Five Below to open 40 new stores by year-end

Philadelphia Tween and teen favorite Five Below announced Monday that it will open six stores in the Greater Cleveland area as part of a chain-wide expansion that includes 40 new stores by year-end.

The Cleveland location are scheduled to open in June, and are part of an aggressive growth plan by the 105-store retailer to approximately double its size during the next two years. Averaging 7,500 sq. ft. each, the stores are primarily in regional open-air centers alongside Target, Walmart and other major anchors.

"Our recent success is allowing us to take advantage of the many retail leasing opportunities made possible by the current retail slowdown," said Tom Vellios, co-founder and CEO, Five Below, which sells trend-right and extreme-value merchandise, all at $1 to $5. "Landlords now seek us out, knowing that we're looking to grow, and we can increase traffic to their shopping centers."

With the expansion into Cleveland, the 105-store chain will operate in 12 states, primarily on the East Coast. The company further expects to enter additional markets including Cincinnati; Dayton, Ohio; Chicago; Detroit; and Indianapolis.