Five Below is increasing prices above $5 for the first time ever - and shoppers are not thrilled
- Five Below - the national discount store known for selling products that are $5 and under - recently changed its pricing model to charge up to $10 for categories including electronics and toys.
- "We've always done everything possible to absorb cost increases," Five Below wrote in a post on its website. "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.'"
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Five Below - the national discount chain known for its wide assortment of products under $5 - is defying its name by raising the prices of select items above $5 for the first time ever, must to the dismay of some shoppers.
The company posted a note on its website on Sunday explaining the pricing shift, which will be the first time in its 17-year existence that Five Below will stock items that cost more than $5. In the message to consumers, titled "We owe you an explanation," the company said it's no longer able to handle cost increases to specific categories like electronics and toys, which will now be available for $10 and under.
"For 17 years, Five Below has been providing our customers with cool, trendy stuff for $1-$5," the post reads. "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.'"
Five Below said in the post that despite the changes, it will keep its name since "most of the store remains at $5 and below."
Still, frustrated shoppers took to social media to air their grievances.
"We understand this change surprised you," Five Below wrote in the post. "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."