Five Below to open first Manhattan location on Fifth Avenue

Store will be near Bryant Park at 530 Fifth Avenue

New York /
Jul.July 13, 2018 02:15 PM

A Five Below storefront (Credit: Five Below)

Discount retailer Five Below is opening its first Manhattan store in November at General Growth Properties530 Fifth Avenue.

The store will span about 10,800 square feet, larger than the average store’s size of about 8,000 square feet, according to CNBC.

Five Below currently has about 600 stores and plans to open roughly 125 more during fiscal year 2018. The company hopes to capitalize on the closure of Toys “R” Us by taking a bigger share of the toy market.

The Fifth Avenue store will be Five Below’s flagship location, and the company is designing it to appeal to New Yorkers and tourists. The company has a market capitalization of about $5.5 billion, and its shares are trading for about $100, a more than 115 percent increase from last year.

530 Fifth Avenue used to be jointly owned by GGP and Thor Equities, but Thor lost most of its interest in the building—along with buildings at 218 West 57th Street and 685 Fifth Avenue—earlier this year over unpaid debt. It now owns just 9.77 percent of the property, which it bought with GGP in June 2014 for $300 million.

Puma recently announced it would be opening a store nearby at 609 Fifth Avenue, between 48th and 49th streets, where it has inked a 15-year lease for 24,000 square feet. [CNBC]  – Eddie Small


Related Articles

arrow_forward_ios
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
Photo illustration of Mayor Bill de Blasio as Uncle Sam (iStock, Getty/Illustration by Kevin Rebong)
NYC has $1.3B in unpaid property taxes
NYC has $1.3B in unpaid property taxes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...