Discount brand opening 150 new locations nationwide including one in SoCal so far

CALIFORNIA – Five Below, a discount store targeting tweens and teens, announced during a March 20 earnings call that it plans to open 150 new locations in 2025.

The website currently lists several locations as “coming soon,” including one in Victorville set to open on April 11.

The company also said their net sales went up by 4.0%, from $1.34 billion to $1.39 billion in the fourth quarter of fiscal 2023.

Five Below COO Ken Bull said the company is pleased to finish the year with fourth-quarter sales and earnings per share (EPS) higher than expected.

“We entered the holiday period with the goal of showcasing more newness with key trend-right, value product, while also improving our operational execution and in-store experience,” said Bull.

‘Focus on our core customer – the kid and the kid in all of us’

According to the earnings call, there are 1,771 Five Below stores across 44 states. The discount retailer, known for offering products priced between $1 and $5, has been introducing in-store sections with higher-priced items.

“We are executing our key strategies around product, value and store experience, and doing so with a sharpened focus on our core customer – the kid and the kid in all of us,” said new Five Below CEO Winnie Park.

Park became the head of the discount brand in December 2024, following her role as CEO of Forever 21 since 2022.

Five Below has also appointed Jacob Hawkins as its new chief marketing officer, who will work to boost brand awareness and build on the company’s successful efforts with creators and social media. He previously worked with Park at Forever 21.

Sees an opportunity for 3,500 stores

Five Below told analysts on the earnings call that the company sees the opportunity for a total of 3,500 stores.

The company opened 227 new stores, net of closures, compared to 204 net new stores in fiscal 2023.

Five Below’s expansion plans go against the current trend of discount stores closing, such as Dollar General and Family Dollar, which have been scaling back their operations.