Dollarama Will 'Gradually Roll Out' Products That Cost Up To $5 This Year
A bunch of new stores are also expected to open in 2022!
Dollarama storefront.
Canadian value retailer Dollarama is planning to "gradually roll out" products that cost up to $5 across the country this year.
The company reported its financial results on March 30 for the fourth quarter and the 2022 fiscal year that ended on January 30, with a look ahead at what's to come at Dollarama stores this year.
According to the report, sales in the last quarter of the fiscal year were up by 11% to $1.2 billion compared to the same time during the previous year.
That increase was thanks in part to growth in the number of Dollarama stores across Canada.
Despite the higher sales, the overall numbers in the company's fourth quarter were "dampened" because of the impact the Omicron variant had on shopping and provincial COVID-19 restrictions in December 2021 and January 2022.
When it comes to what's coming next at the value retailer's locations in Canada this year, products at higher price points of up to $5 will "gradually roll out" across the country.
This is said to be consistent with Dollarama's multi-price point strategy so that the company can maintain and increase both product assortments and value.
Also, there are plans to open between 60 and 70 new Dollarama stores in Canada in 2022.
There are currently more than 1,400 locations across all of Canada's provinces.
Other retailers in this country are also planning on changing prices for products including Tim Hortons and Starbucks, both of which are expected to introduce higher prices because of inflation, along with other factors.