Tom Vellios

Philadelphia-based teen retailer Five Below Inc. has announced plans to expand in Chicago, with the opening of up to 60 new stores over the next three to five years. The company, which already has signed 12 store leases, plans to open up to 20 new stores in the Chicago market in spring 2011. "Chicago is the gateway to the Midwest as Five Below continues its expansion," said Tom Vellios, CEO and co-founder of Five Below. The new stores average 8,000 sq. ft. With these new stores, Five Below will operate in 15 states from New Hampshire to North Carolina