Five Below is one of the popular stores known for selling products for $5 or below. However, the store has recently announced that it will be bringing about a dramatic change that is the price points will be increased in the coming days. It will be for the first time in 17 Years that the company is planning on selling products at a higher price. The store will stop its bargain tactic that was followed in case of products sold below or at $5. And instead, a few of its items will be priced above $5, especially tech, toys, or gaming products.
The company has already prepared itself to tackle and absorb the price related changes. The tech items will have the prices raised above $5 to help make it available for the specific product lovers. On the other hand, the toys and games will have the prices increased to $10 and these products will be kept in a separate corner named Ten Below Gift Shop in the store. Five Below is found to keep the electronics items in the Ten Below Tech section. The name of the company is possibly not going to have its name changed. The store is known for its makeup & clothing products and thus, will be retaining its original name. The majority of the products will still be priced at $5 or below.
Parallelly, Five Below has announced by next year it will be introducing esports game-play at many of its outlets. Around 850 plus stores will have 3,000-square-feet localhost spaces added. Nerd Street Gamers has partnered with the company to help manage the gaming infrastructure. The new entertainment plan has been taken up to pin down the e-commerce giant, Amazon.com. The online retailer is ruling the grocery store, 500 Whole Foods grocery stores, electronics, and Amazon Go convenience stores, which makes it more difficult for Five Below to stand up to. Thus, the company has planned on entering the world of gaming which many are crazy about to combat the e-commerce giant.