Dollar Tree isn't just a dollar store anymore.
The retailer plans to add more inventory, which is priced above $1.
“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,” CEO Michael Witynski said, according to The Associated Press.
While Dollar Tree plans to offer a broader selection of products, Witynski said shoppers should still expect to find bargains.
“We will continue to be fiercely protective of that promise, regardless of the price point, whether it is $1.00, $1.25, $1.50,” Witynski said.
Like many retailers, Dollar Tree has been forced to adjust to the rising cost of inflation.
The Associated Press reports that annual inflation in the U.S. reached 4.2% in July, which the highest in 30 years.