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Five Below Secures Financing for Expansion
September 16, 2008
Philadelphia-based Five Below Inc., a retailer of extreme-value merchandise for the teen and pre-teen market, announced the closing of a $17 million follow-on investment by LLR Partners Inc. New York-based private-equity firm Blue 9 Capital also participated in the financing. Five Below will use this financing to support its plans to grow to 200 stores over the next three years. Currently, the company has 80 stores, operating in seven states in the mid-Atlantic region from Virginia to Massachusetts. Five Below has just successfully entered the Boston/New England market, and projects it will open 50 stores in that market over the next few years. "From a location perspective, we have found that Five Below's extreme-value model is well positioned to capitalize on available real estate, and drive traffic to our stores during these tough times," said Tom Vellios, CEO and co-founder of Five Below.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone. Below is video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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