Houston—Teens and tweens—not to mention their parents—here are about to get a dose of the trend-right, value retail phenomenon of Five Below when the popular retailer opens its first eight stores in and around Houston today.
The fast-growing company offers teens a dynamic assortment of tech, fashion, beauty, crafts and seasonal must-haves, all priced at $1 to $5.
The eight new stores will be located in the following areas:
●Houston (Hedwig Village, Northwest Marketplace, and Willowbrook Plaza)
●Missouri City (Riverstone Shopping Center)
●Copperfield (Copperfield Village Shopping Center)
●Webster (Baybrook Square)
●Richmond (Bella Terra Shopping Center)
●Tomball (Tomball Marketplace)
The grand openings mark Five Below’s first foray into Houston. The company currently has 15 stores in the Dallas and Austin markets. Last year, the Philadelphia-based retailer opened 60 new stores, and has plans to open approximately 60 stores this year. With the Houston openings, there will be 338 Five Below stores in 20 states throughout the country.
Five Below offers merchandise that falls into different in-store sections: Style, Room, Sports, Tech, Crafts, Party, Candy and Now. Each new store is approximately 7,500 square feet in size. The company estimates that the stores will generate up to 300 new jobs throughout the area.
“We all know that you have to go big in Texas, and that’s what we’re doing by opening eight new stores in one day in Houston,” said Thomas Vellios, chief executive/co-founder of Five Below. “This attractive new market is primed to take advantage of our unique store concept. We’ve had tremendous success in our other Texas stores, and we expect Houston to get hooked on Five Below, as well.”
Founded in 2002, Five Below has expanded rapidly over the past few years. In March, the company entered Nashville with three new stores and followed it up with two additional stores in Tennessee.
Five Below will hold simultaneous grand openings at all eight stores with giveaways, coupons and contests. There will be five-cent hot dogs served Friday and Saturday, and the first 100 people in line Friday at each Five Below will receive a mystery ticket worth up to “100 Five Below Bucks.” One lucky winner will receive a $100 shopping spree.
Five Below reports this week an increase in its first quarter profit with a sales jump of 31.8% to $126 million from $95.6 million in the first quarter 2013; comparable store sales increased by 6.2%.
Five Below provided some soft guidance for the second quarter but lifted its sales expectations for 2014.