Philadelphia -- Five Below will enter the state of Tennessee, with plans to open up to five new stores in the market by spring of this year. With this new market, Five Below will operate stores in 20 states.
Five Below's 600,000-sq.-ft. distribution center in Olive Branch, Miss., which opened in spring 2013 and currently supports the company's southern and Midwestern stores, will service the new Tennessee market. The company will provide further details on its 2014 store growth plans when it releases its fiscal 2013 fourth quarter earnings results in March 2014.
"After successfully opening 60 net new stores in 2013, including entering the new markets of Austin and Dallas, we are excited to begin our 2014 store opening program with this expansion into the Tennessee market," said Tom Vellios, co-founder and CEO of Five Below. "We see significant opportunities to continue to expand our reach in new and existing markets with our class of 2014 stores, drawing new customers to our concept while providing the brand name and trend-right merchandise that our loyal customers have come to expect from Five Below."