One dollar stores break their basic rule

 The Dollar Tree chain has ditched its old-fashioned slogan, which says that everything can be had for just $1, as the Chesapeake, Virginia, decided to abandon the one-dollar approach that has been going on. For decades, according to “NBC News.”

After expanding across the country, with a number of stores in Georgia, Tennessee and Virginia, Dollar Tree is breaking the mold, and in some of its stores will sell merchandise in excess of a dollar.

Prices for clothes, cars, food and just about anything else have skyrocketed this year as the global economy emerges from the novel coronavirus pandemic, but the Dollar Tree has kept its prices steady all these years.

Last month, the retail chain said rising shipping costs would raise the price of each item from $1.50 to $1.60 this year. Despite that small increase, that's a huge success for any business, and it may be more than that, since decades in which it was founded, The stores have consistently called themselves "Only $1.00 Inc."

for his part; “For decades, our customers have enjoyed searching for merchandise as little as $1, and we remain committed to this basic proposition, but many tell us they also want a wider product selection when they come to our stores,” CEO Michael Wittinsky said in a statement.

Raising some prices will certainly give the chain some flexibility to offer different, potentially more diverse items on its shelves, but a dollar this year won't buy you what it did in 2020.

US annual inflation hit 4.2% in July, the highest in 3 decades, and during his appearance before Congress this week, Federal Reserve Chairman Jerome Powell said price increases worsened amid faltering supply chains and rising labor costs.

This has affected companies of every kind, perhaps especially those that have kept the $1 price tag for decades.

The company has already begun testing higher prices at several hundred of its 8,000 locations in a section of the store called "Dollar Tree Plus" with items that can be valued at $5, and items that can be valued between $1.25 and $1.50 will be found. close to a dollar in some locations, amid a typical assortment of one dollar products.

As Dollar Tree breaks the $1 barrier, Wittinsky said the company will stay true to its promise of historical value, just $1. $1.25, $1.50, or even $5.”