Five Below opens five stores in Detroit market, sees potential for 25
New York — Five Below on Friday made its Michigan debut, opening five stores in the Detroit metro area. The chain specializes in “extreme value” merchandise for teens and pre-teens, with no item priced more than $5.
“Detroit is a pivotal market for Five Below, as it helps bridge our presence in Cleveland and Chicago, the latter of which we just entered earlier this summer,” said Tom Vellios, co-founder and CEO of Five Below. “Beyond that, Detroit contains a huge population of value-conscious shoppers who are eager to experience our brand and trend-right product selection. “We can easily see ourselves developing this market to include as many as 25 stores over the next two to three years, and we are extremely excited to start now.”
Topshop to open in Vegas
New York — U.K. fashion retailer Topshop in March will open its third U.S. location, a 20,000-sq.ft. Topshop/Topman flagship in Las Vegas’ Fashion Show Mall.
As previously reported, the company’s second U.S. store is due to open this fall, in Chicago.
Francesca’s prices IPO
New York — Francesca’s Holdings Corp. will price its initial public offering of 10 million shares between $14 and $16 a share, the Houston Business Journal reported.
The women’s specialty apparel retailer will trade on the Nasdaq Stock Exchange, under the ticker symbol FRAN, the report said.
In March 2011, private equity firm CCMP Capital acquired a controlling interest in Francesca’s, which operates 160 stores.