Well, it was good while it lasted.

After decades of sticking to its one-price-for-all model, Dollar Tree has announced that it will be rolling out prices above $1 in select locations.

President and Chief Executive Officer Michael Witynski explained in a news release that the change was inspired by two things: positive customer reaction and the success of its new Combo and Dollar Tree Plus store formats. He also assured shoppers that the addition of higher-priced products will enable stores to broaden their offerings.

"For decades, our customers have enjoyed the 'thrill-of-the-hunt' for value 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," Witynsk said in a news release. "We believe testing additional price points above $1 for Dollar Tree product will enable us over time to expand our assortments, introduce new products, and meet more of our customers' everyday needs."

Witynski added that Dollar Tree is a "test-and-learn" company, so the retailer will be watching how customers react to the new range of price points.

"Our brand promise is that customers get great value for what they spend at Dollar Tree," he continued. "We will continue to be fiercely protective of that promise, regardless of the price point, whether it is $1.00, $1.25, $1.50."