Five Below was founded in 2002 by David Schlessinger and current CEO Tom Vellios. The first store was located in Wayne, Pennsylvania. Similar to the dollar store model, all Five Below stores carry items that are $5 or less.
Besides selling $5 and under items, the company also offers a unique fundraising opportunity for non-profits. Groups can promote a special sale window for their cause and 10% of all sales are donated back to them.
After a rapid burst of growth, the company went public in 2012.
Today, Five Below has 244 stores in 18 US states. Most stores are located in the Northeast and Midwest.