Five Below has named Winnie Park, currently CEO of Forever 21, to take the reins as its CEO, effective Dec. 16, 2024. Previous Five Below CEO Joel Anderson left the company to lead Petco in July 2024.
In her new role, Park will work closely with COO Kenneth Bull, who has been serving as interim President and CEO since Anderson’s departure. Co-founder Thomas Vellios will continue as Chairman of the Five Below board and work with the executive team to drive the retailer’s strategic priorities.
Park has been CEO of Forever 21 since 2022. She led a brand refresh for the fast fashion retailer, focusing on younger consumers with a social-media-first approach to customer engagement. Under her leadership, Forever 21 launched omnichannel capabilities, social commerce and a metaverse partnership with Roblox. Prior to her tenure at Forever 21, Park was the CEO of Paper Source.
Five Below has been in expansion mode since the March 2022 unveiling of its “Triple Double” growth plan, which includes the goal of opening approximately 1,000 stores by its 2025 fiscal year, which will end in February 2026.
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For its Q3 2024, which ended Nov. 2, 2024, Five Below boosted net sales 14.6% compared to the same period the previous year, from $736.4 million to $843.7 million. Comparable store sales showed a modest 0.6% increase. The retailer opened 82 new stores during the quarter, ending with 1,749 stores in 44 states — a total representing 18.1% more stores than in Q3 2023.
