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  "documentTitle": "Family Dollar Stores (FDO)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2011-05-25 00:00:00",
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  "notes": "The map visualizes current store density to support the thesis of remaining growth potential.",
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      "text": "The three major dollar store retail chains (Family Dollar, Dollar General, Dollar Tree) operate ~20k units today. We believe there is room for 10k to 12k additional stores¹ or a decade of store growth at the current industry build rate",
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      "text": "We believe there is room for 10k to 12k additional stores¹ or a decade of store growth at the current industry build rate",
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      "text": "store count: 10k to 12k",
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      "text": "Source: ¹For research see Morgan Stanley, 2010; Bernstein, 2009; Dollar General management comments Map: UBS, 2010",
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      "text": "Substantial Long-Term Growth Opportunity",
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