Five Below, Inc. is undertaking a major expansion of its operations in New Castle, Delaware, a decision that will 100 new jobs.
The retailer will occupy all flex space at the 350 Anchor Mill Road building at Twin Spans Business Park and nearly double its leased space from 214,000 square feet to 421,000 square feet.
Five Below will occupy the expanded space on March 1.
"To the best of our knowledge, this is the largest single-source consumption of leased warehouse space in Delaware, ever,” stated Thomas J. Hanna, vice president, Harvey, Hanna & Associates, managing agent for Twin Spans Business Park.
When the project is completed, Five Below expects to increase its employment at Twin Spans from 43 full-time and part-time jobs to 153 jobs - more than tripling their current employment.
Based in Philadelphia, Five Below is a new retail concept targeting the teen and pre-teen market. Five Below offers thousands of products, all of which are priced from $1 to $5. Five Below's assortment of merchandise includes sporting goods, games, jewelry, collectibles, room decor, school supplies, computer software, electronic accessories, and more. Five Below is credited with reinventing the traditional five-and-dime for the younger generation launching a new retail category within the specialty discount market.
Five Below has two stores in northern Delaware (one near Christiana and one of its first stores on Route 202 in north Wilmington. It been expanding in the Mid-Atlantic region.
According to a release, the expansion of Five Below operations in New Castle culminates a two-year process by Five Below to find the right location for its growing business. Five Below considered dozens of locations throughout the mid-Atlantic region and was heavily courted by competing States in the region.
"This is a tremendous achievement to bolster local job growth, and we are pleased to have Five Below remain at the Twin Spans Business Park;' stated Mr. Hanna.
The Delaware Economic Development Office (DEDO) worked closely with HHA and Five Below to ensure that this major expansion took place in Delaware, a Harvey Hanna release noted. While Five Below explored other site options, the working relationship with HHA and the State of Delaware proved to be the catalyst in Five Below's decision to reinvest in Delaware.
DEDO Director Alan Levin stated, 'We deeply appreciate Five Below's reinvestment in Delaware and look forward to assisting them in their future growth. We also appreciate HHA going the 'extra mile' to secure this major expansion at Twin Spans;'
Harvey, Hanna & Associates, Inc., managing agent for the Twin Spans Business Park, is a full service Commercial Real Estate Redevelopment Company featuring 3,000,000 square feet of prime location commercial, retail, and industrial real estate in Delaware.