Dollar Tree, Inc. on Wednesday (Sept. 29) announced it will roll out price points of more than $1 at all Dollar Tree Plus stores and will test higher prices on some items in selected Dollar Tree stores.
The company expects to have at least 500 Dollar Tree Plus stores — which have products priced at $1, $3 and $5 — across the U.S. by the end of fiscal 2021, with another 1,500 planned to open in fiscal 2022 and at least 5,000 Dollar Tree Plus locations expected to open by the end of fiscal 2024.
“For decades, our customers have enjoyed the thrill of the hunt for value at $1 — 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,” President and CEO Michael Witynski said in the company announcement.
“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,” he added.
Dollar Tree also has 105 Combo Stores, which features a variety of price points, and expects to add another 400 in fiscal 2022 and potentially a total of 3,000 in the next few years.
“We are a ‘test-and-learn’ organization, which is what we are doing with this new initiative,” Witynski said. “We listen to our customers and believe it will make shopping with us an even better experience. We will continue to deliver the thrill of the hunt to our customers.”
Related: Dollar Tree, Inc. Unveils New Media Network To Help CPG Brands Advertise
In April, Dollar Tree debuted its Chesapeake Media Group retail media network, a virtual platform for brands to engage with shoppers through a targeted digital experience. Family Dollar brand also unveiled collaborations with Aki Technologies and Swiftly.
Chesapeake Media Group lets CPG brand partners secure dynamic ad placements, sponsored searches, targeted content and merchandise suggestions. It also offers “closed-loop reporting” and “full-funnel solutions” as part of the service.
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