Dollar Tree may soon need to change its name to Dollars Tree. The 99¢ store era is coming to a close.
The ubiquitous discount retail giant announced last month that the company would be closing nearly 1,000 Family Dollar and Dollar Tree locations, with 600 of them getting shuttered this year and another 370 Family Dollar and 30 Dollar Tree locations over the next few years as their leases run out.
Dollar Tree also said in itsfourth-quarter earnings callthe company would be raising the price cap in its stores to $7.
"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,"Dollar TreeCEO Rick Dreiling said in the call on March 13. "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."
Which Dollar Tree merchandise is going up?
The items getting more pricier will include food, pet and personal care items, though not all items will be at the $7 price cap.
Customer demographics are trending toward higher income brackets, Dollar Tree executives said on the call. "The fastest-growing demographic is north of $125,000 a year in income," Dreiling said.
Nationwide, retailer traffic tracker InMarket measured a 4% average increase in dollar store visits by consumers making more than $100,000 between the second half of 2022 and 2023,according to The Wall Street Journal.
When is Dollar Tree raising its prices?
Unclear. Dreiling simply said this year.
Has Dollar Tree raised prices before?
In 2021, the company raised thebase price of items to $1.25.
Last year the company set a $5 cap, according to Yahoo Finance.
Which Dollar Tree and Family Dollar locations are closing?
The discount chain has not announced which stores will be closed.
How many Dollar Tree stores are there?
Dollar Tree, a Fortune 200 Company,operated 16,774 stores across 48 statesand five Canadian provinces as of Feb. 3. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada.
How many Family Dollar and Dollar Tree stores are there in Florida and will any of them be closing?
Locations of the stores to be closed haven't yet been released, so it's unknown at this time how many in Florida will be shut down or relocated.
There areFamily Dollar stores in 229 Florida cities and Dollar Tree stores in 243 Florida cities, with many communities having more than one.
The only Family Dollar in Frenchtown, a neighborhood in Tallahassee, hung up a "Store Closing" banner at the end of March.
According to marketing website Usearch, the following Florida Dollar Stores also closed in 2024:
- 6765 Dunn Ave, Jacksonville, FL 32219
- 744 Edgewood Ave N, Jacksonville, FL 32254
- 6044 Merrill Rd, Jacksonville, FL 32277
- 7001 Merrill Rd, Jacksonville, FL 32277
- 233 E State St, Jacksonville, FL 32202
- 4945 US-92, Lakeland, FL 33801
- 244 Base Street, Madison, FL 32340
- 7113 S Orange Blossom Trail, Orlando, FL 32809
- 540 W Brevard St, Tallahassee, FL 32301
- 708 Cheney Hwy, Titusville, FL 32780
