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Dollar Tree Announces 25% Raise In Prices

Source: Mario Tama / Getty

For many people who are budget-conscious or looking for good bargains, going to Dollar Tree has helped out greatly. But the bargain chain’s latest move has many upset—including Vince Staples.

As first reported by NBC News, Dollar Tree announced on Tuesday (November 23) that the company would be making its first price hike, raising its baseline price of a dollar for many items in its stores to $1.25. This follows up on moves that the company made in September, where some items in-store were offered for $3 and $5.

Citing the “overwhelmingly positive” response to the change, the decision was made to revamp 500 locations into Dollar Tree Plus stores. “Our Dollar Tree pricing tests have demonstrated broad consumer acceptance of the new price point and excitement about the additional offerings and extreme value we will be able to provide,” said Dollar Tree president and CEO Michael Witynski in a press release about the change.

The news, however, was greeted with some skepticism and opposition online. The most emphatic of these initially came from Staples, who took to Twitter and said, “Dollar Tree went against the grain. I can’t respect it.”

 

Witynski defended the first price hike by the company in 35 years by pointing to the recent inflation that has been occurring. A further statement from the company about the change said they now have “the ability to materially expand its offerings, introduce new products and sizes, and provide families with more of their daily essentials.” Witynski followed up by further explaining that “This is the appropriate time to shift away from the constraints of the $1 price point,” noting that the move would also help the company when it came to freight costs and future wage increases. He also said there will still be many items offered at the same $1 price point.

Dollar Tree Raises Prices, Vince Staples Bashes The Jig  was originally published on hiphopwired.com

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