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The Dollar Tree is raising its prices. I’m Brian Banmiller on Business.

The Dollar Tree retail chain has a very specific mission statement. Everything inside can be bought for just one dollar. Now, after testing it out at stores in Georgia, Tennessee and Virginia, the Dollar Tree is taking its higher prices to stores around the country. The CEO says customers are telling him they want a bigger assortment of products when they come to shop. Unfortunately, some of those products come with higher costs so selling them for one dollar is bad for the company’s bottom line. Now customers will get their flexibility and variety on the shelves but must be willing to pay a little more. The company’s CEO says despite the increase it shouldn’t be too much of a sticker shock for customers. The majority of changes will add a quarter or two to the price. In some cases, the price tag will read a whopping five dollars. The CEO says even as the company breaks the one dollar barrier it will stay true to its promise of value. Now it just costs more. Brian Banmiller, CBS News.

About Brian

CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.