PHILADELPHIA, PA, June 1, 2015 (GLOBE NEWSWIRE) -- Five Below, Inc. (Nasdaq:FIVE), the leading retailer of trend-right, high-quality, extreme-value merchandise for pre-teens, teens and beyond, today announced the Company will grand open a new distribution center in Oldmans Township, New Jersey. The 1,045,000 square-foot facility, located at 5 Gateway Boulevard, Pedricktown, NJ, will replace the Company's existing 421,000 square foot facility located 12 miles away in New Castle, Delaware. Five Below will occupy approximately 700,000 square feet of the facility to start, with plans to grow to a million square feet over time. The new distribution center will support the Company's continued growth and expansion in the Eastern U.S.
Five Below will begin shipping out of the new distribution center in July. The property is owned by NFI, a supply chain solutions provider headquartered in Cherry Hill, NJ. All of the current jobs at the New Castle facility will be transferred to the new Pedricktown facility. Additionally, over 100 new jobs are expected to be created over the next few years. The Company will host a grand opening ceremony at the new facility at 9:00am EST on Wednesday, June 3rd, with local community and government officials.
"It is an exciting time for Five Below, as we continue to invest in our infrastructure to fuel the expansion and success of our brand," said Joel Anderson, CEO and President of Five Below. "The Eastern U.S. is an extremely important geography for Five Below and includes some of our highest volume stores. In addition, there is substantial store growth opportunity on the East Coast, which creates the need for increased distribution capacity. With NFI as a partner, we are excited about the growth ahead and our ability to fulfill our customer's needs."
About Five Below:
Five Below is a rapidly growing specialty value retailer offering a broad range of trend-right, high-quality merchandise targeted at the teen and pre-teen customer. Five Below offers a dynamic, edited assortment of exciting products in a fun and differentiated store environment, all priced at $5 and below, including select brands and licensed merchandise across a number of category worlds: Style, Room, Sports, Tech, Crafts, Party, Candy, and Now. Five Below is headquartered in Philadelphia, Pennsylvania. For more information, visit www.fivebelow.com.