Dollar Giant owner rings up $52M sale

The founder of B.C.'s Dollar Giant stores has made his biggest sale yet, unloading his 85 stores for $52 million to Dollar Tree, a much larger U.S. firm with nearly 4,000 stores.

"I'm very excited," said owner Joe Calvano, who plans to stay on with the new owners to head the Canadian division and oversee plans to take on Canadian industry-leader Dollarama.

Calvano started Vancouver-based Dollar Giant in 2001 after a career that included management positions at K-Mart and Army and Navy.

In under a decade he built the business up from one outlet with two employees to 85 outlets with more than 1,000 staff in B.C., Alberta, Saskatchewan and Manitoba.

But Calvano credits being unemployed with forcing him to open his first store.

"I always had this vision of doing something. I always wanted to do it, but I guess being unemployed kind of forced me to do it, and it's the best thing I've ever done in my life."

At one time dollar stores were full of trinkets, but Calvano's dream was always to fill his bright aisles with everyday items such as greeting cards, bandages, light bulbs, and spices — items that are for the most part, disposable.

Then came the economic crash and business shot up.

"The recession, I guess did not affect us at all, other than in a positive way, where more people discovered us and now they continue to shop us," he said.