Companies spend millions of dollars to develop their brand names so that they are easily recognized and well thought of (source – just guessing, off the top of my head).
But sometimes, a company may need to rebrand itself.to reflect a changing product mix.
Some examples include:
- Dunkin’ Donuts changed its name to Dunkin’
- Burlington Coat Factory changed its name to Burlington (coats are only 5% of its revenue)
- Weight Watchers rebranded its stores and logo to WW
- Christmas Tree Shops will be changing its name to CTS starting early next year
- Google changed its name to Alphabet (WHY????), but at least it is better than its original name, BackRub
- Apple Computer changed its name to Apple
And this week there was news of another store that may need to change its name.
Dollar Tree, a chain known for selling everything for $1, will be raising its prices to $1.25 or $1.50, as input costs rise due to supply-chain snarls and a tight labor market.
So what to do?
$1.25 Tree? Less than Two Dollar Tree? Close to a Dollar Tree?
Or perhaps they can keep the name the same; there is some precedent for doing so.
- 7-11, originally named for its store hours, is now open 24 hours in many locations.
- Radio Shack sells a lot more than radios these days (I have to admit I thought they were out of business, but apparently there are still close to 400 Radio Shack locations, but they operate independently from the original Radio Shack store)
So maybe Dollar Tree will keep its name.
But I wonder if there is someone who will sue them, claiming false advertising. If there is, I hope the judge rules against them and imposes a sentence of having to visit every Dollar Tree store in the country and spend at least $1 in each one.