National retailer plans major expansion in New Jersey
While some retailers are hurting in the current climate, others are thriving, building more brick-and-mortar stores while fending off e-commerce giants like Amazon. One such successful retailer is Five Below, which has plans for major expansion in the Garden State, as well as the rest of the country.
Their new location in New Jersey is slated for Clifton, it was announced, with an expected opening before this year’s holiday season. According to NJ.com, it will be located at Botany Plaza on Ackerman Ave. Existing stores in the plaza include LA Fitness, Burlington, Forman Mills and Superfresh.
As part of its announced “Triple Double” expansion plan, Five Below plans to triple the number of stores it has nationwide. It currently has 1,190 stores in 40 states; 49 of those stores are in New Jersey.
In a company statement,
“We are increasing our potential US stores from 2,500+ to 3,500+, or tripling our current number of stores, and expect to double our sales and more than double our EPS through fiscal 2025,” said CEO Joel Anderson. We plan to open approximately 1,000 stores during this period.
I should modify my previous statement that Five Below is booming; while they are doing better than some of their retail rivals, their stock has recently tumbled, falling 50% from its peak in July last year. But expansion plans are moving at full speed.
The teen and tween-targeted retailer carries most items between $1 and $5, but some are priced as high as $25.
Most items are $5 or less.
The company embarks on an aggressive expansion.
Cosmetics are a big part of Five Below.
They also sell sporting goods….
….and lots of sweets.
The views expressed in the above post are those of New Jersey 101.5 talk show host Bill Doyle only.
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