Five Below

Source: Wikipedia, the free encyclopedia.

Five Below, Inc.
Number of employees
over 15,000
Websitefivebelow.com

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 by Tom Vellios and David Schlessinger and headquartered in Philadelphia, Pennsylvania, the chain is aimed at tweens and teens.[3] There are over 1,400 stores located across the United States.[3]

History

David Schlessinger, founder of Encore Books and Zany Brainy, and Tom Vellios, former CEO of Zany Brainy, founded Five Below on October 4, 2002 in Wayne, Pennsylvania.[6]

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 1,400[7] stores in 44 states,[8][9][10] employing over 90,000 associates along with two 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;[11] Tennessee in 2014; Alabama, Florida, and Kentucky[12] in 2015; Louisiana, Minnesota, Oklahoma, West Virginia, and Wisconsin in 2016;[13] California in 2017; and Arkansas in 2018. Five Below in 2019 publicly[14] 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.[15]

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.[16]

On July 19, 2012, Five Below went public on the NASDAQ at the share price of $17.[17] In 2014, Joel Anderson was appointed CEO.[18] 2016 sales were $1 billion, 2017 sales were $1.3 billion, and 2022 sales reached $3.08 billion.[19][20]

Store format

The average Five Below store size is 8,000 square feet (740 m2).[21][22] The store specializes mainly in carrying a wide variety of merchandise at a low price.[23]

Corporate affairs

Headquarters

In 2018, Five Below moved its corporate headquarters, now called WowTown,[24] 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.[citation needed]

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.[25]

Since 2008, Five Below has participated in the annual Halloween Promotion benefiting St. Jude Children's Research Hospital.[26]

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.[27]

In 2018, Five Below became an official Toys for Tots sponsor.[28]

References

  1. ^ "Investor Home". fivebelow.com. 2024. Retrieved January 19, 2023.
  2. ^ "Investor Home". fivebelow.com. 2023. Retrieved November 27, 2023.
  3. ^ a b c Lally, Terry (December 4, 2014). "Watch Out Below When Five Below Reports Today, Target Price: $30". Seeking Alpha.
  4. ^ a b c d e "Five Below, Inc. Full Year 2021 Form 10-K Report" (PDF). cloudfront.net. January 29, 2022. Retrieved April 2, 2022.
  5. ^ "Fivebelow". fivebelow.com. Retrieved October 19, 2023.
  6. ^ "Zany Brainy execs to open discount chain". Philadelphia Business Journal. American City Business Journals. October 23, 2002. Archived from the original on March 27, 2005. Retrieved October 28, 2014.
  7. ^ Holly Shively. "Discount retailer adding 145 stores". daytondailynews. Retrieved January 17, 2020.
  8. ^ "Thinknum – Financial Analysis". Thinknum Financial Data Platform. Retrieved January 25, 2016.
  9. ^ "Five Below, Inc. Form 10-K for the fiscal year ended February 2, 2019".
  10. ^ "All Five Below Locations | Discount store, Novelty items, and Games". locations.fivebelow.com. Retrieved October 21, 2023.
  11. ^ Smith, Rich (January 25, 2013). "Five Below Expands Into Texas". The Motley Fool. United States.
  12. ^ "Five Below is Coming to London". City of London, Kentucky. May 28, 2019. Retrieved January 17, 2020.
  13. ^ Staff (March 19, 2014). "Five Below teen discount store opens 3 locations Friday". The Tennessean. United States.
  14. ^ Kalogeropoulos, Demitrios (April 2, 2019). "Five Below Explains How It Could Triple Its Store Count". The Motley Fool. Retrieved January 17, 2020.
  15. ^ Ford, George C. "Rapidly growing discount chain Five Below coming to Iowa". The Gazette. Retrieved January 17, 2020.
  16. DelawareOnline
    .
  17. ^ Yousuf, Hibah (July 19, 2012). "Five Below stock rallies 55% in debut – The Buzz – Investment and Stock Market News". CNNMoney. Retrieved January 17, 2020.
  18. ^ "Five Below names COO and retail veteran Joel Anderson as CEO". Chain Store Age. Retrieved January 17, 2020.
  19. ^ "Five Below 2016 Annual Report". Five Below Investor Relations. Retrieved October 25, 2017.
  20. ^ "2022 Annual Report". Five Below. Retrieved March 29, 2024.
  21. ^ "Five Below to Open Flagship Store on NYC's Fifth Avenue". InvestorPlace. July 13, 2018. Retrieved January 17, 2020.
  22. ^ "Why Five Below Has Succeeded in a Tough Retail Market". The Motley Fool. February 14, 2019. Retrieved January 17, 2020.
  23. ^ Telford, Taylor (December 28, 2018). "Five Below is a wonderland of things no one needs. It's also one of the most successful retailers in America". The Washington Post. Retrieved January 17, 2020.
  24. ^ Parmley, Suzette (February 16, 2018). "Five Below moves into 'Wowtown' on Market Street". inquirer.com. Retrieved January 17, 2020.
  25. ^ "Five Below". Alex's Lemonade Stand Foundation for Childhood Cancer. April 4, 2011. Retrieved January 7, 2020.
  26. ^ "Five Below". stjude.org. Retrieved January 7, 2020.
  27. ^ Berman, Nat (March 1, 2019). "20 Things You Didn't Know About Five Below". Money Inc. Retrieved January 7, 2020.
  28. ^ "Toys For Tots". fivebelow.com. Retrieved January 7, 2020.

Press releases

  1. ^ "Five Below Provides COVID-19 Related Business Update" (Press release). Five Below. March 18, 2020.
  2. ^ "Five Below Announces Over 75% Stores Reopened" (Press release). Five Below. May 29, 2020.
  3. ^ "Five Below, the Five-and-Dime for the iPod Generation, Debuts First Detroit-Area Stores" (Press release). Five Below. July 13, 2011 – via Business Wire.
  4. ^ "Five Below Opens First 7 Stores in Atlanta" (Press release). FiveBelow. June 1, 2012 – via Business Wire.
  5. ^ "Five Below Signs Lease for New Distribution Center in Southern New Jersey" (Press release). FiveBelow. September 9, 2014.

External links

Wikimedia Commons has media related to Five Below.
  • Five Below Website
  • Business data for Five Below, Inc.:
Retrieved from "https://en.wikipedia.org/w/index.php?title=Five_Below&oldid=1220443061"