Five Below to open 60 stores in 2013 and expand into Texas
Philadelphia — Teen and tween retailer Five Below will open 60 stores this year, including its first-ever locations in Texas.
The retailer said it will open four to five stores in Austin, Texas, and 10 to 12 stores in Dallas by late summer, with the potential for more than 100 stars in the Lone Star Sate stores over time.
“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. “In addition, Texas’ solid economy and family-oriented population are a perfect fit for Five Below’s 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 Below’s new 600,000-sq.-ft. 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. The company will move into the new facility in spring 2013.
With the addition of the 60 planned stores for 2013, Five Below will operate approximately 300 locations in 19 states, from New Hampshire to Georgia along the East Coast to Illinois and Missouri in the Midwest. Five Below’s plan to open 60 new stores in 2013 will bring the number of locations to approximately 300.
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