Five Below sinks to new low in Florida

Value priced teen retailer Five Below is making a big splash in the Sunshine State this month with the opening of nine stores there as the company continues to expand across the country.

"Entering the state of Florida, our 25th state and opening our first stores in Jacksonville, Orlando and Tampa, is very exciting as we continue to grow our footprint across the country," said Joel Anderson, CEO of Five Below. "We're thrilled to develop new relationships with customers in the Sunshine State. Kids and parents looking for a fun place to shop for trend-right, high quality products at a great value will surely enjoy Five Below. Where else can you get the awesome feeling of getting all things summer for just $5 and below?"

The Philadelphia-based company is one of the fastest growing retailers in the U.S. It expects to cut the ribbon on approximately 70 new stores this year, on top of opening 62 stores in 2014.

Catering to teens, pre-teens and their parents, Five Below carries an ever-evolving assortment of cellphone cases and chargers, remote control cars, yoga pants, graphic tees, nail polish, baseball and soccer balls, tons of candy and seasonal must-haves for summer, Back-to-School, Christmas and more. And everything, every day, is just $5 and below.

Analysts sayFive Below has no direct competition for its concept. While Walmart, Target and other retailers all carry some of the same products, Five Below is the only one with its particular assortment of items in one place.

The Florida stores are located in Estero, Melbourne, Orlando, Kissimmee, Jacksonville Beach, Brooksville, Sarasota, Plant City and Jacksonville.

Five Below, headquartered in Philadelphia, now operates more than 400 stores in the United States. Company officials say they hope to grow the chain to more than 2,000 stores across the U.S.