Dollar Tree has said it will raise the highest price it charges for items to $7 due to an increase in the number of wealthy shoppers visiting its stores. While the majority of items sold by the discount retailer cost $1.25, certain items started costing as much as $5 beginning last summer. In the coming months, other items — including food, snacks, beverages, pet care and personal care — could cost up to $7. The company aims to eventually sell products for $10, which would mark a significant departure from the dollar store concept. Justifying the decision, CEO Rick Dreiling said the fastest-growing demographic of Dollar Tree shoppers in 2023 were those earning more than $125,000 a year. For 35 years, products in Dollar Tree have cost just that…..one dollar. In November 2021, the retailer increased that by a quarter, making everything $1.25. While the move was controversial, it paid off. Not only did sales increase, they were able to stock a wider range of products. Today, the refrigerated and freezer sections of their stores have items priced at $3, $4 and $5.
