Dollar Tree Confirms ‘Monumental’ Price Increase in New York
Dollar Tree has announced a “permanent” price increase for all New York stores.
For 35 years, Dollar Tree has managed through periods of inflation to maintain the all-for-one dollar philosophy that has set Dollar Tree apart and made it one of the most successful retail concepts for three decades, according to officials.
However, company officials believe 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 tag will enhance the company’s ability to significantly expand its offerings, introduce new products and sizes, and provide families with more of their daily essentials. The company will have more flexibility to continue providing incredible value that helps customers get the everyday items. they need festive, seasonal products that Dollar Tree is best known for, ”company officials said in its third quarter earnings report.
Company officials say the move is permanent and not a reaction to short-term or transient market conditions. The higher prices will go into effect in all stores by the end of the first quarter of 2022.
“The company believes now is the time to move away from the constraints of the $ 1.00 price tag in order to continue to deliver extreme value to customers,” officials add. “The new price will allow Dollar Tree to return to its historic gross margin range by mitigating historically high increases in commodity costs, including transportation and distribution costs, as well as higher operating costs, such as salary increases. “
While items will cost more, Family Dollar believes the new pricing strategy allows the company to reintroduce many customer-favorite products and key products for traffic that were previously discontinued due to price constraints of $ 1. $ 00.
While testing the higher price, 77% of buyers said they were aware of the new prices, and 91% said they would shop at Dollar Tree with the same or increased frequency, according to Dollar. Tree.
“The lifting of the dollar constraint represents a monumental milestone for our organization and we are excited to significantly improve the experience for our buyers and create value for our stakeholders,” said said Michael Witynski, President and CEO of Dollar Tree. “Guided by the same founding principles of Dollar Tree, we are relentlessly committed to providing our customers with the best possible value for money.”
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