Just in time for Valentine’s Day, Five Below will have its grand opening Friday, Feb. 14, at the Yorktown Green Shopping Center. The value retailer, geared to tweens and teens but favored by others as well, occupies part of the former Kmart store at the center, 335 Downing Drive. A T.J. Maxx store opened next door in November and a Michaels craft store is expected to open in March. A pickleball sports center is slated to open there in late August or early fall.
Five Below is so named for the pricing of its items, many of which are $5 or even below, like the Bluey Valentine’s Plush or SpongeBob SquarePants Angel Plush ($5 each). Some items are marked Five Beyond, like the Hello Kitty Remote Control Figure With Pop Confetti Function ($20) or the Mini Beauty Fridge ($25).
“The arrival of Five Below at the Yorktown Green Shopping Center is another validation of Yorktown’s economic revival and our town’s growing attractiveness to national retailers and families,” said Supervisor Ed Lachterman. “Five Below joins a lineup of exciting new businesses that are reinvigorating this key commercial hub and turning Yorktown Green into a vibrant destination for shopping, recreation and community activity.”
The shopping center began its revival in 2022 when Uncle Giuseppe’s Marketplace moved into a former Food Emporium that sat vacant for 10 years. Five Below – which was established in 2002 in Wayne, Pennsylvania, by David Schlessinger, founder of Encore Books and Zany Brainy, and Tom Vellios, former CEO of Zany Brainy, has also undergone a revival since 2020 when Covid forced the closing of all its stores.
On Dec. 4, Five Below Inc. (NASDAQ: FIVE) announced financial results for the third quarter and year to date period that ended Nov. 2:
- “Net sales increased by 14.6% to $843.7 million from $736.4 million in the third quarter of fiscal 2023; comparable sales increased by 0.6%.
- “The company opened 82 new stores and ended the quarter with 1,749 stores in 44 states. This represents an increase in stores of 18.1% from the end of the third quarter of fiscal 2023.
- “Operating loss was $0.6 million compared to operating income of $16.1 million in the third quarter of fiscal 2023. Adjusted operating income was $27.6 million.
- “The effective tax rate was 23.4%, compared to 25.4% in the third quarter of fiscal 2023.
- “Net income was $1.7 million, compared to $14.6 million in the third quarter of fiscal 2023. Adjusted net income was $23.3 million.
- “Diluted income per common share was $0.03, compared to $0.26 in the third quarter of fiscal 2023. Adjusted diluted income per common share was $0.42.”
