Dollar Tree breaks the $1 price barrier as costs soar
CHESAPEAKE, Va. (AP) — Dollar Tree embedded in its very name what it stands for: Behind these doors, everything can be had for just $1.
The mantra to which the Chesapeake, Virginia, company has held true for decades will now be only mostly true.
After expanding nationwide from only a handful of stores in Georgia, Tennessee, and Virginia, Dollar Tree is breaking the mold and will sell items in some locations that exceed the tantalizing $1 grab-n-go price.
The cost of clothes, cars, food, and just about everything else has soared this year as the global economy emerges from a pandemic uppercut and Dollar Tree has not been untouched.
Last month the retail chain said that rising shipping costs would take a bite of $1.50 to $1.60 out of its per-share profits this year. That’s a huge hit for any business, perhaps more so for one founded decades ago steadfastly calling itself “Only $1.00 Inc.”
“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 in a prepared statement.
Raising some prices will certainly give the national chain some flexibility and likely more variety on its shelves. But a dollar this year will not buy you what it did in 2020.
Annual inflation in the U.S. reached 4.2% in July, the highest in three decades. And this week in an appearance before Congress, Fed Chair Jerome Powell said that price increases have worsened amid snarled supply chains and rising labor costs.
That has hit businesses of every type, perhaps especially one that has held the line at $1 for decades.
Witynski said this week that Dollar Tree is a “test-and-learn” company, and they’ll be watching how customers react.
The company had already begun testing higher prices at several hundred of its nearly 8,000 locations in a section of the store called “Dollar Tree Plus” with items that can go for as much as $5. Items that can go for $1.25 to $1.50 will soon be found in the mix at some locations amid the typical assortment of $1 products.
Analysts with J.P. Morgan noted past conversations with Dollar Tree executives who cited a significant sales boost at stores offering a Plus section and if no one else is cheering the shift to the top side of $1 at Dollar Tree, Wall Street is.
Shares of Dollar Tree Inc. jumped 13% at the opening bell Wednesday.
As Dollar Tree breaks the $1 barrier, Witynski said the company would remain true to its promise of value.
“We will continue to be fiercely protective of that promise, regardless of the price point, whether it is $1.00, $1.25, $1.50,” Witynski said.
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Public Transportation to Dollar Tree in Lexington-Fayette
Wondering how to get to Dollar Tree in Lexington-Fayette, United States? Moovit helps you find the best way to get to Dollar Tree with step-by-step directions from the nearest public transit station.
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Looking for the nearest stop or station to Dollar Tree? Check out this list of stops closest to your destination: Codell @ 340 Outbound; Woodhill @ Codell Outbound; Richmond @ Southland Christian Church.
You can get to Dollar Tree by Bus. These are the lines and routes that have stops nearby - Bus: 1
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In a world of economic irregularities, Dollar Tree customers can find comfort in knowing the company has never wavered in its 64-year-old commitment to only selling $1 products. The popular discount store originated in Norfolk, VA, but has grown immensely in size as they’ve now acquired over 13,600 stores across the entire United States. Keeping both local and national brands stocked on their shelves, this company prides itself on offering great, low-price products, all while giving back to the community.
With a large selection of party supplies, holiday and seasonal decorations, and even health and beauty products to choose from, the Dollar Tree truly has something for everyone. Children can also enjoy exploring the shelves as each location stocks a large variety of toys, candies, and balloons! If shopping in-stores isn’t your cup of tea, then don’t worry. The well-established discount store has an extensive online collection as well, and everything is still just $1. Even better, you can find several tips, tricks, and hacks for all your party planning needs on the Dollar Tree’s blog.
This one-stop shop not only offers impressive deals in-stores and online, but they also routinely give back to the communities who support them. The discount store works with several non-profit organizations, with one of those being Operation Homefront. The coalition is dedicated to helping military families and Wounded Warriors who are in need of financial assistance, and the Dollar Tree is committed to bettering the country’s service men and women in any way they can.
If you’re in the market for incredible deals, then head over to your local Dollar Tree to shop for everything you and your family could possibly need. As a company who’s devoted to giving back, your dollar couldn’t be spent in a better location. To view a full list of their products, visit their website today.
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Business operations may be affected due to COVID-19. Please contact the business directly to verify hours.
Most Recent Comments
Very Clean & Cashier Friendly ?The didn't have any Tylenol, but that's okay. I still made a purchase, and we need more people in the world to have a friendly, kind hearted, sweet Spirit. Just like the cashier did tonight! ?
The cashier was doing his best as the manager I guess set and played with the balloons, while the line was all the way down the hall, was in line over 20 min never again !!!!!
The checkout line was so long that it was 15 + minutes till we got to check out. The manager was rude unhelpful and most importantly she was disrespectful to her and Sawyer I love Dollar Tree this was the worst experience that I've had at one of their locations
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