Five Below isn’t all that anymore as some prices rise
Five Below is going above its designated price point for the first time in its 17 year history.
The value-oriented chain, which targets tweens and teens with a diverse range of goods priced at $5 and under, has raised prices on some select tech items. The items will be displayed in a new section of the store called “Ten Below Tech.”
“For 17 years, Five Below has been providing our customers with cool, trendy stuff for $1-$5,” the company stated on its website. “We’ve always done everything possible to absorb cost increases. Recently, we had to raise prices above $5 on tech items to keep providing the products you love.”
Five Below is also adding a new section, “Ten Below Gift Shop,” that will feature a “handful” of toys and games, priced from $6 to $10.
“Once you’ve had a look, we hope you’ll agree that these high-value gifts are priced as low as only Five Below can,” the retailer said.
Despite the changes, Five Below said it is not changing its name since most of the store remains at $5 and below.
“We understand this change surprised you,” the company stated. “We’ve already received tons of feedback – some positive, some negative, all passionate – and we want to let you know that (a) we owed you this explanation and (b) our commitment is always to offer you the best possible value on the fun, new stuff you want.”
As of August, Five Below operated 833 stores in 36 states.