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Dollar Tree testing new price points above $1

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CHESAPEAKE, Va. — Dollar Tree plans to begin adding new price points above $1 across all its Dollar Tree Plus stores and will begin testing those price points in selected legacy Dollar Tree stores as well.

“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,” Dollar Tree president and CEO Michael Witynski said. “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.”

The move comes after the success multiple price points in other Dollar Tree formats. Dollar Tree is on track to finish its current fiscal year with 500 Dollar Tree Plus stores, which offer an assortment of products priced at $1, $3, and $5. Another 1,500 stores such stores are planned for fiscal 2022, with at least 5,000 Dollar Tree Plus stores expected by the end of fiscal 2024.

The company said it has also had significant success with its newest store format, the Combo Store, which leverages the strengths of both its Family Dollar and Dollar Tree banners by bringing a multi-price assortment to Dollar Tree shoppers. The company said it now has 105 Combo Stores and expects to add another 400 in fiscal 2022, and sees the potential to have as many as 3,000 of the outlets in the next several years.

“We are a ‘test-and-learn’ organization which is what we are doing with this new initiative. We listen to our customers and believe it will make shopping with us an even better experience,” Witynski said. “Our merchants have proven that they are among the best in the industry in working with suppliers to create extreme value, and we will continue to deliver the ‘thrill-of-the-hunt’ to our customers.

“Our brand promise is that customers get great value for what they spend at Dollar Tree. We will continue to be fiercely protective of that promise, regardless of the price point, whether it is $1.00, $1.25, $1.50.”

 

 


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