While countless retailers such as Lord & Taylor, Ralph Lauren, Barnes & Noble and FAO Schwarz have said goodbye to New York City’s iconic Fifth Avenue, discount retailer Five Below is moving in.
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The Philadelphia-based retailer will open its doors Friday at its first midtown flagship store on what is considered one of the most expensive streets in the world.
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The new shop will span 11,000-square feet and is a “unique opportunity” for the company to establish a presence in one of the world’s most popular shopping destinations and introduce new customers to the brand, Joel Anderson, president and CEO of Five Below, said in a statement to FOX Business in July, when it first announced its plans to open in New York City.
“We look forward to wowing New Yorkers and tourists from around the world with our trend-right, cool products at extreme values and exciting shopping experience,” Anderson added. Even though Fifth Avenue is a symbol of high-end luxury, the shop will offer most items for just $5 and below.
With over $1 billion in annual sales, Five Below is becoming one of the fastest growing retailers in world, according to the company. In addition to New York City, Anderson plans to embark on an aggressive store growth strategy, with plans to open about 125 locations in fiscal 2018. To date, it already has approximately 680 stores in 32 states. The chain first opened its doors in October of 2002 in Wayne, Pennsylvania.
Anderson said he wants the company to have more than 2,500 locations and also sees a huge opportunity to take a larger share of the toy market, which has been left unopened after the demise of Toys R Us this summer.