Sun. Dec 5th, 2021

Dollar Tree announced a “permanent” price increase for all stores throughout New York.

For 35 years, the Dollar Tree has managed, through periods of inflation, to maintain the all-for-one-dollar philosophy that separated the Dollar Tree and made it one of the most successful retail concepts in three decades, officials say.

However, company officials believe that now is the time to raise prices. Most items that cost $ 1 will now cost $ 1.25. Dollar Tree, which owns Family Dollar, tested the higher prices earlier this year.

“The $ 1.25 price will increase the company’s ability to significantly expand its offerings, introduce new products and sizes, and provide families with more of their daily necessities. The company will have greater flexibility to continue delivering incredible value that helps customers to get the daily commodities they need and festive and seasonal products, the Dollar Tree is best known for, “said company officials in their third-quarter earnings report.

Company officials say the move is permanent and is not a reaction to short-term or transient market conditions. The higher prices will take effect in all stores by the end of the first quarter of 2022.

“The company believes this is the right time to move away from the limitations of the $ 1.00 price point to continue offering extreme value to customers,” add officials. “The new price point will allow the Dollar Tree to return to its historical gross margin area by mitigating historically high increases in merchandise costs, including shipping and distribution costs, as well as higher operating costs, such as wage increases.”

While goods will cost more, Family Dollar believes the new pricing strategy allows the company to reintroduce many customer favorites and key traffic-driven products that were previously discontinued due to the $ 1.00 price point limitations.

While testing the higher price, 77 percent of customers said they were aware of the new prices, and 91 percent indicated they would trade at Dollar Tree with the same or increased frequency, according to Dollar Tree.

“Lifting the one-dollar limit represents a monumental step for our organization, and we are excited about the opportunity to meaningfully enhance our customers’ experience and unlock value for our stakeholders,” said Dollar Tree President and Chief Executive Officer Michael Witynski. “By governing the same basic principles of Dollar Trees, we will be relentless in our commitment to offering our customers the best possible value.”

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