By Tyler Durden
Discount retailer Dollar Tree has sparked a revolt among some of its customers after increasing the price cap of items to $7 across thousands of stores nationwide.
"If it were really going to go up like $7 … that'd be too much. I'd rather just get everything at Walmart," Scott Kolack, a Dollar Tree regular, told WPTV-TV (West Palm Beach).
On March 13, Dollar Tree CEO Rick Dreiling told investors during a conference call, "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."
Dreiling said the higher costs would include food, pet, and personal care items, though not all items will reach the $7 mark.
"Over time, you will also see us fully integrate multi-price merchandise more into our stores so 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," Dreiling said.
Dollar Tree's CEO also pointed out that the company's fastest-growing demographic is consumers making around $125k a year. This comes as Bidenomics fails what's left of the middle class.
There really is something amiss with the economy when budget retailers can no longer supply customers with low-cost items.
Last Friday, hundreds of 99 Cents Only stores abruptly closed, and the company was forced into liquidation due to "rising levels of shrink, persistent inflationary pressures and other macroeconomic headwinds."
Here's what X users are saying about Dollar Tree's new $7 price cap:
It may be time for Dollar Tree to change its name.
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