RIO GRANDE VALLEY, Texas (ValleyCentral) — After multiple decades of keeping prices at a $1 ceiling, Dollar Tree announced that most products will cost at least $1.25 by April 2022.
The company announced the move on Tuesday along with its financial results for the third quarter of 2021.
“We experienced a strong finish to the quarter, as shoppers are increasingly focused on value in this inflationary environment,” stated Michael Witynski, President and Chief Executive Officer.
The business went on to say that this move is “not a reaction to short-term or transitory market conditions,” but instead a chance to “shift away from the constraints of the $1.00 price point in order to continue offering extreme value to customers.”
Dollar Tree already announced a shift at some stores to increase prices up to $3 and $5 for some products at venues labeled as Dollar Tree Plus in September.
According to a release, the increase to $1.25 will allow the company to offer new products in multiple sizes and provide families with more of their daily essentials.