Five Below, Inc.
Company History
Five Below History: Founding, Growth & Key Milestones
Founded 2002 in Wayne, United States
When was Five Below founded?
Five Below was founded in 2002 in Wayne, United States by David Schlessinger and Tom Vellios, making it 24 years old.
- Founded
- 2002
- Founding place
- Wayne, United States
- Founders
- David Schlessinger and Tom Vellios
- Headquarters today
- Philadelphia, Pennsylvania
- Milestones documented
- 9 (2002–2026)
- Current CEO
- Winnie Y. Park
- Acquisitions
- 1
| Year | Event |
|---|---|
| 2002 | Five Below Founded |
| 2010 | Advent International Investment |
| 2012 | Initial Public Offering |
| 2015 | Joel Anderson Becomes CEO |
| 2016 | E-Commerce Launch |
| 2017 | Entry Into California |
| 2022 | Triple-Double Plan |
| 2024 | Winnie Park Becomes CEO |
| 2026 | 2,000+ Stores |
- Where was Five Below founded?
- Five Below was founded in Wayne, United States in 2002. wikidata.org
- Who founded Five Below?
- Five Below was founded by David Schlessinger and Tom Vellios.
- When did Five Below start?
- Five Below was founded in 2002.
- How old is Five Below?
- Five Below is 24 years old as of 2026.
Founding Story
David Schlessinger and Tom Vellios, who had worked together at educational toy chain Zany Brainy, started Five Below in 2002 to serve tweens and teens who had outgrown toy stores but could not afford mall brands. The company was incorporated in January 2002 as Cheap Holdings, renamed Five Below that August, and opened its first store in Wayne, Pennsylvania. The pitch was simple: a bright store where almost everything cost $5 or less.
Founders
David Schlessinger
David Schlessinger co-founded Five Below in 2002 with Tom Vellios. He had earlier founded Encore Books and Zany Brainy. With Vellios he identified an underserved tween and teen customer and built a store where nearly everything cost $5 or less. The first store opened in Wayne, Pennsylvania, in 2002. David Schlessinger was born in 1955.
Tom Vellios
Tom Vellios co-founded Five Below in 2002 and led the company as CEO in its early growth years, including the 2012 Nasdaq IPO. He later served as chairman, and in July 2024 he became executive chairman during the interim period after Joel Anderson left, before Winnie Park was named CEO. (Exact birth year remains publicly undisclosed).
Key Milestones
Five Below Founded
David Schlessinger and Tom Vellios found the company and open the first store in the greater Philadelphia area.
Source: en.wikipedia.orgAdvent International Investment
Advent International took a majority stake in Five Below in 2010.
Source: en.wikipedia.orgInitial Public Offering
Five Below completes its IPO and begins trading on Nasdaq under the ticker FIVE.
Source: en.wikipedia.orgJoel Anderson Becomes CEO
Joel Anderson, who joined as president in 2014, became CEO and led a long period of national expansion until July 2024.
Source: en.wikipedia.orgE-Commerce Launch
Five Below launches e-commerce, adding digital reach to the store-led model.
Source: en.wikipedia.orgTriple-Double Plan
Five Below set out a plan in March 2022 to triple its store count by 2030.
Source: en.wikipedia.orgWinnie Park Becomes CEO
Joel Anderson departs in July 2024; COO Kenneth Bull serves as interim CEO until Winnie Y. Park becomes CEO on December 16, 2024.
Source: investor.fivebelow.com2,000+ Stores
Five Below reports $4.764B in fiscal 2025 net sales and reaches 2,022 stores in 46 states by August 1, 2026.
Source: investor.fivebelow.comMajor Acquisitions
Hollar.com (assets)
2020E-commerce platform and fulfillment operations.
Keep researching Five Below
Five Below Company History FAQ
When was Five Below founded?
Five Below was founded in 2002 by David Schlessinger and Tom Vellios. It was incorporated in January 2002 as Cheap Holdings, renamed Five Below in August 2002, and opened its first store in Wayne, Pennsylvania.
When did Five Below go public?
Five Below completed its initial public offering in July 2012 and trades on Nasdaq under the ticker FIVE.
What happened to Five Below's leadership in 2024?
CEO Joel Anderson left in July 2024. COO Kenneth Bull served as interim CEO and Tom Vellios as executive chairman until Winnie Park became CEO on December 16, 2024.
How many stores does Five Below have in 2026?
Five Below had 2,022 stores in 46 states as of August 1, 2026, after opening 101 net new stores in the first half of fiscal 2026.
How did Five Below start?
Five Below was founded in 2002 by David Schlessinger and Tom Vellios. They had previously founded Zany Brainy (a high-end educational toy store that went bankrupt). They completely pivoted their retail strategy, realizing there was a massive, completely unserved demographic: tweens and teens who had $10 of allowance money but couldn't afford mall prices.
Related Strategic History
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