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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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  "pageNumber": 35,
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  "notes": "The table highlights that peers (DLTR, BIG, DG, FDO) report store closures, while Dollarama does not. The slide uses this to frame management's lack of transparency as a red flag.",
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      "kind": "callout",
      "text": "U.S. Dollar Store peers historically close 0.8% of stores annually, yet Dollarama has not reported any recent closures",
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      "text": "Other high-growth dollar stores like Dollar Tree and Dollar General report store closures – why doesn’t Dollarama? Store closures, for whatever the reasons, incur real restructuring and other costs. Peer retailers generally give detail on these expenses, whereas Dollarama does not. We believe that Dollarama should follow industry norms and increase transparency regarding store closures.",
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      "text": "store closures: 0.8%",
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      "text": "It is standard industry practice to report store closures, remodels and relocations alongside new store openings. However, Dollarama reports only “Net New Stores” and does not break this number out in detail.",
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      "text": "We strongly disagree: store closure information is vital to evaluating the health of a retail chain. Management can provide color on particular closures if it feels that they have been done for reasons other than performance, but failing to report closures entirely hides a key operating statistic from investors.",
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      "text": "Lack Of Transparency Regarding Store Closures And Associated Costs",
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