Five Below doubling the size of new stores
Philadelphia-based Five Below said Monday it plans to expand both the size and number of its retail locations. The retailer plans to open three stores of 10,000 square feet -- double the typical Five Below location -- in: Downingtown, Pa., on Sept. 29 and, on Nov. 3, in Sterling and Massponax, Va.With the new locations, Five Below will have 50 stores.Five Below also said it hopes to double its store count in the next 2 to 3 years, to 100 stores.Five Below, which was founded in 2002 by David Schlessinger and Tom Vellios, recently received an unspecified equity investment from LLR Partners, a Philadelphia private equity firm, the company said.Five Below is targeted to teens and pre-teens, selling merchandise for $5 or less.At 10,000 square feet, the new sites will feature wider aisles, more cash registers and a greater range of products in the categories of sports, media, crafts, party, candy, room, style and "now." Products include sports and exercise items, games, fashion accessories, teen room décor, stationery, arts-and-crafts supplies, jewelry, electronic accessories, candy, beverages, seasonal products and novelty and gag items.
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