Sports, games, fashion accessories, bath and body, candy and beverages, room décor and storage, stationery and school supplies, books, smartphone accessories, novelty and gag items, seasonal items
Revenue
US$2.848 billion (Fiscal Year Ended January 29, 2022)[4]
Five Below, Inc. is an American chain of specialty discount stores that prices most of its products at $5 or less, plus a smaller assortment of products priced up to $25.[5] Founded in 2002 by Tom Vellios and David Schlessinger and headquartered in Philadelphia, Pennsylvania, the chain is aimed at tweens and teens.[3] There are over 1,700 stores located across the United States.[3]
On March 18, 2020, Five Below announced the temporary closing of all stores due to the COVID-19 outbreak.[pr 1] However, as of May 29, 2020, 75% of Five Below stores across the United States reopened with plans for new stores to open up.[pr 2]
Growth and expansion
As of the 2020s, Five Below operates over 1,700[7] stores in 44 states,[8][9][10] employing over 25,000[11] associates along with five distribution centers. It began its outward expansion away from the Philadelphia Metro area by entering additional out-of-state markets: Illinois and Michigan in 2011;[pr 3] Georgia, Kansas, Missouri, and Western Michigan in 2012;[pr 4] Texas in 2013;[12] Tennessee in 2014; Alabama, Florida, and Kentucky[13] in 2015; Louisiana, Minnesota, Oklahoma, West Virginia, and Wisconsin in 2016;[14] California in 2017; and Arkansas in 2018. Five Below in 2019 publicly[15] stated that they could build as many as 2,500 U.S. stores in the future. Arizona, Iowa, and Nebraska were introduced that year. Colorado and Nevada were added in 2020; New Mexico and Utah in 2021. Both Dakotas had opened new stores in 2022. Vermont joined in the next year. Oregon and Washington are to open later.[16]
In September 2014, the company announced a new lease agreement to move its New Castle, Delaware, distribution center to Oldmans Township, New Jersey.[pr 5] The new center would add 275 jobs to the local economy while Delaware would lose 175.[17]
On July 19, 2012, Five Below went public on the NASDAQ at the share price of $17.[18] In 2014, Joel Anderson was appointed CEO.[19] 2016 sales were $1 billion, 2017 sales were $1.3 billion, and 2022 sales reached $3.08 billion.[20][21]
On July 16, 2024, Five Below announced Joel Anderson had resigned from his roles as president and CEO to pursue other interests.[22] Following his departure, Five Below's shares fell by 25%.[23] On the same day Petco named him as their new CEO.[24] Chief Operating Officer, Kenneth Bull, was appointed interim president and CEO of Five Below.[25]
Store format
The average Five Below store size is 8,000 square feet (740 m2).[26][27] The store specializes mainly in carrying a wide variety of merchandise at a low price.[28]
Corporate affairs
Headquarters
In 2018, Five Below moved its corporate headquarters, now called WowTown,[29] to the Lit Brothers Building in the Market East section of Philadelphia, and has rights to more than 200,000 square feet. WowTown has over 300 employees.[30]
Philanthropy
Since 2005, Five Below has contributed over $19 million for organizations around the country who focus on the well-being of children. They have partnered with and supported Alex's Lemonade Stand Foundation with the sale of lemonade bracelets, gift cards and pin-ups.[31]
After Hurricane Sandy, Five Below partnered with the American Red Cross and collected over $50,000 through a $1 donation at the register program. The company then doubled all donations resulting in a donation in the total of $100,000.[33]
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