Five Below, Inc., which sells everything from basketballs to yoga mats for $5 or less, might be the most successful retail chain you’ve never heard of.
Five Below’s store count has quadrupled to 750 since its 2012 IPO, with its first NYC location opening Friday. Sales have tripled to $1.3 billion and profits are up. Preteens and teens are Five Below’s core customers. They are encouraged to bounce balls, test-drive RC cars and participate in slime-making—anything that will help them spend their allowance money.
Five Below has items for grown-ups, including cucumber face-masks, storage bins and vintage candy. The company focuses on the treasure-hunt for unique items, not essentials.
As with Costco Wholesale, Walmart, Dollar General and The TJX Companies, Inc. the culture at Five Below keeps costs, and prices, low. The company ships basketballs deflated, without boxes, lowering freight costs, and then inflating once they arrive at the store.
Most products are created from scratch & at these prices ecommerce sales are negligible; shipping costs more than the entire purchase. Similar items are considerably more expensive at Amazon.
Suzanne Kapner, The Wall Street Journal
SEATTLE — After a search for a new location lasting more than a year, a massive dome was seen descending from the sky and enclosing the whole nation as Amazon CEO Jeff Bezos announced to a horrified American populace that it was now living inside his company’s second headquarters.
The impenetrable steel dome, which reportedly stretches from coast to coast and from the Mexican to the Canadian border, will house a state-of-the-art campus that serves as the online retailer’s long-awaited new base of operations.
Amazon executives said that while they were impressed with the many proposals they received from cities across the country, they ultimately decided the location best suited to their ever-growing needs was the entirety of the continental United States.
“For the sake of convenience, your Prime membership fees will be automatically deducted each pay period, and all wages will be paid in the form of Amazon gift cards. What’s more, every employee in good standing will receive one free Audible download per month!”
– The Onion
In reality… sort of: After conducting a yearlong search for a second home, Amazon has switched gears and is now finalizing plans to have a total of 50,000 employees in two locations.
The company is nearing a deal to move to the Long Island City neighborhood of Queens, AND the Crystal City area of Arlington, Va., a Washington suburb.
Amazon already has more employees in those two areas than anywhere else outside of Seattle, its home base, and the Bay Area.
$1 billion in the first 85 seconds. Not a bad start to the world’s biggest shopping day. China’s largest company,
Alibaba Group, used televised entertainment featuring Cirque du Soleil Entertainment Group and Mariah Carey to drive awareness. It is reported that Xiaomi Technology, Apple and Dyson products were the top three brands in early sales.
The e-commerce giant is on course to rake in over $25.5 billion in online retail sales today during Singles Day 2018, already ahead of last year, with a few hours to go. That’s more sales than the U.S. Black Friday and Cyber Monday combined. And, it’s greater than Macy’s or Kohl’s annual sales volume.
Celebrating “bachelors” and others not in committed relationships, Singles Day occurs annually on November 11th (11/11) or “double eleven,” because the four numerals “1” represent single people.
Singles Day has already generated 1.5 billion transactions, at a peak rate of 350,000 orders per second. Over 90 percent of sales came from mobile devices.
This year’s event may provide insight into consumer sentiment as a slowing Chinese economy and tariff trade war threaten to dampen the world’s second largest economy. Alibaba reduced its revenue forecast by 6% earlier this month.