For seventeen years, Five Below, a store known for selling its products for “five-dollars or less,” is changing its entire corporate structure, announcing on its site that certain tech, toys, and games will be increasing in price. But have no fear, the store has no intentions of completely re-branding or in other words, changing its name from Five Below.
The company stated that in order to continue providing customers with these items, it will have to increase its price point on certain in-store items.
“We’ve always done everything possible to absorb cost increases,” the company said in a statement. “Recently, we had to raise prices above $5 on tech items to keep providing the products you love.”
For the toys and games already priced at $10, the company will keep them in a separate area of the store, called “Ten Below Gift Shop,” while the electronics will be in a new section called “Ten Below Tech.”
“We understand this change surprised you,” Five Below said in its statement. “We’ve already received tons of feedback – some positive, some negative, all passionate – and we want to let you know that (a) we owed you this explanation and (b) our commitment is always to offer you the best possible value on the fun, new stuff you want.”
Most of the store’s merchandise remains at $5 and below, according to the company.