Dollar General's no-frills approach, which emphasizes keeping labor costs low, has proved a hit with investors. Since 2015 the company's stock has soared more than 220% to $219.24.

Dollar General announced it is launching Popshelf, a concept store where about 95% of items sold will be $5 or less. Each store will be about 9,000 square feet.

Looking to build on recent investments in non-consumable items, Dollar General executives are launching a new store concept aimed at suburban shoppers. Goodlettsville-based Dollar General’s ...