CHESAPEAKE, Va (KTVE/KARD) — On Tuesday November 23, Dollar Tree announced that it will be raising its price point to $1.25 for all stores nationwide in 2022.
The change will apply to a majority of products, and will enhance the company’s ability to expand and diversify its product availability.
In a statement on the company’s website, CEO and President Michael Witynski stated “Our Dollar Tree pricing tests have demonstrated broad consumer acceptance of the new price point and excitement about the additional offerings and extreme value we will be able to provide. Accordingly, we have begun rolling out the $1.25 price point at all Dollar Tree stores nationwide.”
The company also stated that 91% of customers surveyed stated they would still shop at the company despite the increase in pricing.
“Lifting the one-dollar constraint represents a monumental step for our organization and we are enthusiastic about the opportunity to meaningfully improve our shoppers’ experience and unlock value for our stakeholders,” Witynski stated. “Guided by Dollar Tree’s same founding principles, we will be relentless in our commitment to offer our customers the best value possible.”
The change is expected to take place by the end of Fiscal Quarter 1 in 2022.