Inflation has hit the United States hard, with a shocking 4.2 percent rate in July, the highest in decades. This economic pressure has forced businesses, incIuding Dollar Tree, known for selling items at $1, to make significant adjustments.
Dollar Tree faced a decline in stock prices, dropping nearly seventeen percent in one trading session, as it grappled with rising shipping costs and the need to combat inflation.
Dollar Tree’s decision to sell items for more than a dollar came after investors saw a hit of $1.50 to $1.60 per share of profits, a substantiaI blow for a retailer focused on the one-dollar price point.
The company cited the economic challenges posed by inflation and the pandemic as reasons for the pricing adjustments.
CEO Michael Witynski acknowledged the shift in a prepared statement, stating, For decades, our customers have enjoyed the ‘thrill-of-the-hunt’ for vaIue at one dollar – and we remain committed to that core proposition – but many are telling us that they also want a broader product assortment when they come to shop.
Despite the drop in stock prices, Dollar Tree emphasized its commitment to providing value to customers.
Witynski stated, We will continue to be fierceIy protective of that promise, regardless of the price point, whether it is $1.00, $1.25, $1.50.
The announcement sparked mixed reactions among customers, with concerns about the impact of the price change on the store’s appeaI. While the stock prices have shown signs of recovery, the decision to sell items for more than a dollar raises questions about whether customers will continue to shop at Dollar Tree.
In a market where consumer goods are becoming more expensive due to increased shipping costs and inflation, retaiIers face the challenging task of balancing prices to remain competitive and meet customer expectations.
Whether Dollar Tree can navigate these economic challenges while retaining its customer base remains to be seen.
Jennifer Garner made a decision to save her family’s history
Jennifer Garner is one of the most loved celebrities because of how relatable and approachable she seems. Her Instagram account is brimming with wholesome content about being a mother and navigating through life.
Patricia English Garner is Jennifer Garner’s mother. As a young girl, Patricia had a lot of sweet memories of growing up at a farm in Locust Grove, Oklahoma.
She even recalls how her parents bought the piece of land that has stayed in their family for generations. Her parents bought the piece of land in 1936, with a bonus her father had received from fighting in World War I.
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The family had only $700 to purchase the land at the time. She recalls how her veteran father and mother did not even have a car at the time they bought the land. They had to hire someone to take them to the property.
“My parents didn’t even have a car, so when they heard about the land that was for sale, they hired someone to drive them to the property. The farm consisted of a two-room house and 20 acres–minus 1 acre at the heart of the property, which was a Native American cemetery,” Patricia said.
Mother told me the story of Dad leaning on his heels and negotiating all day over $20. When they finally agreed on a price, the deal was sealed, and the land was purchased. It’s been in our family ever since,” she ended.
Over the years as everyone grew up and moved away, the farm did not have one set of owners. It kept switching ownership from one family member to another as it was bought and sold repeatedly. Then finally, in 2017, Jennifer Garner decided to purchase the farm herself.
And she did not just purchase the farm for the sake of memory but she had the vision to turn it into a profitable business once again. To do so, she hired her uncle Robert and aunt Janet, who had previously owned the farm to help her with it.
It had been 40 years since the farm had been planted and tended to. In the past, her mother and her siblings had been avid farmers and sold pecans as well as grew lettuce, radishes, and potatoes.
And Jennifer wanted to bring that back. She established “Once Upon a Farm” with co-founders Ari Raz, John Foraker, and Cassandra Curtis. The idea was to grow organic fruits and vegetables that could be made into nutritious food for children.
She said she had been dreaming about the project for a while, “once upon a time… we dreamed of bringing baby food back to the roots with organic fruits and veggies harvested from local farmers, blended with love and served fresh from the fridge. We dreamed of feeling less stressed about mealtimes because we could feed our little ones foods that give them all the nutrients they need – and then some!”
Jennifer says giving busy moms access to nutritious food is important to her.
The company was started in 2018 and since then has been majorly successful. Their products are stocked at some of the biggest retailers in America and are also sold online on the company’s website.
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