Five Below enters Pittsburgh market with 100th store

Philadelphia Teen value retailer Five Below said Tuesday it has signed a lease for its 100th store, its first in the Pittsburgh market.

The new store will be located in the Waterworks Shopping Center in Pittsburgh, and is slated to open in November, along with three more locations in Butler, Cranberry and Altoona, Pa., in 2010.

"Our offering of brand-name, trend right merchandise, all at extreme-value prices, continues to attract a growing customer base among teens, tweens and people of all ages," said David Schlessinger, chairman and co-founder of Five Below. "Now more than ever, our $1 to $5 prices allow customers to shop us frequently for what they want and need."

With the signing of the lease for its 100th store, Five Below will operate in nine states on the East Coast, from New Hampshire to Virginia. The company said it plans to open 10 to 15 additional stores in the Pittsburgh market and grow to more than 200 total locations over the next two years.

Five Below also said it is evaluating new markets from New York, Ohio and North Carolina for entry.

Waterworks Shopping Center is also tenanted by Wal-Mart, Giant Eagle, Barnes & Noble, T.J. Maxx, Marshalls, Ross, Old Navy and Petco.