Retailer Five Below Eyes Big Expansion

PHILADELPHIA-Retailer Five Below, which is essentially a dollar-store-concept aimed at the teen market, will soon surpass the 100-store mark with a store planned for a November opening in Pittsburgh. And the locally based company is not stopping there, with plans to have 200 locations in the next two years.

“Landlords have been seeking us out, as we are one of the few tenants in the 7,000 to 10,000-square-foot size-range that can bring traffic to their centers, and is looking to open a lot of new stores,” says Tom Vellios, the chain’s founder and chief executive officer.

Five Below locations are currently in East Coast states, from New Hampshire to Virginia. New markets that management is considering for expansion include New York, Ohio and North Carolina.

In Pittsburgh, the company is going into Waterworks Shopping Center, a J.J. Gumberg property which also counts Wal-Mart, Petco and Old Navy as tenants, among others. Five Below is also opening in the Pennsylvania cities of Butler, Cranberry and Altoona this year, and executives are planning 10 to 15 additional units in the Pittsburgh Metro area.

Five Below’s wide range of products, priced between $1 and $5, include games, apparel accessories, bath and body supplies, candy, multimedia products and others. The concept was established in 2002 by the founders of the retail Zainy Brainy concept.