Five Below (Stylized as fiVe BEL°W) is an American publicly held chain of discount stores that sells products that cost up to $5. The chain is aimed at teens and pre-teens, but has many adult products as well. Stores are typically located in strip malls as opposed to standing alone. A large portion of Five Belows are located in college towns.
Video Five Below
Products and supplies
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.
Maps Five Below
History
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.
Growth
As of January 2018, Five Below has over 620 stores in 32 states, and two distribution centres. It began its outward expansion away from the Philadelphia Metro area by entering the Illinois and Michigan markets in 2011; Georgia, Kansas, Missouri and Western Michigan in 2012; Texas in 2013; Tennessee in 2014; Alabama, Florida and Kentucky in 2015; Louisiana, Minnesota, Oklahoma, Virginia, West Virginia and Wisconsin in 2016, and California in 2017. Arizona, Arkansas, Colorado, Nevada, New Mexico & Utah will have theirs in 2018.
In 2011, the company moved its corporate headquarters to a larger location in Philadelphia, PA. 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.
In September 2014, the company announced a new lease agreement to move its New Castle, Delaware distribution center to Oldmans Township, New Jersey. The new center would add 275 jobs to the local economy while Delaware would lose 175.
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 $1,000,000 for the hospital.
After Hurricane Sandy, the company partnered with the American Red Cross and collect over $50,000 through a $1 donation at the register program. They then doubled all donations resulting in a donation in the total of $100,000.
References
Press releases
External links
- Five Below Website
Source of the article : Wikipedia
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