Five Below is expanding its outlet center footprint.
The teen and tween extreme-value retailer and Simon are expanding their relationship, with Five Below poised to open stores in at least seven of Simon’s Premium Outlets centers. The expansion will start this spring. (Locations listed at end of article.)
Five Below, which opened its first outlet location in summer 2022, in Pearl, Miss., plans to plans to open a record 200 new stores this year.
"Expansion to 3,500-plus stores is a key strategic pillar of our vision for growth, and our relationship with Simon is core to continuing our national expansion efforts,” said George Hill, chief retail officer of Five Below. “We look forward to our partnership with Simon and serving new communities and customers with our fun and value-based experience with the opening of each new store this spring and summer.”
Simon operates or has an ownership interest in more than 250 premier retail destinations around the world and Five Below operates 21 stores within the Simon portfolio.
"The expansion of our relationship with Five Below comes as a result of the success of the 21 stores that are currently in our Malls and Mills properties and is a natural extension of our commitment to growth," said Paul Ajdaharian, senior VP of leasing at Simon.
Starting this spring, Five Below is opening stores at the following Simon properties:
Albertville Premium Outlets; Albertville, Minn.;
Pleasant Prairie Premium Oulets, Plesant Prairie, Wis.;
Johnson Creek Premium Outlets; Johnson Creek, Wis.;
Gaffney Outlet Marketplace; Gaffney, S.C.;
Indiana Premium Outlets, Edinburgh, Ind.;
Pismo Beach Premium Outlets, Pismo Beach, Calif.; and
Pocono Premium Outlets, Tannersville, Pa,
In addition, Five Below is opening at Great Mall, a Mills property in Milpitas, Calif., and at Miller Hill Mall, Duluth, Minn., this year. It also is undertaking a full remodel of its location at Arundel Mills, in Hanover, Md.
Founded in 2002 and headquartered in Philadelphia, Five Below today has more than 1,340 stores in 43 states.