Five Below Inc. said it plans to open more than 200 new stores in 2023 and convert 400 stores to its “Five Beyond” format, which features items priced above its traditional $5 threshold.

The Philadelphia-based discount retailer revealed its 2023 expansion plans on Monday as it reported that net sales for the holiday season from Oct. 30 through Jan. 7 increased by 11% to $1 billion from $902 million in 2021. 

The planned openings are part of Five Below’s (NASDAQ: FIVE) “triple-double” expansion plan that includes tripling its national footprint to more than 3,500 stores by the end of 2030 and eventually doubling sales to $5.6 billion. Five Below currently has nearly 1,200 stores in 40 states.

The company opened 40 new stores in the third quarter and announced plans to open 48 stores in the fourth quarter. It has also converted 250 stores to the Five Beyond concept. 

*Article courtesy of Philadelphia Business Journal 

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