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It’s a sad day for those of you who were programmed to walk into Dollar Tree and not have to worry about pricing, loyalty rewards programs and how many items you could get for $10. Folks, you need to be sitting down for this news.
Dollar Tree is raising prices over a dollar.
I told you to sit down. I know, I know, I know…that’s why I warned you. The world is changing right before your eyes and nowhere else is that more clear than at Dollar Tree and the places selling chicken wings at market price.
With shipping costs taking $1.50 to $1.60 out of the Dollar Tree per-share profits in 2021, the company was left with no choice but to enter a new pricing frontier.
“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,” CEO Michael Witynski announced in a prepared statement sent to media outlets.
— Francis Hampton (@ImHampton54) September 29, 2021
With inflation on the rise — 4.2% in July — and shipping costs, Dollar Tree decided it was time to start offering higher-priced items. The Tree had already introduced a “Dollar Tree Plus” section to 8,000 stores and now the company says it’s time to make its move. $1 items will still be available, but you’ll soon need to look at sticker prices throughout the store.
The announcement might’ve upset parents who knew they could take their kids into the toy section and $5 would more than cover the excursion, but Wall Street is clearly happy with the higher prices coming soon. The company’s stock was up 16% (100.43) as of 3 p.m. Wednesday.
And with that, we’ve come to an end of an era. The five and dimes are history and now the official dollar stores are about to be the same. Soon the malls will all be gone. Grocery stores will have robots delivering to your front door and you’ll be left thinking about all those special moments you had cleaning up in the Dollar Tree Halloween aisle.
Hold onto those memories and don’t let go.
Me reviewing my dollar tree receipt and seeing everything wasn't a dollar pic.twitter.com/2Zu05QOCrb
— Big Girl Slay 💋 (@Biggirlslay) September 29, 2021