Customers of the national chain Dollar Tree may have to pay more than $1 in the future for their needs. According to the Associated Press, the Chesapeake, Virginia-based company will offer items for more than a dollar at select locations. According to reports, the cause is inflation. As a result of the coronavirus pandemic, the cost of clothing, cars, food, and other goods has increased. The Dollar Store is unaffected. Dollar Tree executives announced last month that shipping costs had increased, affecting the typical pricing of their items. Customers, according to the company, have been clamoring for more. “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 when they come to shop, they also want a broader product assortment,” CEO Michael Witynski said in an official statement. According to the report, inflation in the United States reached 4. In July 2021, the unemployment rate was 2%, the highest in 30 years. Fed Chair Jerome Powell testified before Congress, explaining how rising prices have exacerbated supply chains and labor costs. Many businesses have been affected, but many did not expect Dollar Tree to make any changes. They have, however. Dollar Tree is becoming a “test-and-learn” company, according to Witynski, with real-time changes. They’ll keep an eye on how people react. Dollar Tree has already begun implementing the changes in some of its 8,000 locations, and has created a “Dollar Tree Plus” system that will sell items for as much as $5.
J.P. Morgan analysts say they’ve spoken with Dollar Tree executives in the past, who claim that stores with a Plus section have seen a significant increase in sales. Since the changes, the company’s stock has risen 13%.