Five Below

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Five Below
Public
Traded as NASDAQ: FIVE
Industry Discount store
Founded October 4, 2002; 22 years ago (2002-10-04)
Founders
Headquarters Philadelphia, Pennsylvania, United States
Number of locations
Area served
 United States—20 states[2]
Key people
Products sports, games, fashion accessories, bath and body, candy and beverages, room décor and storage, stationery and school supplies, books, iPhone® and Galaxy® accessories, novelty and gag items, seasonal items
Revenue Increase US$535.4 million (FY 2013)[3]
Increase US$53.7 million (FY 2013)[3]
Increase US$32.1 million (FY 2013)[3]
Total assets Increase US$232.1 million (FY 2013)[3]
Number of employees
 5,500[3]
Website Five Below

Five Below (Stylized as fiVe BEL°W) is an American publicly held chain of discount stores that sells products that cost up to $5.[2] The chain is aimed at teens and pre-teens,[2] but has many adult products as well. Stores are typically located in strip malls as opposed to standing alone.[2] There's also a large portion of Five Belows in college towns.

Products and supplies

File:Five below inside.jpg
Inside of Five Below store, Saginaw, Michigan.

While products at Five Below can be from any category, some items carried by the store include trading cards, sports related items, games, fashion accessories, bath and body related items, candy, beverages, room decorations, school supplies and stationery, books, accessories for electronics, DVDs, computer software, novelty items and gag items, as well as seasonal items.[4]

History

File:2011-04-04 Five Below at New Hope Commons.jpg
Five Below in Durham, North Carolina.

In October 2002, Five Below was founded by David Schlessinger, founder of Encore Books and Zany Brainy, and Tom Vellios who was the former CEO of Zany Brainy.

The first Five Below location opened up at the Gateway Shopping Center in Wayne, Pennsylvania on October 4, 2002.[5]

Growth

As of January 2016, Five Below has over 440 stores in 21 states,[6] and two distribution centres. It began its outward expansion away from the Philadelphia Metro area by entering the Illinois and Michigan markets in 2011;[pr 1] Georgia, Missouri and Western Michigan in 2012;[pr 2] Texas in 2013[7] and Tennessee in 2014. Alabama, Florida and Kentucky saw their first stores open in 2015. Louisiana, Virginia, and West Virginia are getting their first stores in 2016. [8]

In 2011, the company moved its corporate headquarters to a larger location in Philadelphia. The building into which it moved includes other well-known companies such as Merrill Lynch, the American College of Radiology, eResearch Technology and Philadelphia Magazine.[9]

In September 2014, the company announced a new lease agreement to move its New Castle, Delaware distribution center to Oldmans Township, New Jersey.[pr 3] The new center would add 275 jobs to the local economy while Delaware would lose 175.[10]

Fundraisers and philanthropy

Fundraising

The company offers a unique fundraising opportunity for non-profit groups. Stores can partner with local groups to set up a "FUNdraising" opportunity, where anyone with an invitation from the group can come in during a pre-selected time period, and shop. 10% of the sales created by shoppers with invitations will be donated back to the organization.

Philanthropy

Since 2005, the company has contributed over $1 million for organizations around the country who focus on childhood well-being. They have partnered with and supported Alex's Lemonade Stand Foundation with the sale of lemonade bracelets, gift cards and pin-ups which, to date, has resulted in over $300,000 being donated.

Since 2008, they have participated in the annual Halloween Promotion benefiting St. Jude Children's Research Hospital. Their fundraising has raised over $900,000 for the hospital.

After Superstorm Sandy, the company partnered with the American Red Cross and collect over $50,000 through a $1 donation at the register program. They then matched all donations dollar-for-dollar resulting in a donation in the total of $100,000.

References

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Press releases

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External links

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