Five Below, a teen fashion chain where everything costs less than $US5, is growing fast.
The chain has grown to 366 locations, up from just 82 in 2008, writes Sapna Masheshwari at Buzzfeed. Sales were $US535 million last year.
CEO and co-founder Tom Vellios tells Buzzfeed that his childhood love of five-and-dime stores inspired the chain, which was founded more than a decade ago.
While big box chains are generally getting smaller, Five Below’s price point is low enough to bring in customers.
Five Below focuses on offering quick imitations of popular teen trends, such as the Rainbow Loom craze last year.
“Our goal is not to be first to identify a trend — we have the ability to be a very fast second,” Vellios told Buzzfeed.
The brand sells everything from tech accessories and sporting goods to party supplies and bedroom decor.
The average store is 7,500 square feet, about the size of a Gap store, according to Maheshwari.
Parents on social media say they like the chain because it keeps their children happy and is cheap.
The brand is also popular for selling smartphone cases, a booming market that Forever 21 is also trying to capitalise on.
A photo posted by Julie Sabatino (@thestylishbride) on Oct 10, 2014 at 9:12am PDT
Credit Suisse analysts believe Five Below could eventually expand to 3,000 locations.
Read Maheshwari’s profile of the brand here.
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