Five Below

Five Below, Inc.

Company type	Public
Industry	Retail
Founded	October 4, 2002 (2002-10-04) in Wayne, Pennsylvania, United States
Founder	Tom Vellios, David Schlessinger
Headquarters	Philadelphia, Pennsylvania , United States
Area served	United States (44 states)
Key people	Winnie Park (CEO as of December 2024)
Products	Sports equipment, games, fashion accessories, bath and body products, confectionery and drinks, home décor, stationery, educational supplies, books, mobile device accessories, novelty goods, seasonal items
Number of employees	30000+
Website	www.fivebelow.com

Five Below, Inc. is a U.S.-based specialty discount retailer primarily offering items priced at $5 or less, with select merchandise available up to $30. Established in 2002 by Tom Vellios and David Schlessinger, the company is headquartered in Philadelphia, Pennsylvania. Catering mainly to tweens and teenagers, Five Below operates more than 1,800 locations across 44 states within the United States.

The company’s retail strategy centers on providing a diverse assortment of products such as sports equipment, games, fashion accessories, bath and body products, confectionery and drinks, home décor, stationery, educational supplies, books, mobile device accessories, novelty goods, and seasonal items. For the fiscal year ending January 29, 2022, Five Below reported revenues totaling $2.848 billion, operating income of $379.88 million, and a net profit of $278.81 million. Employing upwards of 30,000 individuals, the company continues to enhance its market presence through targeted store launches and broadening its product portfolio.

History

Five Below was founded on October 4, 2002 in Wayne, Pennsylvania by David Schlessinger—who previously established Encore Books and Zany Brainy—and Tom Vellios, former CEO of Zany Brainy.

In response to the COVID-19 pandemic, all Five Below stores were temporarily shut down on March 18, 2020. By June 6, 2025, every U.S. location had resumed operations with ongoing plans for expansion.

Growth and expansion

Currently operating over 1,800 outlets in 44 states, Five Below employs more than 30,000 team members and oversees five distribution facilities. The company began expanding beyond the Philadelphia metropolitan area in 2011 by entering markets in Illinois and Michigan, subsequently extending into Georgia, Kansas, Missouri, Texas, Tennessee, and additional states through 2025. Future openings are planned for Idaho, Montana, and Oregon.

In September 2014, Five Below shifted a distribution center from New Castle, Delaware to Oldmans Township in New Jersey. This move resulted in the creation of 275 new jobs while reducing Delaware’s workforce by 175 positions.

Five Below went public on NASDAQ on July 19, 2012 with an initial share price of $17. Joel Anderson took over as CEO in 2014. The company’s revenue expanded from $1 billion in 2016 to $3.08 billion by 2022.

On July 16, 2024, Joel Anderson stepped down as president and CEO to explore other ventures; his exit triggered a 25% decline in Five Below’s stock value. He was promptly appointed CEO of Petco. Kenneth Bull served as interim CEO until December 2024 when Winnie Park—former CEO of Forever 21 and Paper Source and a Princeton MBA alum from Northwestern University—assumed the CEO role.

Store format

Typical Five Below stores cover approximately , featuring an extensive selection of affordable products that contribute to the retailer’s strong position within the discount retail market.

Headquarters

In 2018, Five Below moved its corporate headquarters—known as WowTown—to the Lit Brothers Building located in Philadelphia’s Market East district. The new facility encompasses over 200,000 square feet and employs more than 300 personnel. This relocation underscores strategic leadership focused on supporting business expansion and enhancing global operations.

Philanthropy

Since 2005, Five Below has contributed more than $19 million to organizations dedicated to children's causes, strengthening its commitment to corporate social responsibility. Notable collaborations include ongoing support for Alex's Lemonade Stand Foundation, annual fundraising efforts with St. Jude Children's Research Hospital during Halloween campaigns, and a partnership with Toys for Tots beginning in 2018. In response to Hurricane Sandy, the company teamed up with the American Red Cross, matching donations from customers to generate $100,000 in relief funds. These charitable initiatives play a significant role in enhancing the company's public image and industry standing.