Dollar Tree announced on Tuesday that it was raising prices above $1 in some of its stores. In its statement, it didn’t specify what product prices would change, or at which stores.
“Our brand promise is that customers get great value for what they spend at Dollar Tree. We will continue to be fiercely protective of that promise, regardless of the price point, whether it is $1.00, $1.25, $1.50,” CEO Michael Witynski said. It also intends to bring its higher-priced Dollar Tree Plus items, which mostly cost between $3 and $5, to more locations, it said.
“Dollar Tree Plus, which is currently in 340 stores, will be added to 500 locations by the end of this year, and a further 1,500 by the end of fiscal 2022”, the company said. The chain is the biggest retailer that is focused on $1 deals.
“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,” Witynski said.
He continued: “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.”
ARTICLE: PAUL MURDOCH
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: FOOD BUSINESS NEWS
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