Posted on April - 25 - 2010
Discount retailer Five Below to open six stores in Northeast Ohio
Here’s an indicator prospects are looking up in the retail and shopping center worlds: Five Below, a chain targeting teens and pre-teens with value-priced fashion and fun items, plans to open six stores in June in Northeast Ohio.
The Philadelphia-based retailer with 105 stores in 12 states expects to hire about 200 people to run its stores in the region, Tom Vellios, co-founder and CEO, said in an interview. Mr. Vellios said the chain expanded into Northeast Ohio because it is moving west and did well with stores it opened last year in Pittsburgh.
Five Below will have locations averaging 7,500 square feet at Ridge Park Square shopping center in Brooklyn; Westgate in Fairview Park; Macedonia Commons in Macedonia; Eastgate Shopping Center in Mayfield Heights; Stow Community Center in Stow; and The Plaza at SouthPark in Strongsville. Five Below also is negotiating for Fairlawn and Bainbridge Township sites.
Five Below takes its name from goods costing $1 to $5 that Mr. Vellios describes as “trend-right, extreme-value merchandise.” Its brightly colored website recently touted everything from $1 penguin-shaped erasers to $5 ball gloves.
Mr. Vellios and partner David Schlessinger are retailing vets. Mr. Schlessinger founded Zany Brainy and Mr. Vellios served as its CEO, long before the educational toy store chain that made a short-term appearance here was sold and closed.
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