Five Below rolls out major price increases for the first time in 17 years
One of the best parts about shopping at a dollar store chain is knowing that (for the most part) most items will be priced at -- you guessed it -- one dollar.
And though there are exceptions with certain items, it's a guarantee that you won't be spending double digits on any one item.
For bargain chain Five Below, shoppers know that (as the store's name gives away) they'll be able to find every item imaginable for either $5 or less.
But per a note posted to the chain's website on Monday, it looks like price points will see an increase -- and shoppers are understandably less than thrilled.
The notice, titled 'We owe you an explanation' states that Five Below locations will be raising prices on select tech, toy and game items in two new areas of inventory called 'Ten Below Tech' and 'Ten Below Gift Shop':
"For 17 years, Five Below has been providing our customers with cool, trendy stuff for $1-$5. 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.”
We also discovered a handful of $6-$10 toys and games we thought you wouldn’t want to miss. We’ve separated these items in a special “Ten Below Gift Shop”. Once you’ve had a look, we hope you’ll agree that these high-value gifts are priced as low as only Five Below can."
In an effort to keep the brand aligned with its original model of only pricing items at $5 or less, the company also stated that it will not be changing its name from Five Below.
The statement continued:
"We understand this change surprised you. 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.
All of us at Five Below look forward to seeing you in our stores and at fivebelow.com over the holidays and for many years to come. There is nothing more important to us than our customers."
Five Below has also since changed its official Twitter bio to reflect the price increases:
"unlimited possibilities where teens & beyond find the newest, coolest stuff priced $1 to $5, plus some extreme deals up to $10! http://fivebelow.com & 900 stores!"