As Fat Joe once said yesterday price is not todays price. That seems to be the case as Dollar Tree announces that they are going to sell items in their store that cost more than a dollar. The announcement came yesterday after the popular retail stores’ shares rose 13% according to the Associated Press. Dollar Tree decided that it was time for them to raise their prices. Raising the prices is definitely a concern for a lot of customers as they were able to purchase a variety of items from kitchen and bathroom supplies to bedroom and dining room accessories for just $1, however the price chance will give some flexibility and hopefully more variety on the shelves.
In a statement released by CEO Michael Witynski, he said, “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.”
According to The Associated Press, the company had already begun testing higher prices at several of its 8,000+ stores all around the country. They placed sections within the stores called “Dollar Tree Plus,” in which the items were sold slightly higher than normal. Those items priced ranged anywhere from $1.25 to $5. Items that sell for $1.25 to $1.50 will soon be found in the mix with items that sell for $1. Detroit, how do you feel about Dollar Tree raising it’s prices?