Five Below
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![]() Interior of a Five Below store in Saginaw, Michigan | |
Type | Public company |
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Industry | Discount store |
Founded | 4 October 2002 |
Founders | David Schlessinger, Tom Vellios |
Headquarters | Philadelphia, Pennsylvania , United States |
Number of locations | |
Area served | United States—38 states[2] |
Key people | Joel D. Anderson (CEO) |
Products | 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 | ![]() |
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Total assets | ![]() |
Number of employees | over 13,000 |
Website | fivebelow |
Five Below Inc. (stylized as fiVe BEL°W) is an American chain of specialty discount stores that sells products that cost up to $5, plus a small assortment of products from $6 to $10.[2] Founded by Tom Vellios and David Schlessinger and headquartered in Philadelphia, Pennsylvania, the chain is aimed at tweens and teens.[2] There are over 1,000 stores located across the United States.[2]
History[]
David Schlessinger, founder of Encore Books and Zany Brainy, and Tom Vellios, former CEO of Zany Brainy founded Five Below.[4] In 2017, Five Below's tagline of "hot stuff. cool prices." changed to "let go & have fun!"[citation needed]
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, Five Below reopened 75% of stores across the United States with plans for new stores to open.[pr 2]
Growth and expansion[]
To date, Five Below operates over 1,000[5] stores in 38 states,[6][7] employing over 90,000 associates along with two distribution centres. It began its outward expansion away from the Philadelphia Metro area by entering the Illinois and Michigan markets in 2011;[pr 3] Georgia, Kansas, Missouri and Western Michigan in 2012;[pr 4] Texas in 2013;[8] Tennessee in 2014; Alabama, Florida and Kentucky[9] in 2015; Louisiana, Minnesota, Oklahoma, West Virginia and Wisconsin in 2016,[10] California in 2017 & Arkansas in 2018. Five Below in 2019 publicly[11] stated that they could build as many as 2,500 U.S. stores in the future. Arizona, Iowa & Nebraska were introduced that year. Colorado & Nevada were added in 2020. Utah was added in 2021. New Mexico, Oregon & Washington will also see stores open in the future.[12]
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.[13]
On July 19, 2012, Five Below went public on the NASDAQ at the share price of $17.[14] In 2014, Joel Anderson was appointed CEO.[15] 2016 sales hit $1,000 million, 2017 sales hit $1,300 million and 2018 sales hit $1,560 million.
Store format[]
The average Five Below store size is 8,000 sq. ft[16] and aims to encompasses a "treasure hunt"[17] shopping experience. Five Below highlights the actual store experience over the necessity of shopping. "It’s being swept-up in unpredictability that’s key: surprise mixed with affordability,” said David Makuen, executive vice president of marketing and strategy.[18] Five Below stores are designed to include loud music, animated store associates and copious colorful merchandise. “If you spend time in a dollar store or mass merchant like Target or Walmart, it’s not really about letting go because you’re there to meet your needs," said Makuen. "Our purpose is really simple: We want customers to be able to let go and have fun.”
Five Below calls their store associates “The Wow Crew.”[19]
In 2016, Five Below launched FiveBelow.com, which consisted of an edited, curated assortment of products.[20]
Corporate affairs[]
Headquarters[]
In 2018, Five Below moved its corporate headquarters, now called WowTown,[21] to the Lit Brothers Building in the Market East section of Philadelphia, PA, and has rights to more than 200,000 square feet.[22] WowTown has over 300 employees.
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.[23]
Since 2008, Five Below has participated in the annual Halloween Promotion benefiting St. Jude Children's Research Hospital.[24]
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.[25]
In 2018, Five Below became an official Toys for Tots sponsor.[26]
References[]
- ^ "About Five Below". fivebelow.com. 2021. Retrieved February 1, 2021.
- ^ Jump up to: a b c d e Lally, Terry (4 December 2014). "Watch Out Below When Five Below Reports Today, Target Price: $30". Seeking Alpha.
- ^ Jump up to: a b c d "Five Below 2016 Annual Report". Five Below Investor Relations. Retrieved 25 October 2017.
