Dollar Tree to Raise Prices as Costs Rise
Dollar Tree announced prices for items in its stores will be going up.
After expanding nationwide from only a handful of stores in Georgia, Tennessee and Virginia, Dollar Tree is breaking the mold and will sell items in some locations that go beyond the $1 grab-n-go price.
The Chesapeake, Virginia based company announced the change yesterday as it seeks to make up for supply chain losses due to the pandemic which has touched businesses at every level of commerce.
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,” said CEO Michael Witynski in a release.
Dollar Tree is a “test-and-learn” company, and they’ll be watching how customers react, said the CEO.
With its 8000 stores country wide, the company had started to test higher priced items in hundreds of stores in a section called “Dollar Tree Plus” said company spokesperson.
Locally Dollar Tree outlets have had to close early due to lack of staffing and are in the midst of a hiring frenzy.
Witynski said the company would remain true to its promise of value.
“We will continue to be fiercely protective of that promise, regardless of the price point, whether it is $1.00, $1.25, $1.50,” he said.