In a recent earnings release, Five Below has announced plans to execute a long-term growth strategy that includes expanding their brick-and-mortar footprint and nearly tripling their total store count by 2030. Five Below has marked this as their “Triple-Double” growth plan. The retailer aims to have over 3,500 stores in their portfolio by 2030. At the end of the 2021, the company had a location count of 1,190, after adding 170 stores in the fiscal year. Roughly 1,000 of their new stores are set to open by fiscal 2025. Five Below aims to double their earnings and sales by that time as well.
Looking towards the future, Five Below plans to open up to 400 stores over the next two years and up to 600 during the 2024 and 2025 fiscal year.
Five Below’s strategic plan follows a year of significant and strong growth for the retailer. Net sales for 2021 were 45.2% year-over-year to about $2.8 billion, with comparable sales up over 30%. Net sales were also up more than 54% from 2019, surpassing pre-pandemic numbers.
The company will also expand their current store prototype and product offerings throughout 2022. They will experiment with new services such as ear piercing options and balloons at select locations.
Source: Five Below – Retail Dive
Photo Credit: Five Below – Retail Dive
