Dollar Tree plans to raise prices up to $5 proving there's no such thing as a 'dollar store' anymore
The chain is testing new products that cost up to $5 each in its grocery sections, executives said at the company's investor day last week. Early sales results are encouraging, and customers should expect to see more higher-priced products at Dollar Tree's stores going forward, they said.citing inflation. Dollar Tree had stuck to its single price point longer than its main rival, Dollar General, which has sold items at a variety of price points for years.
"This is the gateway to the future," Chief Merchandising Officer Richard McNeely said at the event."We now have the platform to expand our assortment and our price points." McNeely referred to products priced from $2.01 to $5 as a"huge market that is untapped for us." Frozen foods are one area where Dollar Tree is experimenting, Chief Merchandising Officer Richard McNeely said at the event. The chain's previous frozen selection relied on"single-serve novelty" products, such as individually wrapped cheeseburgers and ice cream bars.
But at some stores, Dollar Tree freezer sections already include 'meal solutions' like boxes of fish sticks and Eggo waffles with price points of $3, $4, and $5, McNeely said. Eventually, the company plans to have most of its freezer section filled with higher-priced items, according to a copy of A slide from Dollar Tree's investor presentation shows the retailer's plans to increase its selection of more expensive frozen food items.
Higher-priced products could also be coming to other parts of Dollar Tree's store. The presentation highlighted products like Christmas trees, Hot Wheels play sets, and Airpod imitators as examples of what Dollar Tree previously couldn't sell at its $1.25 price point but could in the future.Dollar Tree has about 16,000 locations, and Dollar General has nearly 20,000. Dollar General recently opened its first store in Mexico.
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