Five Below to expand higher-priced Five Beyond concept to 400 stores
March 16, 2023
Anderson told investors on the company’s earnings call that customers who buy a Five Beyond item, priced at $6 or higher, “spend over twice as much as those who buy only Five Below items.” That is one reason the company wants to introduce the concept to 400 stores this year. And ultimately, “our goal is for Five Beyond [to be] everywhere,” said Anderson.
However, the company said its cadence of store openings will be slower than last year.
Due to landlord and permitting-related issues, “we expect to open approximately one-third of our new stores in the first half of 2023 compared to over 40% in the first half of 2022,” said Ken Bull, who was promoted this week to COO. Bull will also serve as chief financial officer while the company selects a new person for the CFO position.