Bernstein analyst Brandon Fletcher says Dollar General (DG) and Dollar Tree's (DLTR) wholly owned Family Dollar banner may seem alike, but they have meaningful differences. The similarities are that they sell almost the exact same products, have similar store sizes, and target similar customers, he says. However, the analyst believes these two retail banners will likely have "very different" futures, which can only be understood by considering some subtle differences in store experience, merchandising, layout, and geography. The geographic differences are very stark and Fletcher thinks will matter more over time.