Philadelphia — This month, value retailer Five Below debuted in Michigan with the opening of five new stores in the Detroit area.
Philadelphia — Five Below, the leading retailer of extreme-value merchandise for teens and pre-teens, is entering the Detroit market with the opening of five new stores. On July 15, 2011, Five Below opened locations in Allen Park, Brighton, Orion, Shelby Township and Troy, bringing thousands of products, all priced between $1 and $5, to the shopping carts of Detroit shoppers.
“Detroit is a pivotal market for Five Below, as it helps bridge our presence in Cleveland and Chicago, the latter of which we just entered earlier this summer,” says Tom Vellios, co-founder and CEO of Five Below. “We can easily see ourselves developing this market to include as many as 25 stores over the next 2 to 3 years.”
This expansion marks the retailer’s Michigan debut and increases the total number of Five Below locations to 166 across 16 states. A sixth Detroit location will open this fall at the Woodhaven Commons shopping center in Woodhaven, Mich. The new stores are part of a continual growth initiative to expand the retail chain to 200 stores by year-end.