More Price Hikes Coming to Michigan Dollar Tree Locations

Dollar Tree used to be one of those stores we'd run to as a family because it felt like Christmas in there. Whenever we would go, we'd always get treated to something that felt like a million bucks but it was actually one dollar.

Despite the name, the store has offered items for more than a dollar for many years, and in 2021, Dollar Tree announced it would be raising its minimum price to $1.25. However, it seems that was only the beginning because Dollar Tree is changing its prices again, and the new prices for items will make your head spin.

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Previous Price Hikes

Back in 2021 when much of the world was still actively dealing with the COVID-19 pandemic, Dollar Tree announced it was increasing its minimum price to $1.25, not because of inflation, but as a new standard for its business. From there, Dollar Tree rose its price points to $3 and $5.

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Increasing Again

Generally, people have reacted positively to the prices considering the prices are still cheaper than most competitors. However, despite raising the price maximum to $5 a mere 9 months ago, Dollar Tree's CEO Rick Dreiling announced in a recent earnings call that:

“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,"

This time Dollar Tree is raising prices on both ends of its price points, with the new minimum being $1.25 and the max at $7. Dollar Tree has said most products will remain at the $1.25 for now. This isn't a shocking decision by Dollar Tree considering inflation has only gone up in recent years and more and more people are shopping at the store.

It is unknown when the price increase will hit any of Michigan's 178 locations, but it is only a matter of time. You can read more about the earnings call here.