Tween retailer Five Below (NASDAQ:FIVE) is opening its largest store to date in Philadelphia, near its headquarters. The 13,000 sq. ft. location, on Chestnut Street between 15th and 16th Streets, will span two stories and open Sept. 10.
"Five Below was established in 2002 and remains based in the heart of Philadelphia, and the opening of our largest store on Chestnut Street is a highly anticipated and proud moment for Five Below," said Joel Anderson, CEO of Five Below. "Opening at this busy crossroads signifies the further resurgence of Chestnut Street's redevelopment and renaissance, and we look forward to bringing this community the most exciting and vibrant destination for teens, preteens and their parents in Center City."
The new store is located at at the old Arcadia Theatre, built in 1915. Its authentic crown moldings, high ceilings and exposed brick walls complement Five Below's modern touches, including the lighted ceiling logo and signage. Unique fixtures throughout the store designate departments labeled Candy, Tech, Style, Room, Crafts, Party, Now and Sports. Like all Five Below stores, the colors are vibrant and exude high energy.
Five Below currently has 400 stores in 26 states. Thus far in 2015, the retailer has opened 56 stores with the intention of opening 70 by 2016.
The retailer's latest expansion was in Kansas City, where three stores opened in May.
While many teen apparel retailers have struggled to compete with the fast fashion retailers such as Forever 21 and H&M, Five Below has stayed successful by catering to a younger demographic, offering extreme discounts, and providing a unique assortment from fashion and cell phone cases to candy and crafts.
-See this Five Below press release
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