USA: Five Below expands operations
US Discount Non-Food Retail Chain Five Below is establishing a Western U.S. distribution center in Buckeye, Arizona.
Five Below plans to begin construction in 2020 at the southwest corner of Miller and Durango Roads, and open the 850,000 square foot distribution center in the second half of 2021. The company will invest more than $75 million in land, building and equipment, and initially create around 150 jobs, with plans to nearly double to 290 jobs over five years.
Joel Anderson, CEO & President of Five Below, stated “We are really excited to continue our expansion out West and to build out our distribution network. The center will initially service stores in Arizona, California, Nevada and Colorado, with capacity to expand as we enter new Western states over the coming years, as well as to support future eCommerce operations.”
The Philadelphia-based retailer currently operates over 950 stores, including nine in Arizona, across 38 states, with plans to grow to over 2,500 stores in the U.S.
“Five Below’s expansion in Greater Phoenix exemplifies the opportunity that our region affords a company looking to expand its southwest operations and distribution model,” says Chris Camacho, president & CEO of the Greater Phoenix Economic Council. “This is yet another win for the West Valley, and residents have new employment opportunities that help bolster our regional economy at a critical juncture.”
Buckeye Mayor Jackie Meck adds, “Five Below and Buckeye are a perfect fit for each other. Five Below is one of the fastest growing retailers in the country and Buckeye is one of the fastest growing cities in the country.” Meck continues, “Despite the recent challenges of COVID-19, the city continues to move forward with significant new projects, like Five Below.”
About Five Below
Five Below is a leading high-growth value retailer offering trend-right, high-quality products loved by tweens, teens and beyond. We know life is way better when you’re free to “let go & have fun” in an amazing experience filled with unlimited possibilities. With most items priced $1-$5, and some extreme value items priced up to just $10, we make it easy to say YES! to the newest, coolest stuff across 8 awesome Five Below worlds: Style, Room, Sports, Tech, Create, Party, Candy and Now.
Founded in 2002 and headquartered in Philadelphia, Pennsylvania, Five Below today has over 950 stores in 38 states. Realising a fiscal 2019 net sales increase of 18.4% to $1,846.7 million from $1,559.6 million in 2018, fiscal 2019 net income increased 17.0% to $175.1 million from $149.6 million in 2018.