Five Below, & Above? Popular Retailer to Introduce Price Hike
If you've ever shopped at the store Five Below you know how things work, all items in the store range in price up to $5, until now anyway.
Over the weekend they issued a statement that has some frequent shoppers freaking out a little, naturally, via social media. According to a story on businessinsider.com
The company posted a note on its website on Sunday explaining the pricing shift, which will be the first time in its 17-year existence that Five Below will stock items that cost more than $5. In the message to consumers, titled "We owe you an explanation," the company said it's no longer able to handle cost increases to specific categories like electronics and toys, which will now be available for $10 and under.
They plan to keep the store's signature Five Below name, but make a change to the specific products that will cost more than $5 by introducing a different name for this area of the store.
For 17 years, Five Below has been providing our customers with cool, trendy stuff for $1-$5," the post reads. "We've always done everything possible to absorb cost increases. Recently, we had to raise prices above $5 on tech items to keep providing the products you love. We're calling this 'Ten Below Tech'
What are your thoughts on the increase, and will you still shop at Five Below and visit the 'Ten Below Tech' section?