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Five Below

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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]

Five Below, Inc.
Company typePublic
IndustryDiscount store
FoundedOctober 4, 2002; 22 years ago (2002-10-04)
Wayne, Pennsylvania, U.S.
FoundersDavid Schlessinger, Tom Vellios
Headquarters
Philadelphia, Pennsylvania
,
United States
Number of locations
  • Increase 1,500+ (2024)[1]
  • Increase 1,400+ (2023)[2]
  • 353 (2014)[3]
Area served
United States—43 states
Key people
Kenneth Bull (Interim CEO)
ProductsSports, 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
RevenueIncrease US$2.848 billion (Fiscal Year Ended January 29, 2022)[4]
Increase US$379.880 million (Fiscal Year Ended January 29, 2022)[4]
Increase US$278.810 million (Fiscal Year Ended January 29, 2022)[4]
Total assetsIncrease US$2.880 billion (Fiscal Year Ended January 29, 2022)[4]
Total equityIncrease US$1.120 billion (Fiscal Year Ended January 29, 2022)[4]
Number of employees
over 25,000
Websitefivebelow.com

History

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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

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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

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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

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Headquarters

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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

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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]

Since 2008, Five Below has participated in the annual Halloween Promotion benefiting St. Jude Children's Research Hospital.[32]

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]

In 2018, Five Below became an official Toys for Tots sponsor.[34]

References

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  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. ^ https://investor.fivebelow.com/news/press-release-details/2024/Five-Below-Inc.-Announces-Second-Quarter-Fiscal-2024-Financial-Results/default.aspx#:~:text=Founded%20in%202002%20and%20headquartered,TikTok%2C%20and%20Facebook%20%40FiveBelow.
  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. ^ "Employee count Five Below U.S. 2023". Statista. Retrieved October 4, 2024.
  12. ^ Smith, Rich (January 25, 2013). "Five Below Expands Into Texas". The Motley Fool. United States.
  13. ^ "Five Below is Coming to London". City of London, Kentucky. May 28, 2019. Retrieved January 17, 2020.
  14. ^ Staff (March 19, 2014). "Five Below teen discount store opens 3 locations Friday". The Tennessean. United States.
  15. ^ Kalogeropoulos, Demitrios (April 2, 2019). "Five Below Explains How It Could Triple Its Store Count". The Motley Fool. Retrieved January 17, 2020.
  16. ^ Ford, George C. "Rapidly growing discount chain Five Below coming to Iowa". The Gazette. Retrieved January 17, 2020.
  17. ^ Nathans, Aaron (September 12, 2014). "Delaware losing 175 jobs to New Jersey". DelawareOnline.
  18. ^ Yousuf, Hibah (July 19, 2012). "Five Below stock rallies 55% in debut – The Buzz – Investment and Stock Market News". CNNMoney. Retrieved January 17, 2020.
  19. ^ "Five Below names COO and retail veteran Joel Anderson as CEO". Chain Store Age. Retrieved January 17, 2020.
  20. ^ "Five Below 2016 Annual Report". Five Below Investor Relations. Retrieved October 25, 2017.
  21. ^ "2022 Annual Report". Five Below. Retrieved March 29, 2024.
  22. ^ "Five Below CEO Joel Anderson Steps Down - WSJ".
  23. ^ "Petco's New CEO Left Five Below the Day Before Shares Tanked 25%". Bloomberg.com. July 17, 2024. Retrieved July 18, 2024.
  24. ^ "Petco Names Joel Anderson as CEO Following Exit From Five Below".
  25. ^ "Five Below's CEO and president steps down amid weak sales". ABC News. Retrieved July 18, 2024.
  26. ^ "Five Below to Open Flagship Store on NYC's Fifth Avenue". InvestorPlace. July 13, 2018. Retrieved January 17, 2020.
  27. ^ "Why Five Below Has Succeeded in a Tough Retail Market". The Motley Fool. February 14, 2019. Retrieved January 17, 2020.
  28. ^ 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.
  29. ^ Parmley, Suzette (February 16, 2018). "Five Below moves into 'Wowtown' on Market Street". inquirer.com. Retrieved January 17, 2020.
  30. ^ Five Below moves into 'Wowtown' on Market Street
  31. ^ "Five Below". Alex's Lemonade Stand Foundation for Childhood Cancer. April 4, 2011. Retrieved January 7, 2020.
  32. ^ "Five Below". stjude.org. Retrieved January 7, 2020.
  33. ^ Berman, Nat (March 1, 2019). "20 Things You Didn't Know About Five Below". Money Inc. Retrieved January 7, 2020.
  34. ^ "Toys For Tots". fivebelow.com. Retrieved January 7, 2020.

Press releases

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  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.
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