Growth and expansion
As of August 2024, Five Below operates over 1,800[10] stores in 46 states,[11][12][13] employing over 30,000[14] associates along with five distribution centers. It began its outward expansion away from the Philadelphia Metro area by entering additional out-of-state markets: Illinois and Michigan in 2011;[15] Georgia, Kansas, Missouri, and Western Michigan in 2012;[16] Texas in 2013;[17] Tennessee in 2014; Alabama, Florida, and Kentucky[18] in 2015; Louisiana, Minnesota, Oklahoma, West Virginia, and Wisconsin in 2016;[19] California in 2017; and Arkansas in 2018. Five Below in 2019 publicly[20] stated that they could build as many as 2,500 U.S. stores in the future. Arizona, Iowa, and Nebraska were introduced that year. Colorado and Nevada were added in 2020; New Mexico and Utah in 2021. Both Dakotas had opened new stores in 2022. Vermont joined in the next year. Wyoming was added in 2024. 2025 saw the first stores in Oregon & Washington open. Idaho and Montana, the two remaining continental states, will open later.[21]
In September 2014, the company announced a new lease agreement to move its New Castle, Delaware, distribution center to Oldmans Township, New Jersey.[22] The new center would add 275 jobs to the local economy while Delaware would lose 175.[23]
On July 19, 2012, Five Below went public on the NASDAQ at the share price of $17.[24] In 2014, Joel Anderson was appointed CEO.[25] 2016 sales were $1 billion, 2017 sales were $1.3 billion, and 2022 sales reached $3.08 billion.[26][27]
In 2018, Five Below moved its corporate headquarters, now called WowTown,[28] to the Lit Brothers Building in the Market East section of Philadelphia, and has rights to more than 200,000 square feet. WowTown has over 300 employees.[29]
On July 16, 2024, Five Below announced Joel Anderson had resigned from his roles as president and CEO to pursue other interests.[30]
Following his departure, Five Below's shares fell by 25%.[31] On the same day Petco named him as their new CEO.[32]
In July 2024, Chief Operating Officer, Kenneth Bull, was appointed interim president and CEO of Five Below before being replaced by former Forever 21 CEO, Winnie Park, in December 2024.[33][34] Park is a Princeton University graduate with an MBA from Northwestern University. Prior to joining Five Below, she had been the CEO of Forever 21 since January 2022. She also served as the CEO of Paper Source.[35][36]
