Philadelphia store opens R.I. location, preps No. 2

NEWPORT – A Philadelphia-based “extreme-value merchandise” retailer opened its first Rhode Island location last week and announced plans for a second one.
Five Below opened in Newport’s RK Plaza. The company said in a statement that it plans to open a Warwick location in August 2010.
According to Five Below Executive Chairman David Schlessinger, the stores are part of a “full-on press into the New England market.”
The company specializes in products for teens and preteens, including iPhone accessories, flip flops, beach towels, makeup, DVDs, video games, sports and workout gear, boogie boards and rubber band bracelets. All items are priced between $1 and $5.
Five Below’s expansion into Rhode Island follows recent market launches in Cleveland and Pittsburgh, and is part of a growth initiative that aims to double the size of the chain to 200 stores. Five Below’s growth plans include the opening of three stores in Rhode Island, three in Massachusetts and one in New Hampshire by year-end 2010. The company currently has several locations in Massachusetts and Connecticut. &#8226