Five Below Makes Major Announcement
Five Below is a beloved shopping spot for many Americans who like to find items that are usually priced under $5. The chain of specialty discount stores was founded in 2002 by Tom Vellios and David Schlessinger and is headquartered in Philadelphia. While the chain often appeals to tweens and teens, people of all ages can usually find something to like at the spot.
Now, Five Below has made a major announcement, and it should make regular shoppers happy.
In a new report about the company's 2024 earnings, Five Below dropped the news that they'll open an impressive 150 new stores this year.
“We entered the holiday period with the goal of showcasing more newness with key trend-right, value product, while also improving our operational execution and in-store experience. We were very encouraged to see early positive results from our teams’ efforts and are excited to build on this in 2025 with [CEO Winnie Park] at the helm," the company's COO, Ken Bull, said.
It's worth noting that the same report showed that Five Below had a rough holiday season, with the company's comparable sales down by 3% year-over-year in the fourth quarter. But, the company did well enough to warrant opening the new shops. Five Below actually opened 22 new stores during the fourth quarter.
Five Below has yet to announce the locations for their new stories, but according to their official website, more than 30 stores have already opened in January 2025.
Don't be surprised if you see a few items priced above $5 at the new stores. During the company's latest earnings call, Park said the store plans to go back to its main focus at whole $1 to $5 price points and "raising the bar on adding value to our highly edited assortment of product above $5."