OLIVE BRANCH — Philadelphia-based specialty value retailer Five Below has signed the lease for a new distribution center in Olive Branch. Terms were not disclosed.
The 600,000-square-foot facility, located at 9105 Hacks Cross Road, is Five Below’s second distribution center and will allow the company to more quickly and efficiently supply stores in the South and Midwest with its broad range of products all priced at $5 and below.
Five Below will move into the space in spring 2013. The property is owned by Hillwood Investment Properties, a Perot company, as part of a joint venture with Brookfield Real Estate Opportunity Fund II (Brookfield). The distribution center is expected to create 100 regional jobs in 2013 and as many as 300 new positions over the next two years.
“It’s an exciting time for Five Below, and we are quickly rolling out new stores in existing and new markets,” said Tom Vellios, CEO and co-founder of Five Below. “Our original distribution center in Newark, Del. has performed tremendously over the past six years, but as more stores opened and our geographic footprint expanded, we recognized the need for a second facility to support this growth. Olive Branch, Miss. is centrally located to help facilitate our future expansion.”
Over the past three years, Five Below has opened nearly 150 new stores, more than doubling in size. Today, the company has 245 locations across 18 states.