Dollar Tree announced Tuesday that it will increase its price point to $1.25 nationwide. Some customers will see prices increase in December, and all stores will implement the new iincrease by the end of March 2022, the company stated.
Dollar Tree has priced its products at $1 for 35 years. The company is headquartered in Chesapeake, Va.
“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,” Dollar Tree President and CEO Michael Witynski said in a statement. “Guided by Dollar Tree’s same founding principles, we will be relentless in our commitment to offer our customers the best value possible.”
The 25 cent permanent increase will allow Dollar Tree to “materially expand its offerings, introduce new products and sizes and provide families with more of their daily essentials,” the retailer stated.