LOS ANGELES (CBSLA/AP) – Items at Dollar Tree won’t all cost just a $1 anymore.
The discount store says it’s raising prices on items to as much as $5 due to higher wages and shipping costs. Dollar Tree will start implementing the change on higher priced items in 500 stores this year and eventually in 5,000.
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 Chesapeake, Va., based company said that rising shipping costs would take a bite of $1.50 to $1.60 out of its per-share profits this year.
“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.