We visited Five Below, the discount-store chain that’s growing across America. Here’s what it’s like to shop there. (FIVE)


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Five Below is a discount-store chain that sells everything from books to clothes for under $5.
Five Below is one of several dollar stores that have been doing well lately, like competitors Dollar General and Dollar General. In the second quarter of 2018, Five Below’s comparable sales increased by 2.7%.
It has opened 67 new stores so far in 2018. It plans to open an additional 50 stores this quarter, CEO Joel Anderson said in an earnings call last week.

Five Below is thriving.

Five Below, a discount-store chain that sells everything from school supplies to clothes to candy for under $5, is one of several chains that have recently found success selling extremely low-priced products. From 2010 to 2015, dollar-store sales grew from $30.4 billion to $45.3 billion in the United States. Dollar General, Dollar Tree, and Family Dollar all announced plans to open hundreds of stores this year, with Dollar General planning to open 900 more locations in the US in 2018.

Five Below announced its own plans to grow earlier this year. It has opened 67 new stores so far in 2018 and plans to open another 50 this quarter in addition to the 625 stores it already operates, CEO Joel Anderson said in an earnings call last week. One of those stores will be a flagship location on New York’s Fifth Avenue, one of the most expensive shopping destinations in the US, CNBC reported.

Five Below is one of the country’s fastest-growing retailers, with 22.7% net sales growth year-over-year, according to the company’s most recent earnings release. In the second quarter of 2018, Five Below’s comparable sales grew by 2.7%.

One of the biggest draws of Five Below is that everything at the store truly costs under $5. You can find beach chairs, clothes, books, electronics, and school supplies for well below the price of similar products at other retailers.

We recently visited a location of the discount chain in Queens, New York. This is what we found:

SEE ALSO: We visited Family Dollar, the store that analysts say is becoming Dollar Tree’s biggest problem. Here’s what we found.

I went to a Five Below store in Queens, New York.

There was a sale sign advertising 50% off certain products, even though everything was already $5 or less.

The store was bright and spacious. Loud pop music was blasting over the speakers, and there were a lot of families shopping in the store.

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Source:: Business Insider

      

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