Frugal shoppers will soon have to shell out a few more bucks when hunting for deals at Five Below.
In a recent message to customers titled “We Owe You an Explanation,” the discount store chain announced that it will raise prices on some of its low-cost merchandise above $5 for the first time in its 17-year history in a move that contradicts the name of the business.
Costs for the affected products — which include mostly tech items and other gadgets — will not exceed $10, and they will be organized in a section of the store clearly labeled “Ten Below Gift Shop,” in order to avoid confusion among shoppers accustomed to the previous price cap.
“We’ve always done everything possible to absorb cost increases,” the company’s statement read. “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.”
Some of the products now retailing at double digits include a power outlet strip, a Bluetooth keyboard case for tablets, and a computer monitor stand. Most items only saw an incremental increase, with wireless speakers, headphones and chargers marked at $5.55.
“We understand this change surprised you,” the statement continued. “We’ve already received tons of feedback – some positive, some negative, all passionate – and we want to let you know that … we owed you this explanation and … our commitment is always to offer you the best possible value on the fun, new stuff you want.”
Back in June, Five Below began testing above-$5 pricing in several locations, according to Investor’s Business Daily, as the company wrestled with rising tariffs on Chinese imports recently instituted by the Trump Administration.
The change in price points — which is reflected on the Five Below website as well — won’t be inspiring a switch-up to its numerical name. The company said it will maintain the name Five Below, as the majority of its stock remains under $5.