‘I quit going there,’ fume Dollar Tree shoppers who have new name for store after $7 price hike – they ‘saw it coming’ | 0UD70JL | 2024-05-09 17:08:01
'I quit going there,' fume Dollar Tree shoppers who have new name for store after $7 price hike – they 'saw it coming' | 0UD70JL | 2024-05-09 17:08:01
DOLLAR Tree's CEO has announced the company is expanding prices, leaving many shoppers upset with the latest change.
The company, Dollar Tree, announced it will be increasing its price threshold to $7, causing shoppers to suggest a new name for the store.
"Just call it 7 below… No longer a dollar," one person wrote on Facebook.
"So now it's Under Seven Store," another person wrote.
"Guess they should change it to 'Lucky 7' lol" a third person chimed in.
Others have announced that neither they or their family will be shopping at Dollar Tree because of the changes.
"My granddaughters said they won't be shopping there for there snacks it's too much for them when there on a budget," one person wrote.
"Saw this coming once I heard Dollar General bought out Dollar Tree," a second person wrote.
"Well I can just go to Walmart and get better prices," a third shopper said.
This is following the news that the retailer will be raising its prices on multiple items within the next year.
"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," the company's CEO, Rick Dreiling, said during an earnings call.
The discount store is looking to expand to multi-priced items within the store to give customers options.
<!-- End of Brightcove Player --> "Our shoppers will find $5 bags of dog food next to our traditional $1.25 pet treats and toys, and our $3 bags of candy will be found in the candy aisle," he said.
THOUSANDS OF STORES GONE
This is just one of the many changes Dollar Tree plans to implement.
On top of raising prices for certain items, Dreiling announced that the company will be closing over 1,000 stores.
"Collectively, we estimate that net sales loss from the stores we intend to close this year is approximately 730 million on an annual run rate basis," he said, per a transcript acquired by The Motley Fool.
</div> </div> On top of closing multiple Dollar Trees, he announced that Family Dollar was on the chopping block as well.
"We have identified approximately 600 Family Dollar stores that we will close in the first half of fiscal 2024," he said.
"Additionally, approximately 370 more Family Dollar and 30 Dollar Tree stores will close at the end of each store's current lease term."
When speaking on the closure, he admitted that the current retail market is very challenging.
"We have initiated a comprehensive review of our Family Dollar portfolio to address underperforming stores that are not aligned with our transformative vision for the company," he said
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