Five Below opening six new stores in Michigan, including two in Metro Detroit

Posted on April 10, 2013

DETROIT, MI – Five Below, a Philadelphia-based retailer that sells low cost merchandise aimed at teens and pre-teens, is opening six new stores in Michigan on April 12, the company announced Tuesday.

Two of the new locations are in Metro Detroit, including one in Crossings at Taylor at 23853 Eureka Rd. in Taylor, and another in Waterside Marketplace at 50579 Waterside Dr. In Chesterfield Township.

Another four locations are opening in Benton Harbor, Kalamazoo, Okemos and Saginaw.

Five Below already has 18 retail outlets throughout Michigan, including 10 locations in the Metro Detroit area.

“Our Michigan customers have voted, and they’ve shown tremendous enthusiasm for Five Below’s brand-name, trend-right merchandise for teens, pre-teens, and shoppers of all ages,” Tom Vellios, CEO and co-founder of Five Below, said in a statement. “In opening these six stores, we’ll create new opportunities for local Michigan communities to find a dynamic assortment of tech, fashion, beauty, crafts, and seasonal must-haves, all priced at $1 to $5.”

The company will host grand openings this weekend for each of the new locations, giving away free t-shirts, raffling off a $100 shopping spree and selling five-cent hot dogs.

Five Below plans to open about 60 locations in the 19 states it operates in this year, bringing its total number of outlets to about 300.

The publicly-traded company’s net sales rose 41 percent to $418.8 million in 2012. Its net income grew to $20.0 million, compared with $16.1 million in 2011.

David Muller,