Dollar Tree Announces First-Ever Base Price Increase To $1.25 Nationwide
Image ID 110842539 © via Georgesheldon | Dreamstime.com
After pricing all its products at US$1 for the last 35 years, Dollar Tree has officially announced it will soon be increasing its prices to US$1.25 nationwide.
The brand had previously stated it was trialing different price points above the dollar mark due to rising costs and inflation, and it appears to have settled at a quarter more.
The new price point will be rolled out in stores starting in December, with it expected to be implemented in all outlets by the end of March 2022.
“Lifting the one-dollar constraint represents a monumental step for our organization and we are enthusiastic about the opportunity to meaningfully improve our shopper’s experience and unlock value for our stakeholders,” said Dollar Tree President, Michael Witynski.
By increasing its price point by 25 cents, the brand will be able to “materially expand its offerings, introduce new products and sizes, and provide families with more of their daily essentials,” the company explained.
In addition, according to CBS News, Dollar Tree will be bringing back some “customer favorites” that were previously discontinued due to price restraints.
The company said feedback for the change has been “overwhelming positive,” and that the price hike will also go towards increasing wages for its employees.
“Our Dollar Tree pricing tests have demonstrated broad consumer acceptance of the new price point and excitement about the additional offerings and extreme value we will be able to provide,” said Witynski.
[via CBS News, cover image via Georgesheldon | Dreamstime.com]
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