National retailer plans major expansion in New Jersey
While some retailers are suffering in the current climate, others are thriving, building more brick and mortar stores while fending off e-commerce behemoths like Amazon. One such thriving retailer is Five Below, which has plans for a major expansion in the Garden State, as well as in the rest of the country, too.
Their newest New Jersey location is planned for Clifton, it’s been announced, with an opening planned before this year’s holiday season. According to NJ.com, it will be located in Botany Plaza on Ackerman Ave. Existing stores at the plaza include LA Fitness, Burlington, Forman Mills, and Superfresh.
As part of its announced “Triple Double” expansion plan, Five Below plans on tripling the number of stores it has nationwide. It currently has 1,190 stores in 40 states; 49 of those stores are in New Jersey.
Per a company release,
“We are increasing our store potential in the U.S. from 2,500+ to 3,500+, or triple our current store count, and we are planning to double our sales and more than double our EPS through fiscal 2025," stated CEO Joel Anderson. We expect to open approximately 1,000 stores during this time.”
I should amend my earlier statement that Five Below is thriving; while they are faring better than some of their retail competitors, their stock has taken a beating recently, dropping 50% from its high in July of last year. But the expansion plans are full steam ahead.
The teen and tween targeted retailer offers most items for between $1 and $5, but some are as much as $25.
Most items are $5 or below.
The company is embarking on an aggressive expansion.
Cosmetics are a big part of Five Below.
They also sell sporting goods….
….and lots of candy.
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.
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