A Chain That Sells Everything For Under $5 Is The Fastest-Growing Teen Retailer
Five Below, a teen fashion chain where everything costs less than $5, is growing fast.
The chain has grown to 366 locations, up from just 82 in 2008, writes Sapna Masheshwari at Buzzfeed. Sales were $535 million last year.
CEO and co-founder Tom Vellios tells Buzzfeed that his childhood love of five-and-dime stores inspired the chain, which was founded more than a decade ago.
While big box chains are generally getting smaller, Five Below's price point is low enough to bring in customers.
Five Below focuses on offering quick imitations of popular teen trends, such as the Rainbow Loom craze last year.
"Our goal is not to be first to identify a trend - we have the ability to be a very fast second," Vellios told Buzzfeed.
The brand sells everything from tech accessories and sporting goods to party supplies and bedroom decor.
The average store is 7,500 square feet, about the size of a Gap store, according to Maheshwari.
Parents on social media say they like the chain because it keeps their children happy and is cheap.
The brand is also popular for selling smartphone cases, a booming market that Forever 21 is also trying to capitalize on.
Credit Suisse analysts believe Five Below could eventually expand to 3,000 locations.
Read Maheshwari's profile of the brand here.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Vodafone Idea FPO allotment – How to check allotment, GMP and more
- India leads in GenAI adoption, investment trends likely to rise in coming years: Report
- Reliance Jio emerges as World's largest mobile operator in data traffic, surpassing China mobile
- Satellite monitoring shows large expansion in 27% identified glacial lakes in Himalayas: ISRO
- Vodafone Idea shares jump nearly 8%
- Indians can now get multiple entry Schengen visa with longer validity as EU eases norms