Five Below is accelerating what is already one of the most aggressive expansion programs in specialty retail.
As part of its new long-term “Triple-Double” vision, the tween and teen value retailer said it plans to open 375 to 400 new stores during the next two fiscal years, and 550 to 600 new stores over fiscal years 2024 and 2025. Five Below, which opened 170 net new locations in 2020, operated 1,190 stores in 40 states as of the end of January.
“We are increasing our store potential in the U.S. from 2,500+ to 3,500+, or triple our current store count, and we are planning to double our sales and more than double our EPS through fiscal 2025,” stated CEO Joel Anderson. We expect to open approximately 1,000 stores during this time.”Chain Store Age