The retailer has also managed to outlast many other Canadian discounters that have come and gone, such as Bargain Harold's and BiWay.
"There used to be a few chains that offered that mid-discount price point, call it $10 and up, and Giant Tiger seems to have a monopoly in that area now," Winder said.
The retailer's first store was opened by founder Gordon Reid in Ottawa's Byward Market in 1961. Giant Tiger now has 259 stores, roughly 10,000 employees and surpassed $2 billion in annual sales in 2018.
Stores with their bright yellow signage, bookended by a tiger's head and a red maple leaf, tend to be located in suburban communities, small towns and main streets.
"They're not typically in places where there is a lot of competition," said Lisa Hutcheson, managing partner at consulting firm J.C. Williams Group. "I think of them in markets where they would be one of the only players in those communities," she said.
That plays into the corporate brand, Hutcheson said.
"They've always been about community, about family and about saving Canadians money and I don't think they've ever really deviated from that."
While historically the retailer has been a staple of Canada's small-town retail strips, Wood said that's changing.
"In more recent years, we've continued to expand into some pretty typical markets," he said. "We're in the same shopping node as our key competitors. Walmart is within five kilometres of our stores in 90% of our markets."
As Giant Tiger grows, the new stores will be based on value and opportunity, which could include urban centres, Wood said.
"We haven't put a presence yet in downtown Toronto, but we're in Mississauga, we're in Brampton, we're in Etobicoke, we're in Scarborough," he said. "It's about finding the right space at the right price where we can access a good number of shoppers and convenience is part of that."
Winder said it's that laser focus on value that has helped Giant Tiger survive where other discounters have failed.
"They've been very frugal and smart in terms of the way their stores are created and run," he said. "They're usually in sort of secondary or tertiary malls so they're not paying the big rents. The stores are cheap and cheerful, they're clean with nice signage, but basic, so that keeps their capital costs down."