- ^ "Zany Brainy execs to open discount chain". Philadelphia Business Journal. American City Business Journals. 23 October 2002. Retrieved 28 October 2014.
- ^ Holly Shively. "Discount retailer adding 145 stores". daytondailynews. Retrieved 2020-01-17.
- ^ "Thinknum – Financial Analysis". Thinknum Financial Data Platform. Retrieved 2016-01-25.
- ^ "Five Below, Inc. Form 10-K for the fiscal year ended February 2, 2019".
- ^ Smith, Rich (25 January 2013). "Five Below Expands Into Texas". The Motley Fool. United States.
- ^ "Five Below is Coming to London". City of London, Kentucky. 2019-05-28. Retrieved 2020-01-17.
- ^ Staff (19 March 2014). "Five Below teen discount store opens 3 locations Friday". The Tennessean. United States.
- ^ Kalogeropoulos, Demitrios (2019-04-02). "Five Below Explains How It Could Triple Its Store Count". The Motley Fool. Retrieved 2020-01-17.
- ^ Ford, George C. "Rapidly growing discount chain Five Below coming to Iowa". The Gazette. Retrieved 2020-01-17.
- ^ Nathans, Aaron (12 September 2014). "Delaware losing 175 jobs to New Jersey". DelawareOnline.
- ^ Yousuf, Hibah (2012-07-19). "Five Below stock rallies 55% in debut – The Buzz – Investment and Stock Market News". CNNMoney. Retrieved 2020-01-17.
- ^ "Five Below names COO and retail veteran Joel Anderson as CEO". Chain Store Age. Retrieved 2020-01-17.
- ^ "Five Below to Open Flagship Store on NYC's Fifth Avenue". InvestorPlace. 2018-07-13. Retrieved 2020-01-17.
- ^ "Why Five Below Has Succeeded in a Tough Retail Market". The Motley Fool. 2019-02-14. Retrieved 2020-01-17.
- ^ Telford, Taylor (2018-12-28). "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 2020-01-17.
- ^ Much, Marilyn (2018-12-04). "Five Below CEO Joel Anderson Brings The Wow Factor To Retail". Investor's Business Daily. Retrieved 2020-01-17.
- ^ "Will Five Below strike gold in California? – RetailWire". Retrieved 2020-02-07.
- ^ Parmley, Suzette. "Five Below moves into 'Wowtown' on Market Street". inquirer.com. Retrieved 2020-01-17.
- ^ Kostelni, Natalie (11 December 2011). "Five Below moving its HQ to 1818 Market St". Philadelphia Business Journal.
- ^ "Five Below". Alex's Lemonade Stand Foundation for Childhood Cancer. 2011-04-04. Retrieved 2020-01-07.
- ^ "Five Below". stjude.org. Retrieved 2020-01-07.
- ^ Berman, Nat (2019-03-01). "20 Things You Didn't Know About Five Below". Money Inc. Retrieved 2020-01-07.
- ^ "Toys For Tots". fivebelow.com. Retrieved 2020-01-07.
Press releases[]
- ^ "Five Below Provides COVID-19 Related Business Update" (Press release). Five Below. 18 March 2020.
- ^ "Five Below Announces Over 75% Stores Reopened" (Press release). Five Below. 29 May 2020.
- ^ "Five Below, the Five-and-Dime for the iPod Generation, Debuts First Detroit-Area Stores" (Press release). Five Below. 13 July 2011 – via Business Wire.
- ^ "Five Below Opens First 7 Stores in Atlanta" (Press release). FiveBelow. 1 June 2012 – via Business Wire.
- ^ "Five Below Signs Lease for New Distribution Center in Southern New Jersey" (Press release). FiveBelow. 9 September 2014.
External links[]
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Wikimedia Commons has media related to Five Below. |
- 2002 establishments in Pennsylvania
- Companies based in Philadelphia
- American companies established in 2002
- Retail companies established in 2002
- Discount stores of the United States
- Toy retailers of the United States
- Variety stores
- Companies listed on the Nasdaq
- 2012 initial public offerings