Sentinel staff report– A teen-targeted discount retailer is moving forward with plans to open more than 100 new stores nationwide, including one in Citrus Heights.
Signage outside the former Dress Barn location in the Citrus Town Center announces a grand opening date of July 10. A company spokeswoman on Tuesday also confirmed the date.
Five Below sells products that cost up to $5, plus a small assortment of products from $6 to $10. Typical retail items sold include sports, games, fashion accessories, bath and body, candy, room décor and school supplies. The stores also include books, smartphone accessories, novelty and seasonal items.
Five Below Inc. was established in 2002 and operates 900 stores in 36 states, according to its website. The company was founded by David Schlessinger, founder of Encore Books and Zany Brainy, and Tom Vellios, Zany Brainy’s chief executive officer.
The company was hit hard by COVID-19 closures, reporting a 45% drop in net sales during the first quarter of 2020, compared to the same quarter last year, according to a June 9 report to investors. The company has since reopened 90% of its stores nationwide and still expects to open more than 100 new stores this year.