Dollar Tree executives have announced that they are raising the price of the majority of products in stores to $1.25.
“For 35 years, Dollar Tree has managed through inflationary periods to maintain the everything-for-one-dollar philosophy that distinguished Dollar Tree and made it one of the most successful retail concepts for three decades. However, as detailed in its September announcement, the company believes this is the appropriate time to shift away from the constraints of the $1 price point in order to continue offering extreme value to customers. This decision is permanent and is not a reaction to short-term or transitory market conditions,” a press release read.
The new price point will allow stores to reintroduce what it called customer favorites and key traffic-driving products that were previously discontinued due to the constraints of the $1 price point.
The company plans to introduce the new price point in more than 2,000 legacy Dollar Tree stores in December and complete the rollout to all stores by the end of the first fiscal quarter of 2022.