Your fave bargain retail store is about to get a little pricier.
Dollarama plans to start selling items for up to $5 in 2023. The Canadian retail chain, which sells everything from kitchenware to beauty supplies, released its fourth quarter fiscal results on Wednesday, revealing how inflation has impacted its sales.
“This will enable the Corporation to maintain and enhance its broad product assortment and compelling value,” the company said of the price hike.
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Turns out, the low-cost store was not immune to the effects of Omicron and the provincial restrictions that came with it as it dampened sales in the weeks leading up to the holidays.
Despite this, the company fared well overall with an 11% increase in sales to $1.2 million compared to $1.1 million in 2021.
As of now, the most expensive items at Dollarama are $4, with a majority of its products costing less.
Unsurprisingly, people have a lot to say about this spike in prices.
Many are suggesting the company change its name.
“Maybe a new name? ‘Dollars-ama?’ ‘Used To Be Dollarama'” said one Twitter user.
#Dollarama announces items will soon cost up to 5 dollars. Maybe a new name? ‘Dollars-ama?’ ‘Used To Be Dollarama’ pic.twitter.com/jXKPa0g4vG
— Kevin Frankish (@KevinFrankish) March 30, 2022
For others, this is a significant sign of inflation.
You know inflation is bad when DOLLARAMA starts selling items for FIVE dollars #Canada #Ontario #cdnpoli #inflation
— Melissa (@MelissaLMRogers) March 30, 2022
You can’t ignore inflation when dollarama prices are now $5
— Peaches (@pk_foto) March 30, 2022
Far too many people are only able to barely tread water because of the existence of Dollarama (rather than the government stepping up and doing what they are supposed to do). This is going to hurt a lot of people in need. https://t.co/7huCnZnrKo
— Septembre She/Her/They/Them (@SeptembreA) March 30, 2022
Dollarama isn’t the only low-cost store that’s raised its prices. This year, Dollar Tree raised its prices to US$1.25.
Hopefully, true-to-advertising dollar stores won’t be obsolete in the future!