The pizza chain, which first introduced the signature deal in 1997, is raising the price on the Hot-N-Ready pizza from $5 to $5.55, according to Forbes. In an interview, CEO David Scrivano cited rising labor and commodity costs as an impetus for the price change.
"There are all kinds of pressures on businesses these days," Scrivano announced. "We still want to deliver the best product at the best value to our customers."
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Although the price of the pizza will increase, the pizza chain will be offering 33% more pepperoni on its pizza, even as the price of pepperoni has risen by more than 50% throughout the pandemic. Scrivano announced that while other pizza chains were "decreasing their portions and increasing their prices," Little Caesars wanted to make the pizza "even better" and add "more to it."
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Before the Coronavirus pandemic, Little Caesars began a "Pizza Portal" that enables customers to pick up pizzas by scanning a QR code. The pizza chain started offering delivery in January 2020 and noticed delivery sales jump in 2021.
"As delivery grows and contactless pickup grows, those are methods we never had in the past, and they provide more options for today's customers," Scrivano announced. "We think that customers are going to be attracted by 33% more pepperoni and the ability to leverage those two channels. The purpose is to attract more customers."
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In a different sign of the times in the United States, where the pandemic has been coupled with a supply chain crisis, Dollar Tree declared in the fall of last year that it would begin charging $1.25 for its products.
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The spread of the highly infectious Omicron variant is likely to fuel more inflation, as Americans keep shopping rather than spending more outside of the home, according to the National Retail Federation's chief economist Jack Kleinhenz.
The major retail trade group's advisor announced Wednesday in a news release, though, that he does not expect the latest wave of COVID cases to produce an economic slowdown or a shutdown of businesses.
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"Little is certain about Omicron's impact on consumer demand, but people who stay at home because of the variant are more likely to spend their money on retail goods rather than services like dining out or in-person entertainment," he announced in the news release.
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"That would put further pressure on inflation since supply chains are already overloaded across the globe."
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