Dollar Tree Food Reaches The $5 Price Point And Now Everything Is A Lie – Mashed
Discount stores like Family Dollar, Dollar Tree, and Dollar General have been lifesavers for many people as inflation continues to impact the cost of groceries. While Dollar Tree stopped selling eggs due to skyrocketing costs, it also slowly began increasing the number of its food items, which brought in more customers as prices at big box grocery stores rose. But Dollar Tree’s growing business also meant offering products that cost more, from $1 up to $1.25. Now, the chain seems to be moving even further away from its namesake.
“From $2.01 to $5 [price points], there’s another huge market that is untapped for us,” said Dollar Tree’s Chief Merchandising Officer Rick McNeely during the company’s annual investor conference in June (via Grocery Dive). The price expansion will allow the chain to provide customers with grocery options that include more proteins, name-brand products, frozen and refrigerated items, and a fuller shopping experience to rival other popular grocery retailers. Raising prices to $5 may be great for the chain’s bottom line, but can Dollar Tree still call itself a dollar store with prices up to five times higher?
Dollar Tree has seen positive growth despite higher prices
Mario Tama/Getty Images
While admitting customers were initially upset with Dollar Tree’s rising prices, CEO Rick Dreiling claimed, “Any backlash on that is behind us.” In May, Dollar Tree began testing the new price structure with refrigerated items in 140 stores, such as bread for $3 and ice cream for $5. The company’s primary goal is to introduce this new concept in 4,300 locations by the end of 2023.
Dollar Tree also started selling $5 cartons of ice cream in 1,400 stores, and thanks to its popularity, the plan is to end the year with ice cream in 2,800 stores. The positive growth the retailer has seen with these increased price points has only fueled its belief that higher prices aren’t a big deal for its base.
Despite Dollar Tree patrons becoming more accustomed to buying higher-priced items, McNeely insisted that up to 400 products currently marked at $1.25 will return to the $1 price point as the $3, $4, and $5 items are rolled out, an outcome that should appease many of its longtime frugal customers.
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