Business

Dollar Tree Mulls Raising Prices to Keep Up with Inflation

After decades of offering grocery and household items at $1 each, the 8,000-store Dollar Tree chain is considering raising some of those prices to keep up with inflation that reached 4.2% this summer.

After expanding nationwide from only a handful of stores in Georgia, Tennessee and Virginia, the chain said last month in a statement that while the cost of clothes, cars, food and just about everything else has soared this year amid the pandemic, Dollar Tree has not been untouched — although raising some prices will give the chain more flexibility and variety on its shelves.

“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, The Associated Press reported.

He added however, that with the inflation rate being its highest in three decades, $1 will not buy what it did in 2020, and that because Dollar Tree is a “test-and-learn” company, they’ll be watching how customers react.

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