The first Five Below store was opened in Wayne, Pennsylvania, at the Gateway Shopping Center in October of 2002. Since its first store's inception, Five Below amassed nearly 370 stores by the end of 2014, with more planned for the future.
Five Below was founded by David Schlessinger and Tom Vellios in 2002. David Schlessinger was also the founder of Encore Books and Zany Brainy, while Tom Vellios was the former CEO of Zany Brainy. Together, these two men opened Five Below to market to the teen and pre-teen market for novelty items, sporting goods, games and many other items priced from $1 to $5.