The fast growing discount retailer Five Below has announced plans to build a roughly 850,000 square foot facility in the city of Buckeye, Arizona.
What is estimated to be a $75 million project will go up on currently vacant land at the southwest corner of Miller Road and W. Durango Street, and will be yet one more sign of the Philadelphia-based store’s rapid growth.
Founded in 2002, Five Below caters to a child and teenage clientele selling everything from clothing apparel to school supplies and a wide variety of toys and games.
The company takes its name from the fact that the vast majority of items sold in its stores are listed at $5 or below, although a smaller number of products are priced between $6 and $10.
With more than 950 stores nationally, Five Below has announced an aggressive campaign to expand its retail presence by eventually building and opening some 2,500 locations.
In the first quarter of this year, the company opened 20 new stores on the way to a planned total of 120 new stores by the end of this year.
Because of its expansion, Five Below earlier this year also opened a new 715,000 square foot distribution center in Forsyth, Georgia.
Although most of its stores have been located in the Northeast and South, the company is increasingly opening new outlets in the West. Currently Five Below has ten stores in Arizona, six in Colorado, and four in metro El Paso.
In a statement, Joel Anderson, Five Below’s chief executive officer, said the new Buckeye center will service the company’s stores in Arizona, California, Colorado, and Nevada, among other Western locales.
“We are really excited to continue our expansion out West and to build out our distribution network,” said Anderson.
Work on the Buckeye facility is expected to begin later this year with a late 2021 completion date.
By Garry Boulard