Dollar Tree, noted for affordable products priced at $1, will be selling more goods above that price, the retail chain announced Tuesday.
In a news release, Dollar Tree said it would begin selling products at $1.25 and $1.50 or other prices slightly above $1 in some of its stores.
The company has experimented with items marked at $3 and $5 since 2019 in a section of the store labeled Dollar Tree Plus, The Wall Street Journal reported.
Buck up: Dollar Tree, the national chain of stores that promises everything for a buck, will begin introducing items on its shelves that will exceed $1. https://t.co/3SgjoWqihb #odd
— AP Oddities (@AP_Oddities) September 29, 2021
“For decades, our customers have enjoyed the ‘thrill-of-the-hunt’ for value at one dollar -- and we remain committed to that core proposition -- but many are telling us that they also want a broader product assortment when they come to shop,” Michael Witynski, Dollar Tree’s president and CEO said in a statement. “We believe testing additional price points above $1 for Dollar Tree product will enable us over time to expand our assortments, introduce new products and meet more of our customers’ everyday needs.”
Dollar Tree has more than 7,900 stores nationwide.
Witynski told The Wall Street Journal that raising the prices is a response to rising costs and positive consumer feedback.
“We recognize the need to make adjustments in the current economic environment,” Witynski told the newspaper. “The pressure all of us are seeing on wages, freight and on our suppliers and cost increases.”
Dollar Tree’s stock rose more than 16% in midday trading Wednesday, The Wall Street Journal reported.
Despite going above the $1 barrier, Witynski said the company would maintain its promise of value, according to The Associated Press.
“We will continue to be fiercely protective of that promise, regardless of the price point, whether it is $1.00, $1.25, $1.50,” Witynski said in the company’s news release.
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