"Landlords have been seeking us out, as we are one of the few tenants in the 7,000 to 10,000-square-foot size-range that can bring traffic to their centers, and is looking to open a lot of new stores," says Tom Vellios, the chain's founder and chief executive officer.

Five Below locations are currently in East Coast states, from New Hampshire to Virginia. New markets that management is considering for expansion include New York, Ohio and North Carolina.

In Pittsburgh, the company is going into Waterworks Shopping Center, a J.J. Gumberg property which also counts Wal-Mart, Petco and Old Navy as tenants, among others. Five Below is also opening in the Pennsylvania cities of Butler, Cranberry and Altoona this year, and executives are planning 10 to 15 additional units in the Pittsburgh Metro area.