Five Below Expands into Texas, Plans 15 Stores in Austin and Dallas in 2013
PHILADELPHIA--(BUSINESS WIRE)-- Five Below, Inc. (NASDAQ: FIVE), the leading retailer of extreme-value merchandise for teens and pre-teens, will expand into the Texas region in 2013, with plans to open four to five stores in Austin and 10 to 12 stores in Dallas by late summer. Five Belows new Texas locations are part of a broader goal of opening 60 stores this year, with the balance coming in existing markets.
Austin and Dallas are large markets and are a natural next step of our continuing expansion strategy, said Tom Vellios, CEO and co-founder of Five Below (FIVE). In addition, Texas solid economy and family-oriented population are a perfect fit for Five Belows brand-name, trend-right merchandise for teens, pre-teens, and shoppers of all ages, making it a promising new market as we continue to grow.
Five Belows new 600,000-square-foot distribution center in Olive Branch, Miss. will support the Austin and Dallas areas, as well as support future expansion in and around the Texas market. Five Below will move into the new distribution facility in spring 2013.
With these new stores, Five Below will operate in 19 states, from New Hampshire to Georgia along the East Coast to Illinois and Missouri in the Midwest. Five Belows plan to open 60 new stores in 2013 will bring the number of locations to approximately 300. The potential for Five Below in Texas is for more than 100 stores over time.
About Five Below
Five Below is a rapidly growing specialty value retailer offering a broad range of trend-right, high-quality merchandise targeted at the teen and pre-teen customer. Five Below offers a dynamic, edited assortment of exciting products, all priced at $5 and below, including select brands and licensed merchandise across a number of category worlds. Five Below is headquartered in Philadelphia. For more information, visit www.fivebelow.com.
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Source: Five Below, Inc.Copyright Business Wire 2013