Five Below, Five-and-Dime For iPod Generation, Debuts In Detroit Area

Philadelphia-based Five Below, a retailer of value merchandise for teens and pre-teens, announced Wednesday that it will open five new stores in the Detroit area.

The stores offer thousands of products, all priced between $1 and $5.

"Detroit is a pivotal market for Five Below, as it helps bridge our presence in Cleveland and Chicago, the latter of which we just entered earlier this summer," says Tom Vellios, co-founder and CEO of Five Below. "Beyond that, Detroit contains a huge population of value-conscious shoppers who are eager to experience our brand and trend-right product selection. We can easily see ourselves developing this market to include as many as 25 stores over the next two to three years, and we are extremely excited to start now."

The first wave of Detroit-area stores will bring approximately 175 jobs to the region. Averaging 7,500 square feet, they are located in:
* Fairlane Green at 17005 Oakwood Boulevard in Allen Park;
* Green Oak Village Place at 9520 Village Place Boulevard in Brighton;
* Baldwin Commons at 4814 S. Baldwin Road in Orion Township;
* Shelby Town Center at 14215 Hall Road in Shelby Township; and
* Oakland Square at 500 John R Road in Troy.

Five Below extends the buying power of teens, pre-teens, and other value-minded shoppers by offering brand-name merchandise across eight major retail categories at unbeatable prices. All merchandise, including fashion accessories, iPad and iPhone accessories, DVDs and video games, home décor, sports and fitness equipment, toys and games, arts and crafts, and more is priced $5 or below.

"Five Below is at the forefront of the new consumer trend of offering great products at great value," says David Schlessinger, Five Below co-founder. "Shoppers today are more budget-conscious than ever, but they don't want to sacrifice quality or trendiness. Teens and pre-teens who shop at our stores buy more with their allowance or babysitting money, and parents can outfit their kids with all the latest trends and products without having to worry about the impact on their pocketbooks."

This expansion marks the retailer's Michigan debut and increases the total number of Five Below locations to 166 across 16 states. A sixth Detroit location will open this fall at the Woodhaven Commons shopping center in Woodhaven. The new stores are part of a continual growth initiative to expand the retail chain to 200 stores by year end.

To celebrate the grand openings of the new locations, each store will be giving away free Five Below t-shirts with any purchase to the first 300 customers each day during opening weekend, five-cent hot dogs, and other prizes, including a $100 Five Below shopping spree. Roary from the Detroit Lions and Hooper from the Detroit Pistons will also be making special appearances at each of the stores throughout the weekend.

Five Below's hours of operation are Monday through Saturday, 9:30 a.m. to 9 p.m., and Sunday, 10 a.m. to 6 p.m.