Thu Feb 09 2012
by Jeff Saunders
Reporter
Macedonia -- The recession may have hit many businesses hard, but at least one is growing.
The Philadelphia-based Five Below Inc., which at the beginning of the year had 102 stores in the eastern United States, has in a single day expanded into Northeast Ohio with the opening of six stores June 4.
"These are the farthest-most western stores we have," said David Schlessinger, company co-founder and its executive chairman.
The stores include one in Macedonia, on Macedonia Commons Boulevard, just north of Walmart, and in the Stow Community Center, 4332 Kent Road in Stow. The other stores are in Brooklyn, Fairview Park, Mayfield Heights and Strongsville.
The Five Below name comes from the policy that everything in the store is $5 or less, said Schlessinger. Average size of the stores is about 7,500 square feet, with the Macedonia and Stow stores both a little more than that, he said. The stores have about 20 employees, which jumps to about 35 during the holidays.
The stores have a variety of products in about a half-dozen different departments, including bath and body items, jewelry, crafts, stationary, toys and games, sporting goods, electronic accessories, books, DVDs, computer games, apparel, party supplies, greeting cards, snacks and seasonal items.
"We have stuff for everyone and we're focused on great brands and great quality," said Schlessinger.
Five Below was started with a single store in October 2002 and has grown quickly, with its pricing allowing it to do well in good times and bad, Schlessinger said.
"[Customers] appreciate how well we've kept prices low," he said.
Schlessinger said that by the end of June, the chain will have 114 stores, with plans to open a total of 40 this year.
"This year is the most stores we'll open in a single year," he said, adding, however, that the company plans to open 50 in 2011.
Schlessinger said the rapid growth was planned from the beginning because having a sizable number of stores gives the company "buying clout" with suppliers to keep prices low.
"We knew this would be most successful if we could get 100 to 200 stores," he said.
Five Below is open Mondays to Saturdays from 10 a.m. to 9 p.m. and Sundays from 11 a.m. to 6 p.m.
E-mail: jsaunders@recordpub.com
Phone: 330-688-0088 ext. 3169
Comments
By Posting to this site, you agree to our Terms of Service Be polite.
Inappropriate posts may be removed.
The-News-Leader.com doesn't necessarily condone the comments here, nor does it review every post.
Login above or Register to comment.
0 Total Comments Home | Back
Copyright Record Publishing Co, LLC. 1995-2010. All Rights Reserved.
Content may not be republished without the expressed written consent of the publisher.
Content may not be republished without the expressed written consent of the publisher.
Dix Communications