Dollar Tree should start thinking about a name change. On Tuesday, the chain announced that some items in the store are getting a price hike to as much as $1.50.
Inflation resulting from the pandemic is partially to blame, with the price of goods rising substantially. Soaring labor costs are also to blame.
“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,” CEO Michael Witynski said in a statement.
Raising prices on some items will allow the chain to provide shoppers with more variety. The company already operates a Dollar Tree Plus section in its stores. In that sections, items sell for between $3 and $5.
Now, items priced from $1.25 to $1.50 will be mixed in with the regular assortment of $1 merchandise. Witynski said the company has a “test-and-learn” style and will be watching to see how customers react to the higher prices.
