Five Below plans to add at least seven new outlet locations to its store roster this year in partnership with mall operator Simon.
The retailer already operates 21 stores within the Simon portfolio. The new locations, slated to open throughout this spring and summer, will be at Simon Premium Outlets in Albertville, Minn.; Pleasant Prairie and Johnson Creek, Wis.; Gaffney, S.C.; Edinburgh, Ind.; Pismo Beach, Calif.; and Tannersville, Pa.. Five Below also will open two new locations, at Simon malls in Milpitas, Calif. and Duluth, Minn., as well as undergo a full remodel of its store at the Arundel Mills mall in Hanover, Md.
The new outlet and mall-based locations are part of Five Below’s ongoing Triple Double growth plan, first announced in March 2022. Under the strategy, Five Below is planning to triple its store count to more than 3,500 locations by the end of fiscal 2030 while at least doubling sales and growing operating margin by 14% by the end of fiscal 2025. During fiscal 2023, which ends in January 2024, the company plans to open 400 new stores, with that number accelerating to 550 to 600 new stores in fiscal 2024 and 2025. To help meet its margin goals, the company also will upgrade 400 existing locations to its higher-priced Five Beyond format in fiscal 2023.
“Expansion to 3,500-plus stores is a key strategic pillar of our vision for growth, and our relationship with Simon is core to continuing our national expansion efforts,” said George Hill, Chief Retail Officer of Five Below in a statement. “We look forward to our partnership with Simon and serving new communities and customers with our fun and value-based experience with the opening of each new store this spring and summer.”