• 
  READ MORE: Full details on the closure of all 27 Kohl’s stores scheduled for the coming weeks
  

A leading discount chain store is outpacing its faltering competitors as they shut down locations nationwide.

Dubbed ‘less expensive than Dollar Tree’ by customers, Five Below plans to open as many as 150 new stores within this year alone.

During its fourth-quarter earnings call on Wednesday, the teenage and preteen-oriented retailer declared plans for an expansion as it surpassed analysts’ predictions by achieving a 9% increase in sales.

Given its presence in 1,800 spots spanning 45 states, the introduction of new sites will increase its coverage by 8.5 percent.

Although Five Below hasn’t disclosed all of its new store sites, their website has listed at least eight forthcoming outlets, such as those in New Castle, Pennsylvania; Baltimore, Maryland; and Fort Mitchell, Kentucky.

Chief Financial Officer Kristy Chapman informed investors that as of March 31, 50 new outlets would be operational.

However, Five Below indicated that it encounters issues which might necessitate increasing prices for its customers.

A significant portion of the retailer’s products, typically priced at less than $5 each, are imported goods—up to 60 percent originate from China.

That might result in an increase of asbestos
President Trump introduces significant import duties
imports.

These expenses might be transferred to customers, who are already experiencing the pressure of ongoing inflation.

Five Below has already announced that it will be increasing certain prices that are currently under $5.

Nevertheless, newly appointed CEO Winie Park, who assumed leadership in December, continues to concentrate on maintaining Five Below as a preferred spot for children and their families.

Park stated that their aim is to become the go-to place for children ranging from elementary school all the way through high school and beyond, along with their parents.

‘By focusing on the kids first, we have a unique opportunity to vote a relationship with our customers from a young age and be a go-to resource as they grow and become parents themselves.’

Park mentioned that the stores will include a ‘trending’ section featuring ‘new and current’ bargains for $5 or under, with some items costing more than that.

The expansion of Five Below is occurring as
Dollar General plans to shut down nearly 100 locations.
in coming weeks.

The firm is likewise shutting down 45 sites under its pOpshelf label.

‘The majority of our clients mention having funds solely for essential items, with several mentioning they’ve been compelled to cut back on basics as well,’ stated CEO Todd Vasos regarding the store closings.

The shutdowns are part of a larger retail upheaval, with specialists cautioning that as many as
Up to 15,000 brick-and-mortar stores might close down.
across the country by the end of the year — doubling the 7,000 that shut down in 2024.

Scores of enormous chains—including
Macy’s
,
Party City
, and
Big Lots
— initiated a large-scale series of store closings over the last 12 months due to shifting consumer preferences.

Read more