Five Below has appointed a new CEO, effective December 16, and with an “organizational refocus” are eyeing the beginnings of a turnaround, writes Ryan Mulligan for the Philadelphia Business Journal.

After appointing Winnie Park as its new CEO, Five Below founder and executive chairman Thomas Vellios said the company is moving forward with a “refreshed mindset and a focus that is already making an impact.”

These efforts are all part of the discount retail chain’s plan to address a combination of issues that sent the company’s stock price tumbling this year.

Five Below is setting the foundation for a renewed strategy to focus on its core customer base of young consumers, narrowing its price points, investing in labor, and focusing more on new, trendy items.

For the holiday season, Five Below will look to return to the fundamentals that helped set it apart from competitors in the past.

Specifically, it will be leaning into $1, $2, and $3 items, putting a much greater emphasis on products below $5 to cut down on the number of price points customers see in stores.

According to Vellios, the company wants to be “very selective” and focus on “extreme value, trend-right” products.

Read more about Five Below’s challenging year and how it is looking to make progress moving forward in the Philadelphia Business Journal.

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Editor’s Note: This post first appeared on PHILADELPHIA Today in December 2024.