Five Below isn’t letting the pandemic get in the way of its store expansion.
The value teen and tween chain is one of the few retailers that has not pulled in the reins on new store growth. It opened a record 63 new stores during the second quarter — compared to 44 in the same period last year — for a total of 982 stores in 38 states. Most of the new locations featured the retailer’s new prototype, which includes self-checkout, an expanded snack area and a section of items priced above $5 (called “Five Beyond.)
Five Below expects to open 110 to 120 net new stores in 2020. In addition, it plans to remodel approximately 45 stores and add self-checkout capabilities to more than 100 additional existing storesChain Storeage