Money does not grow on trees, even if your business is literally called “Dollar Tree”. The discount retail giant is finally coming to terms with the fact that under President Joe Biden, it can no longer offer all of its products to consumers for $1.
Due to rising costs in shipping, manufacturing and labor, combined with double-digit inflation, prices of consumer goods have been on the rise in America, but the company said most products will see a price increase between $1.25 to $1.50 and possibly more because they want to expand their inventory selection to include items that can’t be resold for $1.
“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,” CEO Michael Witynski said in a statement. “We believe testing additional price points above $1 for Dollar Tree product will enable us over time to expand our assortments, introduce new products and meet more of our customers’ everyday needs.”
Correction: Story initially said company raised prices due to inflation and rising costs associated with the Biden administration’s fiscal policies. It has been corrected to reflect the company’s statement later in the day.