PHILADELPHIA, Sept. 27, 2016 /PRNewswire/ -- Five Below
(NASDAQ: FIVE), the trend-right, high-quality extreme-value brand
for pre-teens, teens and beyond, has called Philadelphia home for nearly 15 years, and it
will continue to do so for at least another 15 after the
rapidly-growing retailer signed a lease to move its headquarters to
701 Market St. in Center City
Philadelphia in early 2018. The company's offices are
currently located at 1818 Market St.
Five Below signed a long-term lease with Independence Realty
L.P., an affiliate of Brickstone Realty, committing over time to
occupying approximately 180,000 square feet of office space, plus
anticipated retail space on the site of the former home of Lit
Brothers department store.
The Philadelphia-based company
is one of the fastest growing retailers in the country with more
than 500 stores in 31 states. Five Below has more than
doubled its store count over the past four years and due to this
significant growth, the company has also outgrown its current
offices that occupy approximately 60,000 square feet of
space. The future site offers sufficient space to accommodate
current operations, as well as room to handle expected growth.
"We are so excited that Five Below will continue its great
legacy in Philadelphia," said
Joel Anderson, CEO of Five Below.
"This new, larger location is the result of a strategic multi-year
search to find a long-term home that would support our amazing
growth, help us attract top talent, and reach our goal of 2,000
plus stores nationwide. For over 100 years, Market East has
always attracted iconic retailers to Philadelphia, and we are proud to carry on
that tradition. Our associates will enjoy a dynamic,
collaborate environment with amazing retail amenities second to
none in Philadelphia. We couldn't have found a better partner
in Brickstone, and are proud to call their building our new
home."
"I am pleased that Five Below has chosen to keep its national
headquarters in Philadelphia where
it can continue its success story at a new location," Governor Wolf
said. "Today's announcement of 154 new, high-wage jobs marks the
second headquarters announcement this month in the City, proving
once again that Pennsylvania has
the ability to attract and retain major employers."
The original building dates back to the 18th century
when it was constructed on land originally owned by William Penn. Five Below plans to remodel
the space by infusing its own unique brand culture into the
building's rich retail history.
"I am thrilled Five Below has committed to remain in
Philadelphia with its recent
decision to locate its new headquarters in Market East," said Mayor
Jim Kenney. "For the past 15 years,
Five Below has built an iconic brand, and we are proud to
support the company as it continues to grow."
"We are so excited to be part of the rebirth of Philadelphia, as we continue to build this
amazing company that has unparalleled growth potential," said
Tom Vellios, executive chairman and
co-founder of Five Below. "In only 15 years, Five Below has emerged
from an idea on a napkin to a major growth employer in Philadelphia, as we will exceed over 1,000
associates in this city in the years to come. Since day one,
Philadelphia has been our home.
Five Below is a Philadelphia
brand— always has been, always will be."
About Five Below
Five Below is a rapidly growing specialty value retailer
offering a broad range of trend-right, high-quality merchandise
targeted at the teen and pre-teen customer. Five Below offers a
dynamic, edited assortment of exciting products in a fun and
differentiated store environment, all priced at $5 and below. Select brands and licensed
merchandise fall into the Five Below worlds: Style,
Room, Sports, Tech, Crafts,
Party, Candy, and Now. Five Below is
headquartered in Philadelphia,
Pennsylvania. For more information, visit
www.fivebelow.com.
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SOURCE Five Below