategy.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6c5e9ca9-6089-4316-a3ba-6e40c0d4dd27",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Promotional Expense as a % of Revenue: 1.26%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ede-055a9c9aeb79",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "Dollarama has no promotional expense. Meanwhile, promotional expenses average 1-2% of revenue among U.S. peers. As established competitors continue to expand, and as new competitors enter the market (Amazon included), Dollarama's no-cost marketing strategy may prove untenable.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63aa3b99-e018-420d-a42d-e729694cf66c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Miniso To Expand To 500 Stores As Canada Sees Major Influx Of New Retail Brands — Huffington Post",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ede-027aef455b17",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.03,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company financial filings, Huffington Post, Investors.com, Retail Environments",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7cc57680-8d02-488c-80d6-6d9872644d81",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.03,
        "y": 0.3
      },
      "kind": "table",
      "text": "Promotional Expense as a % of Revenue table showing BIG, FIVE, DLTR, DG, and Average for 2016-2018.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74dc4f16-823b-49ad-8028-af03b793ccb9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Light Competition Has Allowed The Company To Spend Nothing On Promotion – Until Now?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9df9e07a-cec7-40b8-9141-be636f15fc67",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "cdefadd5-7a87-497e-af07-187e786fd5a5",
      "evidence": "Contrasts historical low spend with current competitive threats",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}