As of April 2017, Five Below has over 540 stores in 32 states, and two distribution centres. It began its outward expansion away from the Philadelphia Metro area by entering the Illinois and Michigan markets in 2011; Georgia, Kansas, Missouri and Western Michigan in 2012; Texas in 2013;Tennessee in 2014; Alabama, Florida and Kentucky in 2015; Louisiana, Minnesota, Oklahoma, Virginia, West Virginia and Wisconsin in 2016. California received their first stores in 2017; Arizona, Colorado, Nevada, New Mexico and Utah will have theirs later this year.
In 2011, the company moved its corporate headquarters to a larger location in Philadelphia, PA. The building into which it moved includes other well-known companies such as Merrill Lynch, the American College of Radiology, eResearch Technology and Philadelphia Magazine.