Can we still call it Dollar Tree? Prices reportedly moving up as high as $7
(WJW) — There was once a time that everything was a dollar or less at Dollar Tree stores across the country.
In the last years, the store (owned by the already higher-priced Family Dollar) has bumped prices up to a $1.25 threshold, and in June even set a $5 cap, according Yahoo Finance.
These big stores are closing in Ohio and elsewhere this year
In an earnings call earlier this month, Dollar Tree CEO Rick Dreiling announced that top price would raise even more.
“This year, across 3,000 stores, we expect to expand our multi-price assortment by over 300 items at price points ranging from $1.50 to $7,” Rick Dreiling said during the call.
Executives mentioned on the call some of these changes coincided with the company’s customer demographic trending toward higher income brackets (cited as $125,000 per year and more).
The news comes as some Dollar Tree and Family Dollar stores are being shuttered (as seen in the video at the top of the story) due to a $1.7 billion net loss in three months. The company plans to close nearly 600 stores and let another 400 locations’ leases expire. They have about 16,000 stores throughout the U.S. and Canada.
‘We quit!’: Dollar General employees all walk out at Wisconsin store
It’s unclear how many Ohio stores are going to be affected by the closures.
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