Everyone seems to be talking about inflation and higher prices these days, so it should come as little surprise that one of America’s biggest dollar store chains is raising prices.
Dollar Tree has announced that it will up prices on most items carried in stores from its $1 price tag to $1.25. This marks the first time Dollar Tree has raised its prices since opening 35 years ago.
For decades, Dollar Tree has sold everything from home furnishings to toys to kitchenware for $1. They currently have nearly 8,000 U.S. stores with those “Everything’s $1” signs.
Don’t blame inflation, though. The retailer says the move is due to its increased product offerings and the destire to return to selling some “customer favorites” it’s had to put on hold.
“This is the appropriate time to shift away from the constraints of the $1 price point,” CEO Michael Wityns said in a statement. He added that the price increase was “not a reaction to short-term or transitory market conditions” and will enable us to mitigate historically high merchandising cost increases, including freight and distribution… and increase wages.”
So, when will the higher prices kick in? According to Dollar Tree, customers will begin seeing the higher prices within the first three months of 2022. That means the prices will remain low for the 2021 holiday season.
The move comes after Dollar Tree recently announced it would begin selling $3 and $5 items in more of its stores.Dollar Tree Is Raising Its Prices from $1 to $1.25